Insurance FAQ - Insurance Questions and Insurance Answers

- What is BOLT? How can it benefit my business?
- BOLT acts as an on‐line interactive insurance agent that can provide you with quotes from different insurance companies for your business needs.
  You will then be able to compare coverage, view quotes on‐line, and purchase cost-effective insurance for your business. Insurance rates vary and by comparing on‐line quotes your business may be able to save money by using this service.
- I'm just getting my business started. Do I need insurance right away?
- Yes, because the chance that you could suffer a loss begins with the first day of business. You can't get help after the fact. If you suffer a loss and have no insurance or have improper or insufficient coverage, there is very little, if anything, your agent can do to help you. You must be prepared for the risks that are inherent in any business and the losses, sometimes catastrophic, that they can cause.
- I don't have any major business property. Why do I need insurance?
- Every business has some property. And, when you think about it, your business is your property. Just like your home and your car, your business needs to be protected from loss, damage and liability. In addition, your business is your source of income, so you need protection from the potential loss of that income. Generally, there are two types of insurance -- property and liability. Property insurance covers damage to or loss of the policyholder's property. And if somebody sued for damages caused by you or your possessions (other than a vehicle covered by your insurance policy), the cost of the suit -- both defending it and settling it, if necessary -- would be covered by your liability insurance.
- Is insurance coverage different for different businesses?
- Because businesses vary, it is impossible to have a standard policy to cover all contingencies. Also, some businesses, regardless of their size, do not fit the profile of a standard policy. For example, restaurants, wholesalers and garages have special liability needs that are not met in the standard policy. Many small businesses are now insured under package policies that cover the major property and liability exposures as well as loss of income. A common package policy used by many small businesses is called the Business Owners Policy (BOP). Generally, these package policies provide the small business owner more complete coverage at a lower price than separate policies for each type of insurance needed. Your BOLT Insurance Specialist can help you decide which policy or policies are right for your business. Additional coverage for property, liability or perils or conditions otherwise excluded (e.g., flood protection) can be purchased as endorsements to a standard policy.
- How do I determine what coverage is right for my business?
- The coverage type and the amount of coverage your business needs depend on many criteria. First, for the type of coverage, ask yourself: would you like to protect your employees? Your vehicles? Your business property against damage and lawsuits? Do you need additional insurance to cover any potential losses that exceed the limits of your general liability? Second, the level of coverage is determined by, among other things, industry, revenue, location, regulatory requirements, business requirements, trade associations, number and type of employees, and assets. The goal is to maximize the protection of your business while minimizing insurance premiums.
- What types of business insurance policies are offered by BOLT SM Insurance Agency?
- General Liability and Business Property Insurance, Workers' Compensation, Commercial Auto, Umbrella Insurance, Errors & Omissions, Directors & Officers, Employment Liability and Flood. More products are available through BOLT licensed agents at 1-800-216-4171, Mon–Fri, 8am–9pm ET.
- What is General Liability and Business Property?
- This type of insurance combines general liability and business property insurance for your business. General Liability and Business Property insurance is a way for small businesses to purchase a combination of coverages at a reasonable price. This insurance covers certain losses resulting from property damage, suspended operations and liability resulting from bodily injury or property damage to others. A General Liability and Business Property Policy is generally available for businesses with up to $3 million in revenue and is designed to meet the insurance needs of most small businesses.
- What is Workers' Compensation?
- This type of insurance covers employees against job-related injuries and illnesses, as well as certain medical expenses, lost income, and rehabilitation expenses. It also pays a death benefit to heirs of an employee who dies from a job-related injury or illness. This insurance is usually required by every state although the requirements vary by state.
- What is Commercial Auto?
- This type of insurance covers certain legal liability resulting from bodily injury or property damage caused by the vehicles used in your business. Coverage can extend to vehicles that are leased, rented, or borrowed. You can also insure your commercial vehicles against physical damage from hail, fire, and other risks.
- What is Umbrella Insurance?
- This type of insurance supplements your existing General Liability and Business Property and Commercial Auto policies to cover certain catastrophic liability claims. This means that if losses exceed the limits of your general liability coverage under your General Liability and Business
  Property or Commercial Auto policies, an Umbrella policy may cover the remainder, up to a specified limit. Although the coverage provided under Umbrella policies vary, these policies generally cover a variety of business liability risks.
- Why is the rating for insurance companies important?
- The rating of your insurance company is important for two reasons. First and most importantly, you want to be sure the company can pay any claims that you may have. Second, it can affect the cost of premiums; larger and more cost-efficient insurance firms may be able to offer lower prices. To find out, ask your insurance company for its A.M. Best (www.ambest.com/ratings/guide.asp) or Standard & Poor's (www.standardandpoors.com/ratings/insurance/en/us) rating.
- Who are the insurance carriers with BOLT Insurance Agency?
- These companies are rated A- or better by A.M. Best Company, a full-service credit rating organization with more than 100 years' experience that is devoted to issuing in-depth reports and financial strength ratings about insurance organizations. This rating is an indication of an insurer's ability to meet its insurance obligations. So the companies are industry leaders from both brand recognition and insurance volume perspectives.
- Why do insurance rates seem to go up or down over time?
- Like commercial real estate, the insurance industry has cycles. In some years, major "insurance events," such as hurricanes, wildfires, and earthquakes, drive up insurance claims, which can lead to premium increases. In other years, competition and a lack of major claims activity can bring premium prices down.
- How do I get a quote?
- Obtaining a quote is easy. You can get a quote for multiple types of commercial insurance by calling 1-800-216-4171 or completing the online quote.
- What is the difference between getting a quote online or over the phone?
- For many businesses, there is no difference between getting a quote online or over the phone. Online quotes can be obtained around the clock, 24/7, but quotes over the phone can be obtained only during business hours.
- How long will it take to complete the quote process?
- It should take 12-15 minutes to obtain a quote for one line of business. Quotes will be available 3-5 minutes after submitting the application.
- What information do I need to get started?
- To get started, you need to provide some general information about your business. BOLT recommends having your existing policy in front of you for reference. If you do not have an existing policy or the necessary information handy, you may save your information and come back later to finish.
- What do I do if I have a question while completing the online quote?
- If you have a question about the quote, you can contact a BOLT agent at 1-800-216-4171.
- How many quotes can I expect to receive?
- Depending on the type of insurance, your industry and your location, you may receive up to 6 quotes. If you do not receive any quotes, please call BOLT at 1-800-216-4171 to speak to a BOLT agent.
- Will the BOLT agents recommend a policy?
- The BOLT agents can help you identify the types of insurance and the coverages that your business may need. They will not recommend any particular insurance company.
- Does it cost anything to use the service?
- There is no charge for receiving quotes through BOLT Insurance.
- Am I obligated to accept a quote?
- You are under no obligation to purchase a policy generated by BOLT Insurance.
- Why do I need to review the online quote with a BOLT agent before I purchase the policy?
- Reviewing the online quote with a BOLT agent prior to purchasing a policy allows the agent to review the online quote for completeness and answer any questions you may have prior to submitting the online quote to the insurance companies.
- When does my policy take effect?
- Typically, the policy will be effective 24 to 48 hours after purchase. The actual effective date will depend on the insurance company providing the policy and the terms and conditions of the policy you purchased.
- Is there a fee associated with canceling a policy early?
- Depending on the insurance company and the type of insurance, there may be a fee for canceling a policy early. You may contact BOLT at 1-800-216-4171 to inquire about your policy.
- How can I cancel a quote?
- If you decide not to complete the online form, you may exit at any point during the process. If you completed the online form and received a quote, you are under no obligation to purchase a policy.
- Are the BOLT agents licensed insurance agents?
- The BOLT agents are licensed insurance agents.
- What do I do if my business changes?
- If your business changes, please contact BOLT at 1-800-216-4171 and a BOLT agent will help you make the necessary adjustments to your coverage.
- Who do I contact if I want to file a claim?
- If you want to file a claim, you can contact a BOLT agent at 1-800-216-4171 who will help you with the claim process.
- How often will BOLT agents contact me?
- Unless there is a servicing or business need, a BOLT agent will not contact you. If you have any questions you may contact BOLT at your convenience at 1-800-216-4171.
- Will you share or sell my information?
- BOLT will only share your information with the insurance companies that are providing the quotes for your insurance needs. Please see the BOLT privacy policy for more information.
- My question was not answered here. What can I do?
- If your question is not answered here, please contact BOLT directly at 1-800-216-4171.

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