Things You Shouldn’t Assume About Commercial Insurance
Updated: Feb 6
We would like to highlight the biggest assumptions we come across year after year
We like to chat with clients about their business, what they do and what they are planning. However we would like to highlight the biggest assumptions we come across year after year and have to ask lots of questions to make sure our clients don’t fall for these assumptions.
“Knowledge is power, and these top 3 tips give our clients the knowledge and power.”
1. Comprehensive General Liability Is Comprehensive
Just because something is called “comprehensive” doesn’t necessarily mean it is. That may be the reason many insurance companies have completely renamed this policy. You may now know it as Commercial General Liability coverage, but it still has exclusions. Unless your claim falls within the parameters of bodily injury or property damage due to negligent acts, it may be denied. Ask us if you are concerned.
2. Bundling Commercial Policies is Cheaper
Odds are every time you’ve gotten any kind of insurance quotes, you’ve been encouraged to buy other policies along with it, creating a “bundle.” A great majority of the time, keeping insurance policies with one provider can save you money, but we do the research as that’s not always true. Insurance companies rely on the fact that once you commit to one policy, it’s easier to sell you on others you need (or at times, don’t need). We search around to get you the right product at the right price.
3. Liability Insurance Covers You Worldwide
When you book your business trip to Thailand, don’t assume your commercial liability policy bought a ticket too or that it’s folded up in your luggage. Whereas homeowner liability policies normally travel with you, commercial liability is more of a homebody and you will need to inform Noyce of your travel plans.. Standard coverage areas normally exclude the U.S., Canada, and U.S. territories. If you know you are traveling outside of the country you need to find out about adding a worldwide endorsement to your policy which will protect you no matter where you go.
We specialise in saving businesses in the South of England time by providing price competitive quotes with tailor made insurance protection for their complex insurance needs. At Noyce, we understand that no two businesses are the same and when it comes to insuring against risk we will work in partnership with you to create the cover that works for you.