Does Your Commercial Insurance Agent Fulfill These 11 Things? |
Posted: January 3, 2017 |
Most of the people have the least knowledge about commercial insurance. Without knowing about commercial property dealings, the investment would be a silly step. A reliable agent offering insurance services should have some knowledge in this particular field. So, when you are looking for agents or brokers for this kind of investment, you must notice whether the agent has mastery over this field or not. Let's discuss 11 things that your agents must know.
1. High-risk notification services:
Commercial insurance agents inform you about hazards on an urgent basis to draw your attention with the help of this high-risk notification service. Generally, an insurance company has field analysts who are assigned to survey and detect hazards or the possibilities of immediate loss. Whenever they detect these, they will inform you about the high-risk condition. Usually, they will send you a detailed email along with the photographs to give you a clear idea about the hazardous condition. After being informed, you are able to take prompt action. The property owner can be recommended to eliminate the hazards. So, your agents must be able to provide high-risk notification services.
2. Exposures:
Do your agents know that they can get critical underwriting information from the exposure of the data on neighboring buildings such as construction, distance, hazards, and walls? For instance, a building close to a high-hazard operation or adjacent to a storage tank having burnable liquids actually carries potential risks. Your agent should also know about the additional exposures. These additional exposures include local wildfire risk, and the possibility of damaging winds and water. They should also have the knowledge to measure how close the structure is to a danger zone (earthquake or flood zone).
3. Fire Loss:
An ideal agent of commercial insurance Santa Ana should provide two models of loss estimate to help you judge the effectiveness of the sprinkler system in alleviating economic loss. The first model of loss can be regarded as an estimate of the largest loss a building or occupant may suffer. This model is represented as a percentage of the building's value. Now, let's come to the second model. The second model can be regarded as an estimate of the largest fire loss that can take place if the most important protection system fails. Your agents need to analyze both of these two models to understand the risk factors involved in this matter. Right prediction of the risk factors can contribute to damage control.
4. Replacement cost:
Various industrial studies have revealed that almost 75% of commercial buildings are underinsured. Your agents should be able to give you a proper assessment of the replacement value of any commercial property in the country. This tool increases the capabilities to charge premiums that are apt to protect you with the adequate policy limitations and maintain commercial insurance to value throughout the validation of the policy.
5. Risk improvement policies:
Do you know that the risk improvement statements provide important information for a certain property? You can get specific information for the particular building and occupants in order to point out the hazardous conditions. Well, the agents of commercial insurance Santa Ana are responsible for performing this on behalf of you. They will suggest you remedial actions as well. A good commercial insurance will offer you several risk management statements and you can select the suitable one among them. Each statement will uphold the tips of improvement along with the estimate of lost cost.
6. Liability:
The agents should gather all the necessary information on liability required for assessing the risks involved in your property dealing. Premise exposures include storage areas, stairs, balconies, and handrails. These premises contribute in underwriting a decision. Apart from these, your agent should have proper information about swimming pools, pets, lighting, fire escapes, and elevators.
7. Construction related issues:
A reliable commercial insurance company will always give importance to the risk of fire. In order to secure a property from the threats of fire, the construction should be strong; the materials should be standard. Your agents should consider the percentage of the structure consisting the materials, and chances of damage. In this context, construction class is also important. An experienced company will consider the following construction classes:
8. Occupancy:
This point of occupancy includes a numerical ranking of the combustibility of contents, effects of the burnable contents on the entire structure due to the fire. Your agent should be well aware of this affair of occupancy. Otherwise, you might be misguided.
9. Protection:
Agents of Santa ana commercial general liability insurance usually evaluates public fire protection services of a particular community. This evaluation includes fire control system, water supply, emergency communication systems, and community risk reduction efforts. Most of the renowned agencies employ a grade from 1 to 10 with class one to represent the exemplary protection and class 10 to indicate the fire suppression program.
10. Hazards:
You commercial insurance agent should have a good understanding of common and the special hazards. You will be benefited if your agent can give you insureds recommendations in order to reduce the hazards. These insureds recommendations can also help to improve protection deficiencies at the commercial properties. When your agents are informed about the hazards, they will be able to rate the risk based on the current situations. Common hazards may include deficiencies in the electrical components, heating system, and housekeeping as well. Special hazards include burnable and combustible liquids, spray-painting operations, commercial cooking, welding, and cutting.
11. Training/certification:
This is one of the most important qualities that your agent must possess. You need to understand that only a phone, a computer, and a lead sheet are not enough to be an ideal agent. The agents should have proper training and relevant certificate in the particular field.
Summing up:
The scheme of insurance is made keeping in the mind the old saying that “prevention is better than cure”. So, it is always better to avoid the necessity of damage control. People take the help of commercial insurance to protect their property from any kind of damage. An ideal commercial insurance agent can guide you properly to keep your property insured. So, while you are going to hire an agent, you should be very careful and you need to take this decision wisely.
Palmer Insurance is always ready to offer you the best commercial insurance services. Feel free to call for a consultation!
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