There are several misconceptions about commercial insurance that have been discussed so regularly much that most people think they are true. Understanding these common misconceptions and the actual truth will help you make informed decisions.
1) Any insurance agent can offer commercial insurance: The fact is that any licensed agent can offer personal lines, but there is need for special training to offer commercial insurance. This is because commercial insurance is complex since different businesses have different needs.
2) The type and amount of coverage varies depending on years established, type of business undertaken and location: The fact is that an insurance company will offer insurance based on specific risks. Some businesses may fall under preferred market risks and others as non-standard risks. It is unlikely that insurance needs for any two businesses, even in the same industry, will be the same.
3) Comprehensive commercial insurance is the best option: At Sadler Insurance we believe in customized packages for every business. As an example, if you do not have commercial vehicles or you live in a rental property, you do not need comprehensive commercial insurance that includes commercial auto insurance and commercial property insurance respectively.
4) All insurance companies offer commercial insurance: The fact is that only a few insurers offer this insurance. The company offering the insurance must have the financial might to make huge payments in case of any eventuality.
5) Any licensed commercial insurance company will do: The fact is that Sadler Insurance brokerage works with different affiliate companies to ensure our clients get the best rates and insurance for their business or lifestyle.
6) Premiums for the same commercial insurance policy are the same across the board: The fact is that there is no standard premium for commercial insurance. Different insurance companies have different rates based on market forces, the risks covered and other parameters.