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What is Commercial Insurance Deductibles?
Commercial insurance deductibles refer to the amount of money that a business must pay out of pocket before their insurance coverage begins. In other words, a deductible is the amount of money that the business must pay before the insurance company will start to pay for any covered losses.
For example, if a business has a $5,000 deductible and their property is damaged in a storm that costs $50,000 to repair, the business would be responsible for paying the first $5,000 of the repair costs, and the insurance company would pay the remaining $45,000.
Commercial insurance deductibles are usually set by the business at the time they purchase their insurance policy. The higher the deductible, the lower the premium payments will be. This is because the business is taking on more of the risk, so the insurance company does not have to charge as much to cover that risk.
There are a few different types of commercial insurance deductibles that businesses can choose from, including:
1. Per-Occurrence Deductible
This type of deductible applies to each individual claim. For example, if the business has a $5,000 per- occurrence deductible and makes three claims in one year, they would be responsible for paying $5,000 for each claim.
2. Annual Deductible
This type of deductible is a set dollar amount that applies to all claims made within a one-year period. For example, if the business has a $10,000 annual deductible, they would be responsible for paying $10,000 for all claims made within that one-year period, no matter how many claims they make.
3. Percentage Deductible
This type of deductible is a percentage of the total coverage amount. For example, if the business has a 2% deductible, they would be responsible for paying 2% of the total coverage amount for each claim they make.
4. Aggregate Deductible
This type of deductible applies to all claims made during a policy term and is usually applied for policies that have multiple coverage types, such as a package policy.
Businesses should consider their own risk management strategy when choosing a deductible. If they are likely to make many claims, a lower deductible may be a better choice. On the other hand, if they can afford to pay a higher deductible in the event of a claim, a higher deductible may be the best option.
In summary, commercial insurance deductibles are the amount of money a business must pay out of pocket before their insurance coverage begins. Businesses can choose from per-occurrence, annual, percentage and aggregate deductibles, and should consider their risk management strategy and financial situation when making a choice. The higher the deductible, the lower the premium payments will be.
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