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More often than not, a large majority of commercial insurance is based upon a percentage of your sales and/or payroll for the year that the policy is effective for. Soon after your policy expires, you will be asked to provide a voluntary report from your sales/payroll records, or a field auditor will physically come in and review your bookeeping. Basically, this indicates that the preliminary premium you are quoted is simply an estimate of your actual cost. You may encounter insurance agents who ?lowball? your premium to make it seem that you're getting a deal. Unless you can confirm the actual percentage and payroll or sales figures being used, you may find some time later after the service year that you owe a large additional premium. The insurer and agent have done their part and now it is your turn to pay up. Majority of the time, insurance companies collect these premiums with ease; on the legal side, it is in their favor. On the other side of the spectrum, your actual figures are less than what is used to determine your initial premium. In this case, you should seek a refund. |
| Business Insurance Articles |
Business Insurance Explained
Information on why business insurance is essential for any company.
“You will not find a successful business that doesn't carry business insurance. In today's society, it is absolutely mandatory to carry some form of it, regardless of size or location...”
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Tips to Lower Premiums
Important cost saving tips to lower your premium on your business insurance policy.
“Looking for methods to lower your insurance premiums? An insurance company bases insurance premiums on the risks involved. To do this, they evaluate the situation...”
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Group Health Insurance
Find out about group health insurance plans, MPP's and major medical coverage.
“The continuing growth in the number of insurance plans where the employer or union assumes all or part of the responsibility for paying claims made the nations employers a principal bearer... ”
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Stock Redemption or Cross-Purchase
Find out about important considerations when getting out of a business.
“Every business owner will eventually get out of the business. In the absence of a child or other relative who can take his or her place, an owner needs to plan for the sale of his or her ownership interest...”
Read More >> |
Workers Compensation
Learn about workers compensation and how it can protect a business from lawsuits and employment injuries.
“Workers’ Compensation-Employer’s Liability: Someone who provides any type of service for your business who are ill, injured, or die in the course of providing those services may attempt to claim an employment relationship with you, for the purpose...”
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Business Property Coverage
Important considerations when determining how much coverage to buy for your business insurance policy.
“Some business owners learn the hard way that they didn't buy enough coverage. Remembering to consider certain pieces of your business property when purchasing an insurance policy is vital to keeping your doors open...”
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Insurance Audits
Find out what to expect from an insurance company determining the premium for an insurance policy.
“More often than not, a large majority of commercial insurance is based upon a percentage of your sales and/or payroll for the year that the policy is effective for. Soon after your policy expires, you will be asked to provide...”
Read More >> |
Advantages of Stock Redemption or Cross-Purchase
Learn about the advantages and disadvantages in different business plan agreements.
Read More >> |
Employment Practices
Find out why an employment practices liability insurance plan may be needed in addition to a standard liability policy.
“Standard commercial liability insurance generally doesn't cover this area. This is where EPLI comes into play. Employment Practices Liability Insurance was started during the 1980’s, for employers who are targets of lawsuits...”
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Family Business Insurance
Information about agreements related to a family business.
“When 50 percent or more of a business is owned by individuals who are members of the decedents family, or if they are natural objects of his or her bounty, the buy-sell agreement will be disregarded for federal estate tax purposes...”
Read More >> |
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