The phrase “100 minimum earned premium” may be used in reference to business insurance coverage. What does that mean, though? Essentially, even if a policy is cancelled before the end of the term, this is the least amount of money an insurance carrier will be required to pay.
For illustration, suppose you spend $1,000 a year on a commercial insurance coverage. However, you choose to end the policy’s term after six months. The insurance company will retain at least $500 (half of the annual premium) as the minimum amount they are owed for providing coverage during that time if the 100 minimum earned premium applies.
Not being an MGA (Managing General Agent), CoverWallet. They are a digital insurance platform that collaborates with several insurance providers to offer small enterprises business insurance products.
Yes, Hiscox is a legitimate business. They are an international insurance provider that offers a variety of insurance policies, including those for businesses. Is Hiscox a Carrier, then?
Who Consequently Has the Cheapest Commercial Insurance?
Depending on the type of business, the required level of coverage, and other considerations, the price of business insurance can vary significantly. The best way to acquire the finest coverage at the lowest cost is to shop about and compare quotes from several insurance providers. Hiscox, Nationwide, and The Hartford are a few well-liked suppliers of inexpensive business insurance. It’s crucial to keep in mind, though, that the cheapest policy might not always offer the best protection for your particular business needs.