Is the Insurance Good? The Four-Step Commercial Insurance Checklist

by | Jan 4, 2016 | Insurance

How can a potential new policyholder determine if the insurance policy is strong and good? There are four main questions that are asked in a full questionnaire checklist. Individuals can choose where the policy sits based on the answers. It also confirms that there are not any holes in the policy.

Is all inventory included?

The business is not just made in name and stature. It is secured with the inventory and the assets. Commercial Insurance must accommodate all the equipment that needs to be covered. Every item over $25 should be accounted for, and items under $25 can be accounted for when registered in bulk.

Is the original cost and estimated value accounted for?

The inventory coverage in Commercial Insurance also needs to have two points of the data. The first is the original cost that insurance companies will need for strict inventory and equipment valuation. The second is the estimated value for the item in a resale. The insurance company will use both of these data charts to create fully fleshed out insurance coverage that is appropriate and fair given purchase points and resale potential.

What are the total costs?

What is the cost for the insurance as a whole, and is there an upfront payment necessary? The total cost will dictate how difficult receiving the policy is going to be. The monthly cost will have to be accounted for in the business holding costs and budget.

Who is providing the policy?

Is the company a reputable corporate agency that works on a national scale? Is it a local firm that is accessible and has status in the community? A company such as Heritage Services at Domain can offer special offers and local services that a corporate entity may not be able to do. Furthermore, corporate options in Fargo are slim, particularly in business and homeowner’s insurance (where costs are staggering, and companies are staying out of the region).

The total cost of the insurance is a major concern, but it is not the only thing to recall. Policyholders should confirm what inventory is included and how, as well as the value of their business.

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