Four ways your employees benefit from commercial insurance

Building a successful business takes a lot of hard and effort. You invest a lot of time and capital to get to where you are. Therefore, you must protect your business from unexpected events that may bring the company down. One way to achieve this is through commercial insurance. Our agents at NCIB Group Inc. in Chicago, IL will analyze your business and develop a policy that provides you with all the solutions you need.

What is commercial insurance?

A commercial insurance policy protects your business from events that could devastate your business assets. It protects against liability on injuries that employees and persons within your company could experience and property damage liability.

Our agents at NCIB Group Inc. analyze the value of the property you own, as well as the risks you are exposed to as a business. Policy limits are sometimes determined by your vendors, project partners, or landlord.

4 Employee benefits from commercial insurance? 

  • Employee medical cost – Your employees are likely to get injured during business operations. Depending on the severity of the injury, medical costs can be costly. Commercial insurance covers their medical expenses as well as their salaries for the period they are out of work due to their injuries.
  • Income compensation – Your employees will be compensated for income lost while they undergo treatment. This could be made partially or fully based on the policy document.
  • Chiropractic care – Where an employee becomes disabled due to injuries, they may require chiropractic care. It crucial to discuss this with the insurance agents as not offered in a standard commercial insurance policy.
  • Insurance coverage while out of state – For a job that involves traveling a lot, you must discuss this with agents at NCIB Group Inc. to ensure your employees are fully covered when working out of state.

Your employees can work for you confidently, knowing their well-being is covered.

Please speak to NCIB Group Inc. insurance agents in Chicago, IL on various forms of commercial insurance or visit our website for more information.

Three mistakes you don’t want to make when you take out a commercial insurance policy

One of the most important things you need to invest in as a business owner is a commercial insurance policy. The right commercial insurance policy will protect your Chicago, IL company from financial problems. At NCIB Group Inc., we offer commercial insurance policies to area business owners.

When you purchase a commercial insurance policy, you should make sure that you avoid the following three mistakes. 

Not putting enough thought into the coverage types your company needs.

Commercial insurance is a complex product. There are many different types of commercial insurance available that your company might need. There are also many various financial liabilities that your company faces. 

You need to put a lot of research into your commercial insurance policy selection.

Choosing the least expensive options

All commercial insurance policies aren’t created equal. You shouldn’t assume that inexpensive commercial insurance is going to be reliable and adequate for your company’s needs.

As with anything else in life, you get what you pay for. Invest in quality commercial insurance from an insurance company with a good reputation. Don’t simply purchase the least expensive coverage available. 

Keeping the same policy as your company grows and changes

You should be periodically reevaluating the insurance needs of your company. Your company’s insurance coverage needs can change over time.

As your company grows or takes on different types of clients, your insurance coverage needs could change. Reevaluate insurance coverage needs whenever the policy term of your commercial insurance is up. This allows you to increase the amount of coverage your policy includes.

You can take advantage of more great commercial insurance advice by contacting us at NCIB Group Inc. We offer commercial insurance in Chicago, IL. Contact us with questions and inquiries. 

How Often Do I Need to Upgrade My Commercial Insurance?

If a person wants to ensure their business has the proper insurance coverage, it’s crucial they review it every year. While the process may be time-consuming for many business owners and make it tempting to renew their current policies automatically, it’s important to consider this carefully. If things have changed over the past year, there is the risk that the business will be underinsured or that they will wind up overpaying for the coverage needed. 

If you need help to determine if your commercial insurance is adequate in Chicago, IL, then NCIB Group Inc. can help. Additional information about renewing your coverage and when the time to do so can be answered by our agents.

Your Business Has Moved to a New Location 

If you move from your home office to commercial office space, expand into a new location, or open a new office, all this will trigger the need for changes in your business owner’s policy or your general liability insurance. In some situations, insurance rates may go down significantly – this is especially the case if your new location is smaller or if you have modern safety features – such as a wired alarm or a sprinkler system. 

More or Less Employees 

If the number of people you have employed has changed, it may require you to update your workers’ compensation coverage. In Chicago, it’s necessary for you to purchase insurance when your very first employee is hired. As people come or leave your employment, you should adjust your workers’ comp coverage to ensure everyone is covered and that you aren’t paying for insurance you don’t need. 

When it comes to commercial insurance, you can’t take chances. Instead, make sure your Chicago, IL company is protected with our help at NCIB Group Inc.