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When you open a business one of the first things you need to get is Commercial Insurance better known as Commercial Liability Insurance

You may be asking why do you need this insurance, the answer is that someone must pay part or the entire amount of damages caused by liabilities of the company that may have resulted to business dealings or by law. It also may pay a partial or total amount of your legal defense in case of a claim. Having enough coverage is essential for a business because if you don't your business will have to assume the brunt of the loss and this may put you out of business and could jeopardize your assets.

Just because you apply for commercial insurance does not mean that you will automatically get it. Insurance companies use underwriting standards to determine if you are eligible and for how much. Insurance companies have classifications for commercial insurance and your business must fall into one of them. For this reason, even if you company has a clean record, you may still have to pay a high premium for Commercial Liability Insurance.

Commercial Liability Insurance is sold by large companies through there brokers or by independent agents that may represent many companies. Either way is acceptable but just make sure that you choose an agent that is knowledgeable in your type of business, this is very important.

Also when choosing insurance make sure that you do your homework and get more than one quote for premiums. Make sure that your business will be well protected in case you need it. Keep in mind the cheapest insurance you find is not always the best insurance.

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One important step in opening up any business, especially a franchise, is getting the proper business liability insurance. Having proper insurance for your store will protect both you and your business in various situations. But before you begin speaking with representatives from an insurance company, be sure to consider the following tips.

1. Compare Quotes

Never sign up for the first insurance quote you get. Most franchisors will recommend an insurance agent to use, but you should still seek out at least two or three additional quotes. Also be sure to compare more than just the fees. You should decide on an insurer based on the quality of their coverage, not who has the lowest monthly fee.

2. Look for Package Deals

Most insurers have bundle packages that give you a discount for having them handle all of your insurance needs. If you already have insurance for your car or home you might try calling your insurance company to see if they offer a discount for adding business insurance to your package.

3. Be 100% Honest

Never lie to an insurance agent with the hope of lowering your premiums. You could end up with the wrong type of insurance, which could cost you thousands in the long run.

4. Lookout for Overlaps

Avoid duplicate or overlaps in your insurance policy. You want to make sure you are only paying for what you need, and not paying for coverage you already have.

5. Get Yearly Reassessments

Make sure your business insurance is reassessed every year. If your business grows or shrinks you may find yourself without the proper insurance coverage. Additionally, if you own your property any increases or decreases in the value could affect your premium.

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