Inflation affects various expenses, prompting consumers to seek savings. However, when purchasing commercial auto and general liability insurance, opting for the cheapest rate can compromise protection due to policy exclusions and limitations. Businesses should prioritize comprehensive coverage over low cost to avoid financial risk during claims, ensuring proper evaluation of policy details.
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Claims Made vs Occurrence Based Coverage
Understanding whether your insurance policy is claims made or occurrence based is crucial, as it affects claim reporting timelines and potential coverage for losses.