3. Make Use of Bundling to Save Money <\/h2>\n\n\n\nMost insurers will allow you to bundle distinct types of commercial policies. In return for your loyalty, the company will typically reward you with a discount. <\/p>\n\n\n\n
This discount differs from company to company, but in many cases, it can make sense to engage in bundling with a trusted and large insurer. <\/p>\n\n\n\n
![\"A](\"https:\/\/veloxinsurance.com\/blog\/wp-content\/uploads\/sites\/3\/2023\/08\/shutterstock_1811827294-1.webp\")
<\/picture><\/figure>\n\n\n\n4. Read the Fine Print <\/h2>\n\n\n\nInsurance contracts can have significant complexity. Commercial policies may also have unique language or features that new entrepreneurs may struggle to understand. <\/p>\n\n\n\n
While your agent can work with you to better understand the fine print, we have also compiled a helpful guide that can help you better understand the differences between commercial and personal insurance<\/a>. <\/p>\n\n\n\n
The main differences between these two types of policies include: <\/p>\n\n\n\n
\n- Coverage of your assets, including passengers of vehicles. <\/li>\n\n\n\n
- Additional coverage of employees via \u201cadditional insured.\u201d <\/li>\n\n\n\n
- Higher limits associated with commercial claims. <\/li>\n\n\n\n
- Protection of assets used for enterprise purposes. <\/li>\n<\/ul>\n\n\n\n
5. Ensure Each of Your Policies Remains Up to Date <\/h2>\n\n\n\n
If one of your policies lapses<\/a>, dire consequences could ensue. Your business may face the following consequences in this scenario: <\/p>\n\n\n\n
\n- Loss of Coverage: The immediate problem associated with a lapse in one of your business policies is the possibility your company may be exposed to the risks that the policy intended to cover. <\/li>\n\n\n\n
- Legal Issues: State licensing requirements may apply to some types of businesses, and these requirements may include a dictate to hold insurance. <\/li>\n\n\n\n
- Increases in Premiums: Insurers may also raise your insurance rates if you fail to make a payment or allow your coverage to lapse. <\/li>\n<\/ul>\n\n\n\n
To avoid a lapse in coverage, ensure that you pay premiums on time. An automatic payment via your business checking account or with a credit card may help to avoid late payments. <\/p>\n\n\n\n
You should also designate someone in your business (or take on the responsibility yourself) to monitor updates from the insurance company about the status of your policy, as well as any upcoming deadlines. <\/p>\n\n\n\n
You may also want to set reminders via a project management tool to remind yourself to double-check your insurance status. This will help to keep your business running smoothly<\/a>. <\/p>\n\n\n\n
6. Know What to Do If You Need to Make a Claim <\/h2>\n\n\n\nIf you have multiple types of policies spread across different insurers, you will want to know exactly how to file a claim if necessary. <\/p>\n\n\n\n
Delays in filing claims can result in the claims adjuster rejecting your claim. The very survival of your enterprise may depend on your timeliness in properly filing a claim. <\/p>\n\n\n\n
Regardless of whether you run a home-based business<\/a> or a larger operation, you want to ensure that you have the necessary information to file a claim as soon as you need to. <\/p>\n\n\n\n
![\"A](\"https:\/\/veloxinsurance.com\/blog\/wp-content\/uploads\/sites\/3\/2023\/08\/shutterstock_1811827294-1.webp)
<\/picture><\/figure>\n\n\n\n4. Read the Fine Print <\/h2>\n\n\n\nInsurance contracts can have significant complexity. Commercial policies may also have unique language or features that new entrepreneurs may struggle to understand. <\/p>\n\n\n\n
While your agent can work with you to better understand the fine print, we have also compiled a helpful guide that can help you better understand the differences between commercial and personal insurance<\/a>. <\/p>\n\n\n\n
The main differences between these two types of policies include: <\/p>\n\n\n\n
- \n
- Coverage of your assets, including passengers of vehicles. <\/li>\n\n\n\n
- Additional coverage of employees via \u201cadditional insured.\u201d <\/li>\n\n\n\n
- Higher limits associated with commercial claims. <\/li>\n\n\n\n
- Protection of assets used for enterprise purposes. <\/li>\n<\/ul>\n\n\n\n
5. Ensure Each of Your Policies Remains Up to Date <\/h2>\n\n\n\n
If one of your policies lapses<\/a>, dire consequences could ensue. Your business may face the following consequences in this scenario: <\/p>\n\n\n\n
- \n
- Loss of Coverage: The immediate problem associated with a lapse in one of your business policies is the possibility your company may be exposed to the risks that the policy intended to cover. <\/li>\n\n\n\n
- Legal Issues: State licensing requirements may apply to some types of businesses, and these requirements may include a dictate to hold insurance. <\/li>\n\n\n\n
- Increases in Premiums: Insurers may also raise your insurance rates if you fail to make a payment or allow your coverage to lapse. <\/li>\n<\/ul>\n\n\n\n
To avoid a lapse in coverage, ensure that you pay premiums on time. An automatic payment via your business checking account or with a credit card may help to avoid late payments. <\/p>\n\n\n\n
You should also designate someone in your business (or take on the responsibility yourself) to monitor updates from the insurance company about the status of your policy, as well as any upcoming deadlines. <\/p>\n\n\n\n
You may also want to set reminders via a project management tool to remind yourself to double-check your insurance status. This will help to keep your business running smoothly<\/a>. <\/p>\n\n\n\n
6. Know What to Do If You Need to Make a Claim <\/h2>\n\n\n\n
If you have multiple types of policies spread across different insurers, you will want to know exactly how to file a claim if necessary. <\/p>\n\n\n\n
Delays in filing claims can result in the claims adjuster rejecting your claim. The very survival of your enterprise may depend on your timeliness in properly filing a claim. <\/p>\n\n\n\n
Regardless of whether you run a home-based business<\/a> or a larger operation, you want to ensure that you have the necessary information to file a claim as soon as you need to. <\/p>\n\n\n\n
7. Still Unsure of How It Works? Check Out the SBA\u2019s Website <\/h2>\n\n\n\n
The SBA<\/a> website provides ample guidance about commercial insurance to new entrepreneurs across the US along with a host of other important topics. <\/p>\n\n\n\n