What Types of Coverage Are Found in Commercial Insurance Policies?

If you run a business, you know you need to protect what you’ve built with commercial insurance. However, many business owners — and particularly those new to company ownership — don’t realize just how many types of commercial insurance are available to them. Here’s a look at some of your options.

Workers’ Compensation Insurance

Most types of employers are required to carry workers’ compensation insurance. This coverage may pay for medical treatment and partially replace lost wages if an employee gets hurt at work.

Even if you aren’t legally required to carry workers’ compensation insurance, it’s worth considering. When you compare the cost of insurance premiums (especially for a low-risk business with only a few employees) to that of a personal injury lawsuit, investing in a policy is the obvious choice.

General Liability Insurance

Along with workers’ compensation insurance, general liability insurance is among the most important types of coverage a business can have. It may pay for medical costs and other expenses if a non-employee is injured at your place of business. And if the case goes to court, your insurance may also pay your legal fees.

Liability insurance could also cover you if a competitor claims you committed “advertising injury.” This is when an ad slanders a competitor or uses copyrighted material. For example, you might need your general liability insurance if you create an ad that uses a competitor’s logo or claims that a certain competitor overcharges.

Cyber Insurance

If you store any kind of sensitive customer information online, cyber liability insurance may cover the costs you incur in the event of a data breach. If hackers get into your database, they may steal pieces of data like these:

• Social Security numbers

• Credit card numbers

• Addresses

• Phone numbers

• Health records

If your company is the victim of a data breach, you might be legally required to notify your customers, which can sometimes be expensive. You also may face lawsuits and all the legal fees that come along with them. The right cyber insurance policy can limit the financial impact on your business.

Errors and Omissions (E&O) Insurance

General liability insurance protects you if someone gets injured on your property, but it doesn’t cover problems with your work. E&O insurance is essentially professional liability coverage, and it may help cover costs associated with errors in your work.

For example, imagine that you’re a contractor, and you make a mistake that causes thousands of dollars in damage. If you have E&O insurance, your insurance will pay for the damage. If you do not, you’ll be stuck covering the costs of any damage out of pocket.

How much E&O insurance you need depends on the kind of work you do and the size of your business. A commercial insurance agent can help you choose the right policy. 

How Do You Know What Kinds of Commercial Insurance to Get?

Insuring your business is a critically important decision. However, if you’re like many business owners, you’re unsure which types you need (and don’t need). The good news is that you don’t have to make that determination alone. The right commercial insurance agency can get to know you and your business and help you create a policy.

4 Reasons Independent Insurance Agencies Offer the Lowest Rates

Finding the right insurance is always harder than it sounds. You want a policy that covers everything you need, has a reasonable deductible, and isn’t exorbitantly expensive. If you’re like many people, you shop around with all the major carriers before making a choice.

But did you know that, more often than not, an independent insurance agency can give you a better deal? Here’s a look at why.

1. They Work With Multiple Insurance Carriers

You might be used to comparing quotes yourself before choosing an insurance policy. When you work with an independent insurance agency, your agent does the shopping around for you. 

These agencies work with multiple insurance companies so they can compare rates to find you the best possible deal on coverage that includes everything you need.

2. They’re Part of the Community

Often, independent insurance agents have grown up in the areas they serve — or are, at the very least, long-term residents. That means they’re familiar with area-specific risks and can help you choose a policy accordingly. 

For example, if you live in an area prone to tornados, your agent might be able to help you find a home insurance policy that may keep you covered in the event of tornado damage.

Independent agents are part of your community, so they have an interest in forming long-term relationships with their clients. That leads to unparalleled support and customer service.

3. They Can Find You Group Discounts

Group discounts are insurance discounts offered to members of certain groups or organizations. There are more types of group discounts than you might realize. These are some examples:

• AAA

• Military

• Certain credit unions

• Colleges and universities

• Professional trade organizations

• Mensa

• Some employers

There are so many possible group insurance discounts that it can be difficult to find every applicable one if you don’t know where to look. However, most independent insurance agents will take the time to find you every possible group discount.

4. They’ll Help You Through the Claims Process

When it comes to claims, insurance carriers prefer to pay out as little as possible. This means that when a company-affiliated agent helps you with a claim, they’re protecting the carrier’s best interests. 

They might explain how the filing process works, but if you’re leaving out something that could lead to a larger settlement, a company-affiliated insurance agent probably isn’t going to tell you about it.

However, independent insurance agents are not loyal to a particular insurance carrier — they’re loyal to you. If need be, your agent can walk you through the claims process and offer tips to maximize your claim.

Finding the Right Independent Insurance Agent for You

Now you know that you might just find your ideal policy with an independent agent. Bear in mind that just like major carriers, some independent agencies offer more coverage options and better service than others. 

When you take the time to thoroughly vet insurance agents before making your selection, you’ll be well on your way to a quality policy.

8 Key Types of Commercial Insurance Coverage to Get

According to the Insurance Information Institute, there are more than eight million small businesses in the United States with one thing in common: they would be wiped out by disaster or a lawsuit without the right insurance coverage. In 2022 alone, commercial insurance losses totaled $202,732,883,000.

Carrying commercial insurance can reduce the risks you know your business faces, as well as the ones unforeseen. However, commercial insurance coverage can be confusing, leaving you wondering which coverage is necessary for your particular company.

As a business owner, you want to see your company grow, and both you and your employees rely on it to provide your livelihood and help you take care of your family. Here’s what you need to know about the types of commercial insurance that are key to protecting your business.

What Is Commercial Insurance?

Commercial insurance, also known as business insurance, can provide coverage against financial losses in your business from unexpected events, such as: 

• Accidents

• Burglaries

• Thefts

• Natural disasters

• Lawsuits

• Employee issues

You can obtain this insurance through a commercial insurance agent, who works to analyze the specific needs of your business and recommend the appropriate coverage.

8 Key Types of Commercial Insurance

You can buy many types of insurance from a commercial insurance agency. But these eight types of commercial insurance are essential for most businesses, regardless of the industry: 

1. Property Insurance

Property insurance is designed to provide coverage for the physical building where you do business. It may cover the building itself, your inventory, and your equipment — including computers and furniture — from loss or damage.

2. Liability Insurance

Known as commercial general liability insurance, this coverage may safeguard your company against claims for bodily injury, property damage, slander, and false advertisement. These claims could arise from your business operations, services, or an employee.

3. Business Interruption Insurance

If your business is forced to temporarily close or relocate because of a covered hazard, business interruption insurance may pay for loss of income while you’re closed or the costs of relocating.

4. Workers’ Compensation Insurance

Most states require businesses — including small businesses with one employee — to carry workers’ compensation insurance. This insurance can cover the medical expenses and lost wages of an employee injured on the job. 

Worker’s compensation insurance also has a benefit to you as an employer. Once an employee accepts insurance coverage for an injury, the employee typically waives their right to sue your company.

5. Commercial Auto Insurance

Commercial auto insurance pays for injuries and damages caused by your company’s vehicle or a personal vehicle used for company business. The insurance also can pay for damage to the vehicle.

6. Professional Liability Insurance

If someone files a claim against your company for negligence or faulty work, that claim may be covered by professional liability insurance. Other risks could include mismanagement of company assets and unlawful employment practices.

7. Crime Insurance

Your business may be able to recoup any losses from crime. These crimes may include fraud, burglary, theft, or employee dishonesty.

8. Cyber Insurance

Cyber insurance, or cyber liability insurance, may cover losses from a data breach or other cyber issues. For example, it can cover cyber extortion, investigative costs, regulatory expenses, and business interruption.

Find the Right Coverage for Your Business

Your company means a great deal to you, and many people count on it continuing to operate, even if an incident occurs. Talking to your commercial insurance agent can help you match the types of insurance necessary to effectively safeguard your business.

An Independent Insurance Agent Does the Shopping for You

How would you like to have a personal shopper — without having to pay extra for the service? With an independent insurance agent, that’s exactly what you get. An independent agent can shop around for the best insurance based on coverage and price, and you only pay your premiums, as you would for any insurance.

All you have to do is pick up the phone and call an independent insurance agency to provide personal details. The agent can then consider quotes from multiple insurance companies. This agent may also be able to find a deal that you couldn’t on your own. Take a closer look at how an independent insurance agent can benefit you in Texas and Kansas.

What Is an Independent Insurance Agent?

An independent insurance agent doesn’t work for one insurance carrier, but instead represents multiple insurers. By working with an independent firm, you get the convenience of an agent doing your shopping so that you can fulfill your insurance needs in one stop.

Within an independent insurance agency, your agent can take down your information one time and obtain quotes from multiple insurance companies for auto, home, and life insurance.

An independent agent is required by law to act in your best interests. Your agent gets paid by commissions from insurance companies, and commissions can vary. However, an independent agent should act ethically in presenting you with all options available for the coverage you seek.

Other insurance agents that work for one company are known as captive agents. Captive agents can only sell you insurance from the company they work for. You typically can also buy your home, auto, and life insurance with the insurer, but you’ll have to do your own shopping to compare quotes from other insurers. 

Benefits of Using an Independent Insurance Agent

An independent insurance agent may be more motivated to win and keep your business. This means you can get personalized attention from your agent. This agent can help you with:

• Understanding your rates and coverages

• Filing a claim

• Resolving issues that may arise with coverages

• Answering any questions you have

• Pursuing a better rate at renewal time

An advantage to buying insurance from an independent agent is that you can establish a relationship that can last even if you change carriers. An agent will get to know you and your family through working with you and understanding your insurance needs. 

So when a premium increases on renewal or your insurer drops your coverage, you can continue working with the same agent, who can then find you new coverage.

How an Independent Insurance Agency Works

Independent insurance agencies can give you access to most large insurance carriers, except State Farm, which doesn’t work with independent firms. Independent agents also work with small and regional insurance companies, broadening the types of insurance and coverages you might be able to find.

Have an Independent Insurance Agent Shop for You

Independent agents aren’t restricted to showing you options from a single insurance company. When you partner with an independent insurance agent, you can enjoy a wider range of options — and let them do the shopping for you.

What Are the Steps Involved in Filing a Commercial Insurance Claim?

As a business owner, having the right insurance coverage when something goes wrong can mean the difference between a quick return to normal operations or no return at all.

A commercial insurance agent can assist you with protecting your business against risks. You can turn to a commercial insurance agency for coverage like professional liability insurance, general liability insurance, commercial auto insurance, and workers’ compensation.

Each type of commercial insurance has specific requirements for claims. Still, if your business experiences a loss or damage, you can follow these general steps to file a claim.

What Is a Commercial Insurance Claim?

A commercial insurance claim is a request from you, the business owner, to your insurer. This request is for a payout for a loss or damage covered under your business insurance policy.

According to Forbes Advisor, the top three claims business owners face are:

• Burglary or theft

• Water-related damage

• Wind and hail damage

When an incident or accident occurs, you must file a claim with your insurance provider as soon as it is safe to do so.

Steps for Filing a Commercial Insurance Claim

Insurance providers usually require you to file a claim within 72 hours of a loss or damage. Filing as soon as possible helps you obtain the resources you need to get back on track faster. It also allows your insurer to provide directions on preserving evidence and protecting your business from additional damage.

Follow these steps for filing your commercial insurance claim:

Review Your Policy

Each insurer has a way it prefers to receive your claim — online or by phone. Following your provider’s procedure can minimize delays. Also, you can check the declarations page of your policy to ensure your loss or damage is covered.

Collect Evidence

Once you determine whether you can file and how to file, gather any relevant evidence you can, including:

• Contact information for you and others involved

• Policy information

• The type of loss or damage, such as property or liability

• The date of the loss

• A detailed description of the loss, damage, or injury

Taking photos can prove helpful to your claim. You also should take inventory, save receipts, and get quotes from two contractors for repairs. Tracking lost work hours and keeping records of all your related conversations is important as well.

Contact Your Insurer

The faster you contact your insurance provider, the faster the investigation can get underway. Delaying your filing can make it harder for an insurer to verify your claim.

Work With Your Claims Adjuster

Once you’ve filed your claim, a claims adjuster will be assigned by the insurance company within a few days. You will share all the documentation you’ve gathered with your adjuster, who is responsible for investigating whether your claim is covered and the amount of a payout.

Stay in touch with your adjuster. If you don’t hear from your adjuster within seven days to a few weeks, give them a call.

Consult an Attorney

You also might consider consulting an attorney, depending on the type of loss. If your claim is complex, an attorney can aid in getting all the right documentation together.

If Your Claim Is Denied

After the adjuster’s investigation, the insurance company may approve or deny your claim. If it is denied, you can contact your insurer to tell your story and contact your state department of insurance. At any stage of the process, a conversation with your commercial insurance agent can go a long way in understanding your coverages and filing correctly.

Your Independent Insurance Agency Offers Perks You Will Appreciate

In this fast-paced society, it’s unlikely you have time to run around town or even on the internet to track down and compare quotes for your home, auto, and other insurance needs. Wouldn’t it be convenient if you could talk to one person who could do all that research for you?

An independent insurance agent does exactly that. But saving you time and effort is just one of the many perks you may come to appreciate about an independent insurance agency.

What Is an Independent Insurance Agency?

Independent insurance agents in Texas and Kansas don’t work for a single insurance company. These agents typically work for themselves. They are licensed and often have contracts with multiple insurance companies. 

Those contracts say how the independent agent must act to protect your best interests and explain the commission an agent is paid from the insurance companies. 

Perks You Will Appreciate

Being separate from any singular insurance company gives independent insurance agents several advantages that work in your favor.

Personalized Customer Service

Independent insurance agents are motivated to earn and keep your business. They will take the time to: 

• Understand your insurance needs

• Explain insurance products, coverages, and rates

• Answer your questions

• Help file claims

Your agent also works to resolve any issues you might have related to your coverage.

Knowledge and Expertise

An independent agent must learn about many insurance companies, products, and coverages. This means that they are knowledgeable, licensed professionals who can find insurance that serves you best.

Based in Your Community

Every community is different, which has an impact on your insurance needs. An independent insurance agency is based in your local community, giving the agents a better understanding of how to serve your needs.

One-Stop Shop

Because independent agents have contracts with multiple insurers, you can talk to one agent and share both your needs and information at once. The agent will do all the legwork for you, comparing coverages and rates to present choices that align with your goals. 

This saves you significant time and effort. Also, an independent agent can help you find insurance for your home, life, auto, and more in one stop.

A Lifelong Consultant

If you have questions or need help filing a claim, an agent in an independent insurance agency is your advocate and can become a trusted advisor. Your insurance needs may change over the years, so you may switch insurance carriers. But your independent insurance agent, who knows you and has helped guide you, can stay with you.

Duty to Put Your Best Interest First

Independent insurance agents earn a commission — generally between 10% and 25% — for selling products from insurance companies. Keep in mind that the law binds independent insurance agents to act in your best interests. They will present insurance that can cover you and your family against risks, not just products that make them the most money.

With access to large and small insurers and their products, independent insurance agents can provide options to help you get the most for your money — which may be the most important perk of all.

An Independent Insurance Serves You

An independent insurance agency works for you, not the insurance provider. When you choose an independent agent, you partner with a professional whose goal is to get to know you and provide the best insurance that works for you and your family — at the best price.

7 Profitable Reasons Commercial Insurance Is Important

Have you ever driven by an empty building damaged by a fire or storm and wondered what happened to the business? It might have been the victim of being underinsured or uninsured.

A company that fails to purchase the right commercial insurance can find itself struggling to survive or out of business if hit with a fire, theft, or claims from accidents. If you’re a business owner, take a closer look at why commercial insurance is both vital and profitable.

What Is Commercial Insurance?

Starting and building a business involves many risks. Commercial insurance helps you shift some risks from your business to an insurer. Whether it’s damage to a consumer, a theft from your company, or an injury to an employee, commercial insurance is available to help your company withstand the financial blow.

A commercial insurance agency like Garrett Insurance can help you customize the right policy to help you stress less about an unforeseen event and focus more on running your company.

7 Reasons Commercial Insurance Is Essential

You have a range of costs to juggle to keep your company operating and growing. Keeping the cost of insurance in check is among them, but commercial insurance can also prove profitable in a business. Here are seven reasons why:

1. Fulfills a Legal Requirement

Many states require you to carry insurance to open your doors — for good reason. For instance, commercial auto insurance can help protect your company against claims if a work vehicle causes injury or damage from an accident. The insurance may also cover your work vehicle if it is damaged from rolling over.

2. Covers Work-Related Injuries

Federal law requires you to carry worker’s compensation insurance. Most people think about worker’s compensation insurance helping employees who might get injured on the job. However, worker’s compensation also supports business owners. Employees who file a claim and have their claim accepted can’t turn around and sue the employer.

3. Keeps Your Business Operating

Commercial property insurance can help get your business up and running after a theft or damage from a fire or storm or keep it moving forward if a key piece of equipment is damaged. Working with your commercial insurance agent, you also can make sure you buy coverage to provide loss compensation while your company can’t open its doors.

4. Helps Your Customers 

A business owner’s policy with general liability insurance may help fend off lawsuits from customers who claim they were harmed or injured by your product. The insurer can compensate your customers on your behalf.

5. Adds Credibility

Customers, vendors, and lenders may feel more confident that you are looking out for their interest if you carry commercial insurance. They may prefer to do business with another company carrying commercial insurance if you fail to buy it.

6. Supports Your Contracts

You may run into suppliers or delivery services who supply and deliver materials to your business or have a need to step foot on your property. Some suppliers and delivery services require you to purchase commercial insurance before entering into a contract.

7. Protects Lenders

If you want to buy or build a new building, a lender likely will require you to have insurance. It might be difficult for you to find the money to start or expand your business if you don’t carry insurance.

Protecting Your Bottom Line With Commercial Insurance

There are countless ways commercial insurance can help your bottom line. A discussion with your commercial insurance agent can help you discover the profitable reasons to purchase insurance for your own business.

An Independent Insurance Agency Will Find the Best Policy

If you’re looking for insurance, have you considered working with an independent insurance agency to find coverage that fits your needs?

Independent insurance agents work for themselves and can offer all kinds of insurance, whether it’s commercial insurance for your business or farm or personal insurance, such as home, life, and auto.

When you’re looking for insurance, consider that there are two types of agents: independent and captive.

Agents who work for large insurers like GEICO, Progressive, and Allstate are captive agents who can only sell insurance products from that company. They can provide you with in-depth knowledge about the offerings from their companies, but products are limited.

An independent insurance agency does not have the same limitations. This article will help you see how choosing an independent insurance agent can help you find the best policy.

What Is an Independent Insurance Agency?

An independent insurance agency typically signs contracts with multiple insurance companies, giving independent agents access to a wide array of insurance products to offer their clients. 

Independent agents are required to look out for your best interests. This means they should provide you with coverage options that best fit your needs instead of policies that will pay them the highest commission.

The Benefits of Working With an Independent Agency

When you begin shopping for the insurance coverage you need, there are several advantages to choosing an independent insurance agency to help you find it.

Quotes From Multiple Insurers

Chances are you’re pretty busy. If so, an independent insurance agent may be exactly what you need to find the best insurance policy.

You can sit down with an independent agent and talk through your insurance needs, providing the agent with all the information needed for a policy just one time. The agent can check multiple rates and coverages simultaneously, saving you the time and energy of switching from one insurance agent to the next.

Personal Attention

Independent agents don’t have sales quotas like captive agents to move specific insurance products, and they may be more motivated to land and keep your business. They likely will spend more time learning about your insurance needs, answering your questions about coverage, and working on your behalf to resolve any claims you have.

Keeping Your Agent

As your life changes, so will your insurance needs. This might require you to switch your carrier to get the insurance you need. Working with an independent insurance agency, you don’t have to leave your agent to do so.

Independent agents are licensed, experienced, and update their training and education to maintain their licenses.

You Can Find the Best Policy With an Independent Agent

By comparing many insurance products and coverage, independent insurance agents can often help you find insurance for your business or your personal life. They can provide advice, answer your questions, and explain your benefits. Independent agents also can search for the best pricing, helping you get the best policy at the best price.

4 Ways That Commercial Insurance Differs From Residential Insurance

Your home insurance policy protects you from liability and certain kinds of damage. If you need to insure your business, you might imagine a commercial insurance policy is much like home insurance.

However, because business owners have different needs than homeowners (and businesses generally face greater liabilities than homes), commercial insurance differs from residential insurance in more ways than you may think. Here’s a closer look at some of the main differences.

1. It Requires More Kinds of Coverage

A homeowners insurance policy will usually protect you from most types of liabilities. However, because businesses (especially businesses open to the public) face greater liability, a commercial insurance policy needs to include additional types of liability coverage. Here are some of the most common:

• Business Interruption Insurance: Can cover rent, payroll, and income if the business temporarily closes or relocates

• Worker’s Compensation Insurance: Pays for medical bills and other expenses if a worker is hurt on the job

• General Liability Insurance: Protects the business if someone is injured on the property

• Product Liability Insurance: Helps the business cover costs related to defective products

The exact types of coverage and policy limits needed will depend on the specifics of your business. An insurance agent can review your needs and help you design the right commercial insurance policy.

2. More People May Be Named on the Policy

Businesses generally have much more complex ownership structures than homes do. On a homeowners insurance policy, only a single person or married couple is typically named. 

On a commercial insurance policy, the named insured will be just one person if the business is a sole proprietorship. However, if the business is owned by an LLC or corporation, it’s the business — and not necessarily the people in it — that will be named.

3. It Can Cover More Than One Property

Residential insurance policies generally cover just one property — the home of the named insured. However, in some cases, a commercial insurance policy can cover multiple buildings or locations.

That being said, most insurers stipulate that to be included on the same policy, locations must have similar uses. For instance, if your company has two warehouses, both of them might be included in the same policy. However, you likely couldn’t include your warehouses and your retail store on the same policy.

4. It’s Usually Written by a Surplus Line Insurer

Most residential policies come from insurance companies licensed to work in your state. But as you might imagine, commercial properties come with greater risks than residential properties. 

In many cases, licensed insurance companies can’t take on these commercial policies because of risks. Instead, the commercial insurance policy comes from a surplus line insurer, a company that may be based in another state. 

Finding the Right Coverage

Whether you need a residential policy, a commercial insurance policy, or both, clearly understanding the differences between the two is vital. When you understand the unique benefits each policy type offers, you’ll be able to select the right coverage for your home, your business, or both.

How Is an Independent Insurance Agency Going to Find Me a Better Deal?

If you’re like many people seeking a new policy, your first thought is to go to a big insurance company. After all, the bigger companies will give you the best deal, right?

Believe it or not, the big insurance companies usually aren’t the ones finding the best deals for their customers. In the majority of cases, it’s actually an independent insurance agency that will be able to get you the best savings. Here’s why that’s possible.

Independent Insurance Agents Work for You — Not the Insurance Company

If you go through a particular insurance company, you work with what’s known as a “captive” insurance agent. This means that the agent works for the insurance company. They’ll still listen to your needs and help you find a policy that meets them, but their employer doesn’t permit them to compare rates across multiple insurers.

On the other hand, if your agent works with an independent insurance agency, their top priority is finding you the best coverage at the best possible rate. Because they can get you quotes from multiple insurance agencies, they have a much better likelihood of finding you superior coverage for a great rate.

You Get All the Coverage You Need — and None That You Don’t

Captive agents have to strike a balance between your needs and the needs of the company they work for. Their primary goal is to sell you the insurance company’s products, so they may convince you to pay for coverage you don’t actually need.

Sometimes, that extra coverage doesn’t seem like much per month, but it adds up over time. Agents who work with an independent insurance agency understand the need to keep costs down without sacrificing coverage, so they’ll make sure you aren’t stuck paying for anything unnecessary.

Independent Agents Understand Location-Specific Needs

Your exact insurance needs depend on where you live. Typically, an independent insurance agency operates in a limited geographical area, but major agencies are usually nationwide.

Here’s why that matters. If you’re in a flood-prone area, an independent insurance agent will understand that you need to make flood coverage a priority — possibly above other perils like fires or tornadoes. If you work with a nationwide agency, the agent you work with might not even know that there’s a significant flood risk where you live.

You Get Personalized Service With an Independent Insurance Agency

More often than not, major insurance companies prioritize speed. Buying a policy can be as simple as making a few clicks. That might seem appealing, but many people don’t understand potential gaps in coverage and the impact they can have down the line. 

An independent agent can speak with you over the phone or even meet face-to-face to help you identify unique coverage gaps and how to address them.

When You Want the Best Coverage at the Best Price, an Independent Insurance Agency Is Your Best Bet

The right insurance policy often means the difference between adequate coverage and financial disaster. Buying a policy isn’t a process you should rush — and it also isn’t a process you should enter without the help of someone who is working in your best interests. 

When you develop a relationship with a qualified independent insurance agent, you’ll get the benefit of great rates, personalized coverage, and a knowledgeable insurance advisor.

What Are the Leading Coverages Issued Under Commercial Insurance?

If you own a business — big, small, or even home-based — it’s important that you purchase commercial insurance to help protect your company against different risks and financial loss.

Coverages offered under commercial insurance may help protect your business and its assets against lawsuits, fire, theft, natural disasters, auto accidents, and more. Take a closer look at how this insurance works and what coverages are typically issued under it.

How Commercial Insurance Works

From business to business, coverage varies, but a few key considerations when putting together your commercial insurance policy include:

• What your business does

• Your location

• Whether you own or rent

• Whether clients visit your site

• Whether you keep cash on hand

Costs for commercial insurance vary with the types of coverage needed by different businesses. Key factors influencing costs are the industry you’re in, where you operate, the number of employees you have, and whether you’ve filed claims before.

Just like any other insurance, you can pay a premium monthly or annually, higher deductibles come with lower premiums, and higher coverage limits boost premiums.

Coverages Issued Under Commercial Insurance

There are many types of commercial insurance available, and while coverages vary, here are some leading coverages issued under commercial insurance.

Commercial General Liability

Commercial insurance coverage varies, but all businesses need commercial general liability insurance. This insurance can cover someone who doesn’t work for you getting injured or having their property damaged by your business operations. The insurance can help pay medical costs and legal fees.

Commercial Property Insurance

No matter where your business is located, even in your house or apartment, you can buy commercial property insurance to help cover your: 

• Building

• Signage

• Furniture

• Equipment

• Inventory

This commercial insurance may help repair or replace your damaged property.

If you rent your workspace, depending on the size of the property, a landlord may require you to carry commercial property insurance.

Commercial Auto Insurance

If your business owns and operates vehicles for company purposes, you may be required by law to buy commercial auto insurance. This insurance may cover injuries or property damage caused by you or your employees while you’re driving.

A commercial auto insurance policy also might cover medical expenses for you, your employees, or passengers in a company vehicle, as well as offer comprehensive coverage for theft, collision coverage, and uninsured and underinsured coverage.

Workers’ Compensation Insurance

Except for Texas, each state in the United States requires some level of workers’ compensation insurance. Often thought of as insurance to pay medical expenses for employees injured on the job or as a result of their job, workers’ comp also helps protect businesses. 

Once an employee’s claim is accepted, the employee waives the right to sue your company. It’s another level of insurance all businesses should purchase to help protect themselves from crushing financial loss.

Commercial Crime Insurance

While commercial property insurance covers many types of losses, it doesn’t cover losses from crime, such as:

• Burglary

• Employee dishonesty

• Forgery

• Fraud

• Theft 

You have to buy commercial crime insurance to help safeguard your business against these losses.

Getting the Commercial Insurance You Need

Every business is different, even those within the same industry. Survey your company, and take factors like your location and whether clients visit your building into account before purchasing commercial insurance. Doing so and working closely with your insurance agent can help you get the insurance protection you need for your business.

How Is an Independent Insurance Agent Better Than a Captive Agent?

Commercials for large insurance companies are a common sight. But deciding which insurance is right for your family can feel daunting, especially with the safety and future of your family on the line. Understanding how certain insurance options differ can be a great place to start.

For example, many people aren’t familiar with the concept of an independent insurance agent vs. a captive agent. What is the difference between these two types of insurance agents exactly, and is one a better option than the other? Here is why an independent insurance agent can be a better option than a captive agent.

Independent Agent vs. Captive Agent

An independent insurance agent and a captive insurance agent differ in the number of insurance products they offer, as well as the variety of insurance products. Both types of agents will work to find the insurance that fits your needs, but the similarities end there.

An independent agent works in an independent insurance agency that represents more than one insurance company. This means that the independent insurance agent can present you with a range of options for both products and prices.

By working in an independent insurance agency, the agent also isn’t constrained by corporate policies and quotas that might be found at single-insurer companies. As a result, an independent insurance agent may offer more personalized advice and service.

Unlike the independent insurance agent, the captive agent works for a single insurance company and can only sell that company’s products. Typically, corporate policies and requirements limit and restrict captive agents from offering flexibility with pricing and on a smaller number of products.

Advantages of an Independent Insurance Agency

When you’re looking to protect your family against financial losses, an independent insurance agency can provide distinct advantages over a single insurance company. Your independent agent can:

• Provide More Options: You can compare many prices and products

• Help You Save Money: You can access lower rates and discounts not found with a captive agent

• Advocate for You: You have someone who can help with claims and policy changes

• Offer Personalized Advice: Your agent has your interests at heart, not a company’s

• Build a Relationship: Your agent has time to get to know you and your needs

• Serve as a One-Stop Shop: All of your insurance needs — life, health, home, car, business, or farm — can be met in one place

• Provide the Same License and Experience: You get professional service and guidance with the same license as a captive agent holds

Many consumers believe bigger is better. But when it comes to giving you more to help mitigate risks for your family, an independent insurance agency has you covered.

An Independent Insurance Agency Can Meet All Your Needs

Finding the right insurance for your needs can feel like an overwhelming task. But by turning to an independent insurance agent, you can benefit from a better range of pricing and product options and enjoy the peace of mind that all of your insurance needs can be handled in one place.

Will Farm & Ranch Insurance Cover Grain Ruined in a Silo?

Farms come in all shapes and sizes, which means no single farm and ranch insurance policy can give you all the protection you need to feel like your business, family, and workers are adequately covered.

Getting farm insurance is like bundling customized home and business policies to give yourself more coverage than you could get with one or the other. You can work closely with your agent to craft the policy that meets your farm’s needs.

One question that frequently arises during the process is whether farm and ranch insurance will cover grain ruined in a silo. The short answer is yes, in many cases. However, when it comes to farm insurance, it’s best to be specific.

Check your policy and your coverages, and make sure you talk to your agent about what coverages your policy provides for your silo and grain, which may vary depending on how the grain becomes ruined.

Learn more about farm insurance and how it covers grain ruined inside a silo.

Assessing Your Coverage

If you’re a farmer, you already know that your farm insurance policy includes coverage for just about everything on your property — your home, family, workers and visitors, necessary structures (such as barns, silos, and chicken coops), farm machinery and equipment, livestock, and products.

While these are considered standard coverages, it’s good to know exactly what’s included in your policy and make sure you’re covered for an amount that can help you keep your farm operating if you suffer a loss.

Understanding Key Differences

Few people make a distinction between a silo and a grain bin. More often than not, grain is dry-stored in a bin, a steel structure with moisture and temperature-control properties. By contrast, a silo is typically made from concrete, brick, metal, or wood and is designed to ferment what’s placed inside.

While it’s intended to ferment, silage can still go bad, making it unusable for livestock.

Finding Coverage for Your Grain

It may seem like a trivial matter when you take stock of all the other things you have going on, but the importance of thoroughly understanding the provisions of your farm insurance policy can’t be overstated.

Generally speaking, your silo and the grain in it will likely be insured against damage, but in different parts of the policy and for different reasons.

Your silo is protected along with other buildings and structures on your farm (not including your home) under what’s typically known as “farm structure coverage” or “farm outbuilding coverage.” You can get separate farm product coverage to replace materials and items you use on the farm, such as grain, feed, seed, and silage.

Farm structure coverage may insure against such perils as explosions, fire, hail, lightning, and windstorms, while farm product coverage can insure against grain spoilage and similar issues. It’s a good idea to have both types of coverage to protect your operations from as many disruptive issues as possible.

Consequently, the way in which the grain became ruined will influence the type of claim you file with your insurer.

Enhance Your Farm and Ranch Insurance With These Popular Options

What do you do if your computer system breaks down or you have a large section of electrical fence to repair? Issues like these can disrupt your farming operations.

If you added options for farm equipment breakdown and fencing coverage to your farm and ranch insurance policy, you could get help replacing your computer and fixing your fence. These are just two of more than half a dozen coverage options you can add to your policy to enhance your farm insurance and protect your livelihood.

By necessity, you can customize the farm and ranch insurance you purchase to fit the unique needs of your farming operation. Beyond basic protection for your home, buildings and structures, and farm products, several popular options are available to add coverage to your farm insurance.

7 Popular Options to Enhance Your Farm Insurance

You can add several options to your farm insurance to help guard your business against disruption. Here are a few popular options.

1. Farm Equipment Breakdown

Adding farm equipment breakdown coverage to your policy covers the physical loss of equipment used on your farm, including computers, generators, air conditioners, and boilers. That coverage can help you pay to get the equipment running again.

2. Farm Income Protection Coverage

While farm income protection coverage only guards against insured perils, this add-on to your policy could reimburse you for lost earnings and other expenses if your covered farm property causes you to lose money.

3. Fencing Coverage

Farm insurance doesn’t cover fencing. However, large farms, ranches, and farms in turbulent weather zones or with electrical fencing may find it beneficial to invest in fencing coverage.

4. Livestock Coverage

Basic farm insurance tends to cover livestock for injuries but not illness. With additional livestock coverage, your animals will be covered from death resulting from illness. Moreover, you can be reimbursed for loss of income and insured against legal costs and damages if your livestock injures someone.

5. Commercial Auto Insurance

Your auto insurance won’t cover the farm vehicles driven by your workers. Adding the commercial auto insurance option to your farm and ranch insurance helps you look after your trucks, tractors, and other vehicles.  

6. Equine Coverage

Horses have needs that differ vastly from other livestock. Equine insurance is specific to horses, providing you with coverage for death or theft, loss of use, and major medical or surgical needs.

7. Crop Coverage

Despite covering a wide range of risks, farm insurance doesn’t protect crops grown for profit. This option can help protect your operations against a loss of crops or revenue due to natural disasters, fluctuations in product prices, and other unforeseen circumstances.

These seven popular options can enhance your farm and ranch insurance coverage, giving you bonus protection against losses that might hurt your business.

Explore Your Options

Because farm insurance can be tailored to your farm’s unique characteristics, many optional forms of coverage are available that could help protect your farm and your family. Ask your agent about these and other coverage options that might be available to you.

How Much Farm & Ranch Insurance Do I Need for a Family Farm?

Running a farm takes dedication and passion. It also takes the right kind of insurance. Farm and ranch insurance can provide coverage for your entire property, offering protection for your land, buildings, livestock, and agricultural equipment. But how much insurance do you need for a family farm? 

Types of Farm and Ranch Insurance Coverage

Farm and ranch insurance will provide coverage for your agricultural property — something homeowners insurance alone will not. A farm insurance policy will also typically include coverage for your residential home in addition to your farm. 

However, the exact amount of coverage can be tailored to your specific needs. Here are some insurance options to consider as you operate your family farm.

Equipment Insurance

Farm equipment insurance covers things like your planting and harvesting equipment, as well as equipment you use to manage your livestock. This can be an important policy inclusion for those who grow crops, and you may need coverage that matches the number and value of your farm vehicles.

Livestock Insurance

Livestock insurance protects your animals and will generally include veterinary care, coverage for stray animals, and business protections that guard against unexpected price drops. The amount of livestock insurance will depend on the nature and number of farm animals under your care.

Equine Insurance

Caring for horses is a unique challenge, which is why farm insurance providers offer equine coverage in addition to general livestock insurance. This policy will provide coverage for medical care, loss of use, theft, and mortality. Consider this policy if you own horses, particularly if these animals are a part of your revenue cycle.

Dwelling and Structure Insurance

Farm and ranch insurance typically includes coverage for your home, as well as any other structures on your property. This can include other residential structures, such as cabins, as well as barns, garages, silos, and storage facilities. Most farmers will need some type of insurance coverage on their structures, though the exact amount depends on the type and number of structures as well as the valuation of their home and its contents.

Farm Liability Insurance

Farm liability insurance is designed to protect against disputes that arise from your agricultural activities. 

For instance, chemical drift coverage protects you from claims of damage caused by pesticides drifting to neighboring properties. This can be important depending on the size of your farm, as well as your proximity to neighboring residences and businesses.

Should I Consider Umbrella Insurance for My Family Farm?

Some farmers choose umbrella insurance for their farms. This policy extends the limit of a standard insurance policy to protect against catastrophic business losses. 

While these are excellent policies, they are best suited for large commercial operations and direct-to-consumer farms. Small, family-based farms may not benefit from the additional costs of an umbrella policy.

How Much Farm Insurance Do I Need?

Before you calculate your coverage, you’ll need to review the above list to determine your insurance goals. By talking with a qualified insurance agent, you’ll be able to invest in a policy that aligns with your needs — and your budget.

If My Home Is on the Property, Is It Covered Under Farm & Ranch Insurance?

Whether you operate an agricultural business or just a hobby farm, you know that homeowners insurance is not enough to cover your barns, fields, or livestock. For that, you’ll need farm and ranch insurance. 

But will farm insurance also cover your home? The answer is yes, though always make sure your farm insurance provider offers dwelling and structures insurance on the policy.

What Is the Difference Between Homeowners and Farm and Ranch Insurance?

Both homeowners insurance and farm and ranch insurance will cover your personal property in the event of a fire, theft, or certain natural disasters. But farm and ranch insurance (often simply called “farm insurance”) offers additional coverage for things like your outbuildings, fields, equipment, and livestock.

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Unfortunately, there is no such thing as a homeowners insurance policy that will cover agricultural property or equipment. If you own a farm or ranch, you’ll need the coverage that only comes from farm and ranch insurance.

What Does Farm and Ranch Insurance Cover?

Farm insurance provides coverage for a variety of agricultural needs, including:

• Farm equipment

• Farm structures and outbuildings

• Fencing and corrals

• Livestock 

• Horses

• Liability

Together, these coverage options offer protection for your property, animals, and even your crops. This can be particularly important for farmers who rely on their land and equipment to earn a living. 

Does Farm and Ranch Insurance Cover My Home?

Most farm and ranch insurance policies offer some type of coverage for your home. This is commonly known as “dwelling” or “structures” insurance. This can include your residential house, as well as:

• Silos

• Barns

• Cabins

• Outbuildings and storage facilities

Like a regular homeowners insurance policy, your farm and ranch insurance coverage will protect both your home and its contents from dangers such as fire, theft, storms, and acts of vandalism. Liability coverage is also provided in case someone experiences an injury on your property.

Do I Need Both Homeowners Insurance and Farm and Ranch Insurance?

Most farm and ranch insurance providers include dwelling coverage in their farm insurance policy. If so, you only need to purchase farm and ranch insurance and not homeowners insurance. 

However, in the event that your provider only covers your farm buildings (and not your residence), you either need to purchase additional insurance to cover your home or seek an insurance provider who offers comprehensive coverage for all your needs.

Always remember that while farm insurance will cover both your home and farmland, homeowners insurance is not enough on its own. Only a farm insurance policy will cover both your home and your agricultural property.

Bottom Line: Does My Farm Insurance Protect My Home?

If you already have farm and ranch insurance coverage, check with your provider to make sure your policy covers your residential dwelling. Chances are that your home is already covered. But if you don’t have the right coverage, it may be time to seek an insurance provider that can cover both your home and your farm.

Top 6 Ways to Customize Your Farm & Ranch Insurance Policy

Whether you tinker around a converted greenhouse out back or farm 5,000 acres to earn a living, you need farm and ranch insurance. However, finding a farm insurance policy that covers everything you need isn’t always simple.

An insurance policy does one thing: It protects you and your family against unexpected losses. But on a farm or ranch, those losses can come in many varieties, and there are just as many ways to build your policy.

Farmers and ranchers face distinct challenges and risks. No two farms are the same, so it’s important to work closely with a farm insurance agent to start with a basic policy and then customize it to meet your needs.

Here are the top six ways to customize your farm and ranch insurance policy.

1. Home and Personal Property

The first big item in your farm insurance policy will cover your home and its contents. It also will insure the grass and property within a certain distance of your farmhouse and provide liability coverage for any house guests.

2. Farm Buildings and Equipment and Machinery

Along with your home, you will have to account for all of the buildings (barns, garages, silos, etc.) on your property. You’ll also list equipment and machinery, such as trucks, tractors, and balers, used on your farm or stored in your buildings. Farm insurance covers farm buildings and their contents separately. Farming equipment is expensive, and insurance can prove useful when you need an unexpected repair or replacement.

3. Livestock Sold or Used on Your Farm

For many farmers, an important part of their business involves livestock raised to be sold, cows and sheep that need to be herded, or horses ridden to round up other livestock. 

You can customize your livestock coverage to the specific needs of your farming operation, including equine insurance that addresses horses’ particular needs.

4. Liability Insurance

Another item on your list for farm and ranch insurance should be liability coverage. Even the most seasoned farmworkers can suffer accidents and injuries around vehicles, machinery, and livestock. Liability coverage can help keep your farm safe from financial setbacks if a worker, customer, or visitor is hurt on your farm or ranch.

5. Umbrella Liability Insurance

One potential customization to your farm and ranch insurance is liability coverage beyond the limits of your auto and home insurance. Typically, umbrella liability coverage options range from $1 million to $5 million, but larger coverage limits are available up to $10 million.

6. Crop Coverage

If you grow spices, herbs, vegetables, or fruits to sell, consider purchasing crop coverage. Basic farm insurance policies don’t cover the produce you grow to sell for income. However, this coverage can be purchased separately.

An Agent Can Help Set Your Priorities for Coverage

These are the top six ways to customize farm and ranch insurance, but you might consider even more, depending on your farm operation. A site visit from your farm and ranch insurance agent can help you decide what type of coverage will meet your needs.

What Is an Act of God in a Farm & Ranch Insurance Policy?

Farms and ranches stand more to lose from “acts of God” than any other business. Unforeseen weather disasters cause immediate damage to the products farms and ranches make. While other businesses can protect their inventory from these events, that’s not as easy with acres of crops or herds of livestock.

While every underwriter has different coverage standards, there are common understandings of what events qualify as acts of God. How do they relate to the fields of farm and ranch insurance?

What Is an Act of God?

Legally, an act of God is defined as an unpredictable natural event for which no human being could be held responsible. “Unpredictable” is the keyword in this definition. It separates acts of God from disasters that can be anticipated and managed.

Acts of God can take many forms in the context of farms and ranches. Periods of heavy rainfall or high winds can devastate crop fields. Tornadoes can upend barns, equipment, and other farm structures. Over the last few years, we’ve seen how extended droughts have crippled entire agricultural industries in the Western United States.

Farm and ranch insurance companies that account for acts of God do so in several ways. Many of them include or exclude specific acts of God in their policies. Premiums and deductibles to cover unexpected disasters may be different from other coverages (usually higher).

Because of their nature, assessing the risk of acts of God on farms and ranches can be quite complex. They don’t just suffer property losses — they also experience income and inventory losses.

Are Earthquakes and Floods Acts of God?

Many insurers exclude earthquakes and floods from the list of “acts of God.” True, you can’t blame any specific person for earthquakes or floods. However, they are, in the slightest of ways, “predictable.”

It comes down to geography. Certain parts of the world experience earthquakes more frequently than others. Other areas are mapped as floodplains that are much more susceptible to heavy rains.

Some farm and ranch insurance companies do include earthquakes and floods as acts of God. For the most part, however, those who run agribusinesses and want additional earthquake and flood insurance policies must purchase them on top of standard liability coverage.

How Are Acts of God Covered?

A typical farm insurance policy covers equipment, buildings, structures, feed, livestock, irrigation systems, and vehicles for their insured repair or replacement value. This usually includes acts of God like tornadoes, lightning strikes, winds, thunderstorms, tornadoes, pest infestation, wildfires, and drought.

Insurance policies typically distinguish crops from other farm and ranch assets. Most agribusinesses take out “multiple peril crop insurance” (MPCI) for events resulting in low harvest yields. The federal government regulates the purchase of MPCI policies, and farmers must buy them before growing season deadlines. 

Hail storms are typically covered in separate “crop-hail” policies. That’s because hail could decimate a particular area of a rancher’s farmland but leave others intact.

What Does Your Insurance Cover?

Insurance companies have different policies and limits on losses caused by acts of God. Farmers must examine their insurance documents carefully to see what’s covered and speak to their agents to make adjustments.

Sources:

https://www.law.cornell.edu/wex/act_of_god

https://www.iii.org/article/understanding-crop-insurance

4 Important Coverages to Have on Your Farm & Ranch Insurance

If you’re like most people, you insure every part of your life — your home, your vehicle, your health, etc. So if you’re a farmer or rancher, it’s only logical to insure your business as well.

But the world of farm and ranch insurance is much more complex than you might think. Each person’s exact coverage needs are different, but generally speaking, the following four are essential.

1. Liability Coverage

When you think of farm and ranch insurance, you probably think of insuring your crops or property against damage. But like other business owners, farmers and ranchers need liability coverage. This type of insurance covers you if a person is injured (or their property is damaged) while at your farm.

For instance, if a visitor is kicked by one of your horses and needs to go to the hospital, your liability insurance would cover medical bills. Similarly, if you operate a seasonal pumpkin patch and a child gets injured, liability coverage will protect you.

2. Crop and/or Livestock Insurance

If your livelihood primarily comes from the crops you grow or the animals you raise, you need crop or livestock insurance. This type of farm and ranch insurance will reimburse you for some types of losses:

• Losses of crops or livestock due to fire

• Stolen animals

• Animal death or crop loss due to unexpected weather events

• Animals killed or crops damaged during transit

Not all of these policies are the same — some may cover losses that others don’t. Always make sure to carefully read any policy you’re considering before you commit to it.

3. Outbuilding Insurance

You probably already have insurance on your home. But what about your barns, storage sheds, and other buildings? When you have outbuilding insurance, you can be reimbursed if important buildings are damaged and destroyed. Consider outbuilding insurance if you have any of the following:

• Barns

• Stables

• Crop storage sheds

• Structures for cold storage

• Motors, water pumps, and other outdoor structures used to operate outbuildings

Most standard outbuilding policies protect you against a wide range of damage. But many insurers also offer expanded coverage that will reimburse you for additional unexpected losses.

4. Tractor and Equipment Insurance

You rely on your equipment to run your business. So if your tractor, irrigator, or other key piece of equipment breaks down, you need to take action quickly. This type of farm and ranch insurance protects you if your equipment suffers unexpected damage from weather, collision, fire, vandalism, etc.

It’s also a good idea to protect your investment with farm equipment breakdown coverage. This type of policy will pay for necessary repairs if a piece of equipment stops working or needs a new part.

Protect Your Livelihood With the Right Insurance

A comprehensive farm insurance policy can make the difference between financial ruin and staying afloat in turbulent times. And while wading through the world of insurance can feel overwhelming at times, it’s an essential part of protecting what you’ve worked so hard to build.

5 Excellent Reasons to Have Farm Insurance

You have spent countless hours and poured thousands of dollars setting up your farm, but you might still question whether you are doing enough to protect it against life’s unexpected surprises. From natural disasters to animal illnesses, farm insurance can help you protect your investment. 

You should consider obtaining a farm insurance policy if any of the following descriptors apply to you:

1. You Want to Protect Your Feed and Livestock

Farm insurance policies can be customized to cover a wide range of livestock, such as:

• Pigs

• Goats

• Emu

• Chickens

• Horses

• Cattle

You can obtain individual coverage on high-value animals (such as show horses), take out a blanket policy on your entire farm, or insure a specific herd. Naturally, the type and level of coverage you select will have a direct impact on premium costs, so you can scale back or ramp up your level of coverage to ensure that the policy fits your needs and your budget. 

2. You Want to Protect Your Investment 

Farm insurance doesn’t just cover your livestock: It can also ensure structures like barns or equipment such as tractors. In other words, you can take out a policy on just about any piece of equipment or asset related to your day-to-day farm work. 

3. You Are a Full-Time Farmer

As is the case with any full-time job, you and your loved ones depend on the revenue you gain from your farm work, but despite your best efforts, plenty of things — natural disasters, inclement weather, or even just a simple run of bad luck — can put that source of income in jeopardy.

Farm insurance can help you make your farm more resilient to the whims of Mother Nature. You can cover equipment damage, livestock losses, and more, and depending on your provider, you may even be able to add supplemental income coverage. 

4. You Are Starting a Hobby Farm

Aside from career farmers, hobby farmers serve to benefit from farm insurance as well. While you may not be fully dependent on your farm for income, you have undoubtedly poured time, money, and sweat into making it a reality.

When disaster strikes, a quality farm insurance policy can help you recoup your losses and start fresh. A comprehensive plan can also protect you from liability in the event a guest or passerby is injured by one of your animals. 

5. You Need Liability Protection in the Event of an Injury

Liability protection is a must, especially if you engage in any agritourism and therefore allow visitors onto your property. Farm insurance with comprehensive liability protection can help you cover the costs of medical bills and legal fees. When choosing a policy for this particular purpose, ensure that the one you select provides an adequate level of coverage based on the size of your farm and how many guests you typically receive. 

Finding the Perfect Policy 

There are plenty of great reasons to obtain a farm insurance policy for your property, and it is great for operations of all sizes and specialties, from calf-cow businesses to hobbyists and everyone in between. 

That said, not all farm insurance policies are created equal, so when searching for a plan for your farm, make sure to explore all add-on options, including liability and livestock protection, to properly obtain the exact coverage you need.