Watch Related Videos
comments
When it comes to finding the right provider to insure your business, it is important to examine the company's commercial insurance rating. In addition, knowing what features to look for in a commercial insurance rating can help you make a wise selection. The two kinds of features to look for are financial and credit stability.
Financial Stability
Commercial insurance ratings are determined by examining a variety of factors related to a company's financial strength. In order to insure that your business will deal with an insurance company that is able to pay claims, look for a company that has a rating of "extremely strong," "very strong," or "strong." These are commonly the descriptions of the top scores given by ratings providers.
Credit Stability
While an insurance company might be able to score a higher financial rating, debts create a financial obligation that may take precedence over payments on policy related claims. Make sure that the insurer is at least considered strong in their ability to meet non-policy related obligations.
Please note that financial ratings and credit ratings for commercial insurance providers will not be marked in the same manner. Be sure that you understand what each rating from each respective ratings provider means.
Commercial Insurance Rating: Knowing What To Look For
