Your business might get caught out if you make these commercial insurance mistakes.
Every business owner wants to protect their company as best they can. You may even spend much of your time weighing up important decisions and analyzing risks that your business should take. Risks that business owners often take is neglecting commercial insurance. Take a look at these common insurance mistakes and why you should avoid them if you want to protect your company.
Risk 1: Foregoing insurance
You take out only the necessary insurance and you put the rest to the back of your mind until your business starts to grow. While you may think you’re saving a few dollars by foregoing certain coverage, you could quickly spend all of those savings you’ve accrued should something happen. Accidents, disasters, theft, and damage can happen to any business at any time. Talk to your insurance agent about business interruption insurance, cyber liability insurance, and additional coverage you could benefit from.
Risk 2: Opting for a one-size-fits-all policy
No two businesses were created equally. You know your business is different from the rest and has something unique to offer. With that in mind, why would you choose a policy that doesn’t properly fit your business? A one-size-fits-all policy will not be unique to your business, budget or industry. Tailored coverage is the only way to ensure your business is not vulnerable.
Risk 3: Not reviewing coverage
As your business grows and expands, so does your insurance policy. When was the last time you reviewed your coverage? Since then, have employees left or joined your team? Have you started to offer more product or services? Are you turning a higher profit? Your insurance policy must fit your current business in order to protect it. Review your business insurance at least annually, and more often if it grows quickly.
Ready to get started on your reliable business insurance? Contact Bell Black Insurance. Serving Idaho Falls, Island Park, Driggs, Victor, Swan Valley, Ashton, and the neighboring communities in Idaho, as well as Jackson and Star Valley in Wyoming; we are ready to get you covered today.