If you and your husband have multiple businesses in Chandler, AZ, you may wonder if sharing one commercial insurance policy is possible. The answer is yes! It’s possible to have a single policy that covers multiple businesses. San Marcos Insurance Group explains the benefits of sharing a single policy.
How Sharing a Commercial Insurance Policy Works
When two or more companies apply for the same type of coverage, underwriters will generally combine them into one policy. This makes sense since it eliminates the need for separate policies and can help reduce costs by taking advantage of volume discounts. However, certain factors must be considered before combining multiple businesses into one policy. For instance, the businesses must all be owned by the same people, be located in the same state, and present similar risks regarding coverage needed.
Benefits of Combining Policies
Combining your business-related insurance policies into a single package allows you to enjoy several advantages, including cost savings due to volume discounts and simplified paperwork. Additionally, having a single policy can ensure that all your business-related liabilities are adequately covered because everything is listed in one document. This can eliminate any gaps in coverage, which could put your business at risk in case of an accident or injury. You also won’t have to worry about overlapping coverage since everything will be included in one comprehensive package tailored to your needs.
If you and your husband own multiple businesses in the Chandler, AZ area, combining them into a single commercial insurance policy may make sense. Contact San Marcos Insurance Group today to learn more about combining policies for multiple businesses!