Businesses have to deal with certain liabilities, and the costs associated with them can be damaging to their future. If you don’t have a policy to cover these liabilities, you may have to pay for any costs that can be associated with these types of perils. It can include any accidents that can occur at your place of business, and it may also include any legal fees that you may incur during the defense of a lawsuit. These costs could be high enough to put you under financial hardship, and it can lead to bankruptcy.
Standards of Insurance Underwriting
Each insurance company will have its own set of standards when it comes to commercial insurance underwriting. The process is meant to determine if your business is eligible for a policy, and it’s used to determine the premium that you’ll have to pay to keep it in force. An insurance company will have certain tables that can be used to determine your overall risk, and it will use that information to put you in a certain classification. It will look at the nature of your business, and it will charge you a rate that’s based on the group in which you’re placed.
If you have been sued or had a legal claim filed against you, you could pay a higher rate, and your classification can increase as well. In the State of Wisconsin, insurance companies are required to give you at least a 60-day notice if they decide to increase your rate by more than a certain percentage.
Purchasing Commercial Liability Insurance
Businesses are concerned about certain liabilities, so they look for ways to control their costs. If you live in Milwaukee, WI and need a commercial insurance policy, then you need to get in touch with Dern & Company. We have agents who would be more than happy to talk to you about your commercial insurance needs, and they have years of combined experience in the laws and regulations that apply to the State of Wisconsin. That’s why so many people in Milwaukee, WI rely on Dern & Company to help them find a policy that they can afford.
If you want to find a commercial insurance policy for your specific needs, get in touch with us by phone or an office visit today! We will be happy to answer any questions you may have.