Three important numbers regarding your commercial insurance policy

Commercial insurance is an essential product that many business owners need to have to protect their company’s finances. If you’re interested in buying commercial insurance in Niles, IL from Bob Korvas Agency Inc. you need to carefully research your options.

In particular, you need to pay attention to the following three important numbers in your commercial insurance policy details. 

The coverage limits on your commercial insurance policy

Coverage limits on your policy are the maximum amount your insurance provider is going to pay out on claims. You need to consider how much your company’s liabilities are.

Ideally, you want to have coverage limits that are high enough to cover any potential accident or damages your company could experience. However, it’s important to understand that the higher your coverage limits are, the more your commercial policy will cost you. 

The amount of your commercial insurance premium

Your commercial insurance premium is the cost of your insurance coverage. You need to crunch the numbers and work your premium costs into your company’s budget. Fortunately, commercial insurance premiums are a business expense that you can write off on your company’s business taxes. 

The deductible amount you must pay before coverage kicks in

Another key number is the amount of your deductible. Your deductible is the amount your company must pay out-of-pocket before the insurance company takes over to pay for claim damages. 

The lower your deductible is, the fewer accidents and damages at your company will cost. However, your premiums will be higher if your deductible is low. 

If you have questions about coverage limits, monthly premiums, or deductibles, let us know. We’re here to help Niles, IL business owners meet their commercial insurance needs at Bob Korvas Agency Inc.