Your policy deductible, also known as an annual deductible, is the amount you are responsible for paying out of pocket prior to your insurance policy providing support and coverage. It essentially amounts to a risk-sharing arrangement between your insurance provider and you.
Small company owners are often given a choice of deductible choices by insurance companies. Choose a modest deductible if you’d prefer to reduce your claims to a minimum. However, this usually results in a premium increase. Instead, get a high-deductible policy if you don’t mind paying extra out of pocket for […]