It takes hard work, dedication, creativity, and tenacity to get a small business up and running successfully, so it makes sense to have the right insurance coverage in place to protect it. In fact, purchasing business insurance may be one of the most important decisions you make. The right coverage can help prevent unforeseen events from ruining all you have worked so hard to build.

Small business owners often make mistakes in the area of insurance. To help you avoid them, some common insurance mistakes business owners make are listed below:

• Thinking that two insurance agents are better than one: This is simply not so. When you use more than one agent, you are setting your business up for lost discounts (higher premiums) and potential gaps in coverage. It is better to use one agent for all your business insurance needs.
• Buying unneeded insurance policies: This is one of the most common mistakes of small business owners – paying for coverage they don’t need. Our insurance agency can help you determine the coverage you need and the most economical way to obtain it.
• Only buying general liability insurance: This could be a serious mistake. While general liability insurance can protect you from many business risks, it does not cover everything. Work with our knowledgeable insurance agent to evaluate your risks and determine what additional coverage you need.
• Not buying loss of income coverage: Also known as business interruption insurance, this covers loss of business income in the event of a disaster. Property insurance only covers physical damage should a disaster require you to shutter your operations. Loss-of-income coverage can be added as a rider to your business owner’s policy or business property insurance policy.
• Not keeping policies updated: Successful small businesses are continually expanding and evolving. It is essential to review with your agent and update business insurance policies accordingly at least once annually, if not more frequently.
• Paying too much for business insurance: Always shop the coverage offered to find the best rates available. Our agent will work hard to help ensure that you have the right business insurance coverage for the lowest available premiums.

It is important to be thorough in setting up business insurance policies and keeping them updated. Work with only one agent to avoid gaps in coverage and to benefit from multiple-policy discounts. Regularly, at least once a year, meet with your insurance agent and review your business policies carefully.

If your business is expanding, you may be purchasing equipment, setting up new facilities, hiring employees, or adding to your product or service lines. To protect all you have invested in your business, it is crucial for your insurance coverage to keep pace with the changes. Our agency has the knowledge, experience, and affiliations to advise you on the coverage you need, shop the policies for the best rates, and help you make the right business insurance decisions.