Over the years, we have had the opportunity to work with many business clients from new to firmly established. Over that time we have learned a lot about the insurance needs of businesses as well as some of their mistakes. Today, we wanted to share some of the more common mistakes we have seen so you can avoid them in the future.
- Not Reading the Policy – As a business owner you need to understand your insurance policy inside and out. Take the time to read through the policy and talk with your agent about what is covered and what is not covered as well as deducible levels. This way, should the unforeseen happen, you will be well-prepared and able to manage your business through it.
- Not Having the Right Amount of Coverage – You want to be sure that the amount of coverage meets your needs. For example, if you have a factory worth $250,000 do you really need $1,000,000 of coverage on it or are you overpaying? Your business type may also have special needs not covered by a general liability policy. For example, online businesses need special protection for things like cyber-attacks and interruption of service.
- Not Reviewing Your Coverage on a Regular Basis – As businesses grow and change, your insurance should grow and change too. Have you made a capital improvement to your building? Have you expanded into a new area of business? Are you starting to engage more as a business on social media? Make it a habit to meet with your agent annually to review any changes you made in the past year and planned changes for the new year so you can be sure your coverage keeps up.
- Not Using an Agent – Sure you can online and look for the cheapest coverage, but how do you know it is really right for your business? Using an agent can help you properly analyze your true risk and find the right coverage to protect your business properly. Is your livelihood something you really want to gamble with?
Have you made some of these mistakes? Not to worry, the right agent can help you get back on track and stay there for years to come. At BR-Cevaal we are dedicated to helping our business clients find the right coverage at the right price. Contact us for more information and a quote!