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Terrance Said:

Can business insurance be obtained on a vacant commerical business?

We Answered:

I have found that some Insurers are willing to look at the wider picture before assessing this. For example, if you were taking over an empty shop unit to renovate it and have it open as a hairdressers within 4-8 weeks, then they may offer you a full salon policy with some restrictions in the cover for the 4-8 weeks due to the unoccupancy. However, if you are only looking to insure the empty building whilst it is being renovated, without the full business insurance policy once you are open for business, you may find this harder and more expensive cover to get. This would definitely be classed as unoccupied cover.

Speak to your local insurance broker who will know the market dependant on your exact circumstances - never look for this type of insurance on the internet as there are far too many pitfalls.

Danielle Said:

Can anyone tell me what licenses you have to get to open an insurance business? I want to open an insurance..?

We Answered:

If you only want to open a business ... simply hire licensed insurance people and begin doing business as d.b.a. (doing business as) whatever name you want to call your agency (and is not already taken in Texas). Then secure a few general agency contracts with reputable insurance companies in the lines you want to offer your clients.

What makes more sense would be for you to go to work for an insurance agency, get licensed, learn the business and then open your own agency.

Mae Said:

What is the difference between business insurance and bonding.?

We Answered:

I'm not an expert, but I believe the difference is that insurance covers your liability for accidental damage to someone else while bonding covers your liability for any willfull act. Examples would be if you went to someone's home to do a job and you backed your truck into their foundation and damaged it, then your insurance would cover that. If you stole the lady's jewelry when she wasn't looking, then your bond would cover that.

Gilbert Said:

EASY 10 POINTS: How much is usually commercial insurance? In this case, it's for a business.?

We Answered:

Depends on the business. I've seen as low as $750 minimum premium (lowest charge a company will charge for premium) up to $100,000 per policy per year. Then, also, there are several kinds of policies all of which can be very expesnive or very inexpensive depending on the business (commercial package - porperty & liability, workers comp, professional liability - errors & ommissions, commercial auto, etc). We insure some companies that have 5-10 different policies, all of which they need..