7 Vital Questions to Ask Commerical Insurance Agents

There are several 7 vital questions that are asked of commercial insurance agents.

  1. What kind if coverage do I need?
  2. How much coverage do I need?
  3. What is the coverage for permanently installed fixtures, equipment, and machinery?
  4. Is there a coinsurance penalty?
  5. Is it legal for the insurance inspector to make recommendations?
  6. What are the reasons for cancellation?
  7. What do I do when a loss occurs?
Questions for Commercial Insurance Agents Explained

Commercial insurance agents can advise the business owner of the coverage he needs, as his business might not require certain kinds of coverage. A particular limit of insurance is determined for every building and the contents. The permanently installed fixtures are things like refrigeration equipment and heating and air conditioning systems.

The coinsurance penalty involves a ratio between the carried insurance limit and insurance limit required by the policy. An inspector from the insurance company is legally allowed to make an inspection and make recommendations that the policyholder must address so that the insurance companies vested interest is protected.

Reasons for Canceling a Policy
  • Doesn’t pay premium
  • Breach of contract
  • Substantial risk change
  • Doesn’t comply to loss control recommendations
  • Knowingly committing fraud concerning insurance
Commercial Insurance Agents Guidelines for Loss Occurrence
  • Promptly notify agency
  • Notify police if theft or crime
  • Take steps that stop any more damage
  • Submit appropriate forms within 60 days
  • Permit property inspection
  • Take sworn examination

A commercial insurance agent will go into detail concerning these questions.


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