Business Insurance Mistakes to Avoid
Being in the Insurance Industry in the Longmont area since 2002, we have seen many well-intentioned commercial insurance buyers make decisions that, while they may appear to help the organization, actually hurt it in the long run. Here is a list of top mistakes that uninformed insurance buyers often make.
Asking multiple agents for quotes will give me the best deal. FALSE
Most commercial insurance buyers have the false belief that getting bids from three different agents is the best way to make sure they are getting the best “deal” for their business insurance. This is like asking a builder to provide a bid without seeing the building plans. When talking to your agent about your insurance issues, give the agent the full set of “plans,” including losses and premiums, financial data, and policies. Utilizing the services of one agent whom you can trust will lead to reducing the short-term and long-term costs.
I don’t need to have a relationship with my agent. FALSE
Many buyers have a false belief that the agent’s only function is to place coverage and administer insurance. Your business insurance agent should be offering much more than that. Your broker should be a trusted adviser who helps you identify risk factors for your business, and develops solutions that will help you manage these issues. Commercial Insurance needs will change as your business grows, your agent will help you determine the best coverage through personalized options that fit the needs of your business.
My policy covers all losses. FALSE
Your business insurance policy is intended to cover unexpected losses and accidents subject to the policy terms. There are limitations and exclusions in every policy. Contact Mountain Insurance: Longmont for a review of your policy and make sure you are getting the business insurance coverage you need.
I don’t need to consider other coverages. FALSE
Every business should consider the following kinds of business insurance products when looking at coverage options.
- Business Income
- Employment Practices Liability
- Cyber Risk
- Key Man Life
- Commercial Umbrella
Contact the insurance experts at Mountain Insurance: Longmont today! Agent Steve Longenecker specializes in Commercial Insurance and he can provide a no-obligation business insurance review; 303-808-9351, x2. Don’t make the same mistakes we have seen other business owners make, do the right thing when it comes to your business.