“Financial security all starts with proper financial planning ahead with commercial insurance…”
If you are a business owner, you have probably heard about commercial insurance, as it is considered to be an overall, general insurance policy, which is known to protect businesses, owners, as well as employees. Now, as commercial insurance serves as a general liability coverage, it provides broad types of insurance, which provides security for the general types of business risks.
So, commercial insurance has different schemes (or policies) to choose from, such as property insurance, liability insurance, workers compensation insurance, and these are all designed to provide extra security and protect businesses from unexpected circumstances that may occur. And, due to the variety of businesses and classifications, you can reap the benefits of commercial insurance if you plan ahead, classify your business correctly and prepare for audits.
For example, having contracts or invoices for work performancehelps to lower the cost of workers compensation, significantly. What happens is, whatever your broker writes down at the time of opening the policy is all an estimate, the only way for the auditor to check and confirm the price is by completing an inspection or examine of your contract, which will show the type of work your business performs.
So, to save more money in the long-term when organizing commercial insurancesuch as workers comp, specifically, knowing the right classification rates and which employees will be performing which type of work will help business ownersto pay lower premiums and will also benefit employees, as they will stay protected. For instance, if an owner hires a tile worker or someone for cabinet installation the rate would be much lower verses the rates for carpentry work or machinery assistance.
If you would like to learn more about workers compensation and how to get the best rates from expert financial planners, hiring a financial plannerto support you through your journey of obtaining commercial insurance will help you to choose a plan that will provide you, as a business owner, with the financial security you, your business, and employees need and deserve.
ERPS Groupis a one-of-a-kind financial firm located in Metro New York Citythat offers a differentiated approach to helping people to achieve enduring financial results and support in choosing the perfect life insurance plan. They offer effective strategies that help to bridge the gap between financial freedom and personal or business goals.