bucks by getting just the minimum insurance. Commercial-space insurance and its different types are not the corners that I suggest cutting. One unlucky accident can set your company back years financially or even shut it down. Be thorough with your agent or team to find out what steps you need to take to be fully insured by the time of your move-in. Failing to be properly covered can lead to big problems. Here are the top mistakes to avoid when it comes to getting commercial- property insurance.
NOT GETTING ENOUGH INS UGH INSURANCE
Often, smaller business owners don’t buy adequate limits. The coverage may not include replacement costs that are high enough; it only goes to a certain limit. If the cost of the damage and repair exceeds that, you aren’t covered. Getting a cheaper policy may seem like a way to cut costs, but it will end up costing you if something ever happens.
PICKING THE LOWEST DEDUCTIBLE
This may seem like a good idea. The insurance will cover minimal damage and repairs. What’s not to like? It’s not the best thing to do, however. First, it will skyrocket your premiums. Chances are if you go this route you will be forced to pay more in the long run. The other problem is it can lead to a lack of care for parts and structures in your space. When your deductible is higher, you will naturally take better care of the equipment and fixtures.
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