How Much Is Commercial Insurance?

Posted on October 7, 2022

Insurance is a product owned by most, if not all, businesses, yet it’s one many business owners know very little about, even if they’ve gone through the process of obtaining a policy. So much happens behind the scenes, it may feel like a complete mystery even to an experienced consumer. Shopping around for an affordable policy that adequately protects your business can feel like a chore, and in some cases, you may not even know where to start.

A Business in Need

Take Carl, for example, a typical business owner of a cargo transport company that ships everything from furniture to cannabis to luxury cars. Some of his more unusual cargo is pretty difficult to insure, and after a filing a claim for an incident that caused damage to cargo in his possession, his insurance carrier notified him it will not renew his policy. He doesn’t even know where to start to try and get himself back up and running.

Carl calls his insurance agent, Lily, who tells him she has access to carriers that are willing to consider hard-to-insure businesses like his.

Like most business owners, Carl keeps a close eye on his bottom line and wants to know – what’s his new commercial policy going to cost? Well, hold on just a minute, because it’s not quite that simple. Lily clarifies that she’ll need to contact a broker like Aspera, who specializes in hard-to-insure businesses, to find and craft the right coverage for Carl and his business.

Carl mentions that he received his notice of cancellation weeks ago and his current policy expires in a week. Lily recognizes there’s no time to waste, but she isn’t too concerned – she has worked with Aspera in the past and knows she can expect a response within a couple of days. Carl agrees to have Lily reach out to Aspera, with whom she is an appointed agent, and share his information with them, and asks her to get a quote for him as quickly as possible. Before she can send the submission,  she needs information on Carl’s business operations to receive an accurate quote.

Changes in these factors can cause a quote to range widely and it’s important that Lily has the answers to these questions included in the application to get the most accurate quote. Carl would be pretty upset if Lily returned to him with a quote for a low price, but due to some missing information, his final policy ended up out of his price range or didn’t fully cover damages incurred from a claim.

The Right Solution

Armed with this crucial information, Lily calls Aspera, where our brokers pride themselves in high-quality service with quick turnaround times. Taking into account the consumer’s loss history and inherent risk in his operation, we reach out to a non-admitted domestic excess & surplus lines insurance carrier with an assigned financial strength rating of A (Excellent) by A.M. Best. Working together with the carrier and the agent to ensure all the relevant, unique information is considered, Aspera returns a quote for Carl to Lily within just 48 hours!

After such a quick response despite a wealth of information being presented, Carl feels incredibly confident that Aspera has access to the right coverage at the right price for him. Over the next few days, he works with Lily and our team and binds the policy, without any lapse in coverage.

Take Action

Are you tasked with finding commercial insurance, feeling like Carl felt at the beginning of this story and don’t know where to start? Contact your local insurance agent today and ask if Aspera has the right coverage for you! If you don’t have an agent, Aspera can send you a list of agents near you.

Are you an agent like Lily, seeking to help consumers who need the E&S market? Contact our experienced brokers today for a fast, personalized quote for your clients. Not appointed? Start our appointment process now and you could be binding accounts by the end of the day!