“With all the costs involved with building a company from the ground-up, I skimped on insurance for my business. I’m saving money, right?”
Well, perhaps in the short-run it seems like saving money; however, talking long-term, you may run into major issues. When it comes to business insurance, a business owner needs to consider various coverages like cyber security, E&O, general liability plus more.
Here are five mistakes to avoid when considering insurance for your business.
- Not Purchasing All Necessary Types of Insurance. This is a common problem most small business owners face when it comes to purchasing insurance. The general rule here, is for your policies to have enough coverage to equal the value of the business.
- Not Knowing How Your Policy Works. Although insurance policies can be complicated, an easy way to understand them is to read the list of endorsements.
- Buying a Policy Based on Price Instead of Value. Focusing solely on the price of a policy can be an expensive error. When it comes to insurance, one size doesn’t fit all. Therefore, when informing your insurance agent of your business, provide all the important information so the agent can craft a plan with coverage to meet your needs.
- Getting the Wrong Type of Coverage. There are different types of business insurance and you may or may not need all of them. Talking with an agent can give you peace of mind and confidence that you are buying what is best and right for your business
- Not Providing Enough Essential Information. Being able to buy the right insurance depends heavily on the accuracy of the information you share with your agent.
Undoubtably, when you fail to protect your business with the appropriate insurance, you are making a big mistake. Insurance doesn’t have to be hard – work with one of our agents at Atwater. Atwater Insurance Agency is located in both Tifton, Georgia and Fitzgerald, Georgia. We offer coverage for your home, automobile, business, or farm. Call our office to talk more about the various providers we offer for our customers. Let us find the right protection for the risks you face. Our number is (229) 382-9000.
All policies are subject to different forms, exclusions and endorsements. Be sure to contact your agent for final confirmation of coverage and underwriting policies.