making a lot more money. When your company changes, your insurance probably needs to change as well. Keep your insurance owner up to date on aspects of your company. If you don’t update your insurance you may have inadequate coverage, and not even know it. The best time to reevaluate is a couple of months before your current policies renew.
NOT READING YOUR POLICIES ALL THE WAY THROUGH
No one likes reading these detailed policies but it’s something that needs to be done. Even if you don’t understand them, you must read them to see what is covered and what isn’t. Your insurance agent is there to help you understand each part of the policy. That’s literally their job.
NOT INSURING POTENTI TENTIAL INCOME LOSSES
You need to ensure more than just your physical assets. A loss of income is something that needs to be considered and probably insured. Here’s an example. If there is a flood, your company will be out of work for a few weeks. The property is covered, but the loss of income during that time needs to be covered as well. You can help your company get through the loss of income by purchasing business-income coverage. It will reimburse you for that loss. It will also cover expenses like electric and utilities in such an event.
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