Ensuring you have proper insurance coverage safeguards your business from accidents, errors, and, often, natural disasters. Commercial property owners without insurance usually have to close their doors when emergencies happen due to the massive financial setbacks. However, it’s essential to understand how your Capalbo Insurance Group LLC insurance works to make sure you don’t wind up with a surprise bill when you need insurance the most.
What Are Deductibles?
Many types of insurance have a deductible, the portion a person must pay before the insurance kicks in. Health insurance often has a deductible. A person may have to pay full price for their medication until they meet the deductible; at this point, insurance kicks in and pays for the medicine. Most insurance policies have a yearly deductible.
Commercial Insurance Deductible
Most commercial insurance policies in South Kingstown, RI, have a deductible, but this does depend on the policy. Worker compensation insurance plans may not have a deductible, but commercial insurance, as does commercial property insurance, commonly has one. It’s crucial to ask your insurance company how much your deductible is so you’re not surprised by an unexpected cost during an emergency.
Factors Impacting Your Deductible
Several different things may impact how much your deductible is. Your insurance premiums tend to affect how much you’ll pay out of pocket. Typically, people with higher insurance premiums have a lower deductible. Things like your age and driving record often impact the deductible for commercial auto insurance. Living in a disaster-prone area, the number of insurance claims and more may impact your deductible.
Contact Capalbo Insurance Group LLC
It’s best to work with an agent serving the South Kingstown, RI, area to determine how much your deductible is. They can also give tips and tricks to help you lower your deductible. Contact a professional at Capalbo Insurance Group LLC today to learn more.
