AUTOMATICALLY GETTING THE CHEAPEST POLICY
Just like your property search, first shop around before any choice is made. Owners should know the ins and outs of their policy, and that will usually steer them away from just flat-out choosing the cheapest policy. Make sure you have the coverage you need for your building, equipment, and employees. Chances are the cheapest policy won’t cover all of that. With proper vetting, you will be able to find reasonable insurance in your budget. Also, most likely your broker will have insurance agents to refer you to as well.
GOING LOW ON LIABILITY LIMITS
Most of the time lawsuits are very unexpected. Business owners can’t know who will sue their company, when it will happen or the amount of damages that will be sought. A big lawsuit can put a company under. When getting general liability insurance, or even auto liability, don’t skimp. If the unexpected happens, your company could be in massive trouble. Your agent will help you determine how much you need here. There are some vendors or clients that may not do business with you unless you have proof of insurance that is up to their requirements.
KEEPING YOUR INSURANCE THE SAME AS YOUR BUSINESS CHANGES
Your business is almost guaranteed to go through changes over time. It could be growing in staff, getting another property, or just
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