Small Business Liability Insurance

Business General Insurance

General Insurance

Risks start with birth and continue till death. Humans all over their lives face a variety of risks including accident, death, fire, theft, disease, conflicts, wars and so on. A single person cannot deal with them all alone, what he can do in shift the risks to a specialized group which can bear the shifted risk at a free. This shifting of the risk is referred to as insurance, the group assuming or bearing the risk is an insurance company, the person shifting the risk is called the insured, and the fee collected is known as a premium.

The basis of insurance lies on law of averages and law of large numbers. According to these laws, thousands or large number of the insured cannot meet disaster or incur damages at a time, only a very few can. As such the amount of premium collected from thousands of the insured is far mush larger than the amount paid to a few for the insured damages or disaster.

The insurance business involves two parties:
1.The insurer
2.The insured

The agreement between the insured and the insurer about the shifting the risk by the former and acceptance by the letter is called as insurance and for this agreement the insurer receives premium in lumpsum or in installments. In case of loss the insurer pays up the insured amount.

Insurance business is carried out in three types
1.Life insurance
2.Personal accident insurance
3.Property accident insurance

Type of insurance

Life insurance business is carried out by life insurance companies while the property and accident insurance by general insurance companies.

http://www.rate-insure.com/search/label/Insurance

How much commission does an insurance salesman make on a typical business policy?

I’m considering getting into insurance, selling perhaps workers comp and/or general business liability. Typically speaking, how much will an agent give me? I hear it’s around 5% of premiums? If so, that doesn’t seem like a lot to live on. What does an average biz spend on liability…i.e. a restaurant or retail store….?

5% on comp. 10%-15% on everything else. The premium depends on the exposure rating basis.
A 1000 square foot office spends between 500 and 2000 dollars per year. A trucking company with 20 big trucks spend 200k per year. The bigger the better.

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