Oneida Lake/ Ft. Brewerton Chamber of Commerce

Camden Chamber of Commerce

FAQ

Commercial

I’m just getting my business started. Do I need insurance immediately?

Yes. Your chance of suffering a loss begins with the first day of business. If you suffer a loss and have no insurance or have improper or insufficient coverage, your insurance agent can do little, if anything, to help you.

Also, many states and local jurisdictions require businesses to have insurance to begin operating. And if you rent space for your business, your landlord probably requires you to obtain adequate insurance.

I don’t have any major business assets. Why do I need insurance?

Every business has some property. When you think about it, your business is your property. Just like your home and your car, your business needs to be protected from loss, damage, and liability. In addition, your business is your source of income, so you need protection from the potential loss of that income.

Does insurance coverage vary for different businesses?

It can. Many small businesses opt for package policies that cover the major Property and Liability exposures as well as for a loss of income. A common package policy used by many small businesses is called the Business Owners Policy (BOP).

Generally, BOPs provide more complete coverage at a lower price than separate policies for each type of insurance needed. We can help you decide which policy or policies are right for your business. You can also purchase additional coverage for perils or conditions otherwise excluded (e.g., flood protection) as endorsements to a standard policy or as a separate, second policy called a Difference in Conditions (DIC) policy.

We can advise you of the best policy (or policies) to protect you and your business.

What is an Audit?

An audit is when the company you are written with looks over the prior year’s estimated numbers and adjusts the premium up or down depending on the actual numbers. Examples of numbers that may be used are payroll or gross sales.

Cazenovia Chamber of Commerce

What is a certificate of insurance and how do you get one?

A certificate of insurance is a form that lists out all of the insurance coverages you have, the company you are with and the effective dates of the policy. If a contractor is doing work for someone they may request a certificate to make sure that insurance is in force. Another place where you may be asked for a certificate is if you are renting or buying some equipment. The company you are getting it from will want to make sure you have the proper coverage on the equipment and they want to be covered in the event of a loss also.

To obtain a certificate just give your agent a call.