Commercial Liability Insurance And You

Typically, as the purchaser of a commercial general liability insurance policy, you anticipate that you will never have occasion to make a claim on your policy. However, the likelihood is that there will be at least one instance in which a claim must be submitted. Although the method of submitting a claim may vary from carrier to carrier, the easiest method of submitting a claim is usually to contact your insurance agent.

Many businesses create their business liability policies through an agent. Although, with the rise of the internet you can easily decide to skip the agents altogether. Insurance companies that are dependable, and respected allow you to obtain the commercial liability insurance you want off from their website. If you policy needs it; an agent is assigned to follow through on your application.

Insurance is a complex industry and it is therefore advantageous to have an expert on hand whom you can consult with. Typically an agent is licensed by the state and has a contract with one or more insurance companies, giving him/her in-depth market knowledge that you're unlikely to acquire even after substantial research. The bonus is since an agent is paid by the insurance providers he represents, it doesn't cost you anything to make use of this knowledge.

Whilst reporting a business liability claim, you have two options. You can go straight to the claims department of your carrier or you can use the company's website to submit the information. However, the later can be a more tedious and confusing as filling out the web form for a general commercial liability insurance claim could take hours, particularly if you don't have your business liability policy handy.

Of course there is the basics like your policy number, your deductible, your occurrence limits, and if you have got extended coverage. Then there are things like personal and company identifying information. These include your company?s address, phone numbers, and other things. Having a business liability insurance can make this an uncomplicated process.

since your agent is already aware of your general commercial liability insurance policy number and also what are its limits and deductibles, you will further need to provide details of specific loss incident. Again this maybe simpler if your agent knows your business well. A legitimate agent working with an established insurance company is likely to be a solid resource for you to call on whenever you have a question, concern, or problem for future reference.

Also, while agents do provide assistance in directing policy holders through the claims process, they are not responsible for determining whether, or how much, a claim will be paid. It is the responsibility of a claims adjuster to investigate the claim you have reported, with an eye toward determining whether your policy covers the particular loss sustained, and, if so, to what extent. The adjuster also is the insurance company representative who will authorize any payments that are due to be made. This process may be extremely expeditious, or rather lengthy and drawn out, depending upon the claim at issue. Some claims are pursued in court, with the result that the adjuster must work with attorneys and witnesses to achieve a resolution. In such situations, your agent will always be available to you to answer questions and address concerns that you may have.

Susan Reynolds is the content coordinator for a leading South African Insurance Provider who specialises in Business Insurance.