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Desmond Insurance Blog

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5 Common Insurance Mistakes of Business Owners

10/19/2019

8 Comments

 
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Business owners tend to look at every possible way to trim the budget without risking the value and safety of the businesses. Running a business might increase the reputational and financial risk of the company, so it’s necessary to protect the market and the employees. However, some mistakes cost business owners to pay a lot for their business insurance.
Thinking They Don’t Need Business Insurance
Business owners often believe that there’s no need for business insurance because either the local business is small, or an online shop that doesn’t have a physical store. Despite those, small business is not free from any liability and property damage. Also, without business insurance, small entrepreneurs might pay out-of-pocket legal claims and property damage cost.

Misidentifying the Workers

Business insurance mostly includes Workers’ Compensation Insurance, and the cost of it depends on the employee classification codes. Using the wrong classification for the workers results in using the same system for all of them, thus paying more than what you should. The logic of the classification of modes is some jobs are high on risk than others. 

Insurance Plans are Not Updated

Update the insurance plans whenever there are changes in the business, such as moving to a new location and hiring new employees. Policies that are not updated might cause either overpaying for coverage you no longer need or underinsured when things go askew.

Failing to Understand What Policy Covers
Understanding the policy coverage is essential to know what type of plan suits the business. It prevents you from getting the insurance that the company doesn’t need. Ask your insurance provider for a coverage necessary for the business.

Not Working With a Trustworthy Insurance Provider 

Nowadays, you can buy everything through the internet, including insurance policies. Not working with a top-rated insurance provider might result in getting scammed. Prevent it from happening by getting a plan from a trusted business insurance providers.

Disregarding Risk Management Measures
Maintaining and being strict with risk management measures lower the cost of the insurance premiums. The higher the risk, the higher the price the provider would charge you, or even worse, the harder you’ll find an agent that would be willing to ensure your business.

Conclusion
One of the biggest mistakes a business owner should avoid is failing to protect the business. The type of business insurance suitable for your company depends on your market industry. Be sure to avoid making mistakes in choosing the best business insurance by following the tips above.

At Desmond Insurance, we put our clients first by offering them policies that they can afford. Having insurance is a necessity nowadays and we're here to help you out. Learn more about our products and services by calling our agency at (859) 491-5100. You can also request a free quote by CLICKING HERE.
8 Comments
Affordable Life Insurance link
1/16/2020 03:37:36 am

I have read a few of the articles on your blog now, Amazing posts.. Thanks for sharing. It will help people to be sure and avoid making mistakes in choosing the best business insurance. Thanks, Keep going!  

Reply
The Phenix Group link
9/15/2021 04:54:41 pm

Thanks for this wonderful post I really got much valuable information through it.

Reply
Braden Bills link
11/8/2021 09:13:42 am

My friend wants to start a business, but he's afraid of making a bad investment. It makes sense that getting the right insurance plan would be important! I'll make sure that he knows to get business insurance that can protect against financial risks.

Reply
Jane Guff link
11/23/2021 01:41:10 pm

Thank you for pointing out that it is crucial for business owners to understand the coverage they have on their business. I really like your idea to ask insurance providers what exactly is covered in their policies. My company is getting to the stage where we need business insurance, so I need to start looking for a provider. Perhaps I should start with companies that have good reviews.

Reply
John Carston link
11/25/2021 02:52:09 pm

I like how you mentioned that managing the risk management rules lowers the cost of insurance premiums. My uncle mentioned to me last night he and his friend are planning to have a business insurance plan and asked me if I have any idea what is the best option to do when choosing an insurance company. Thanks to this informative article and I'll be sure to tell him that he can consult a trusted business insurance agency as they can answer all their inquiries.

Reply
Tex Hooper link
12/27/2021 06:43:52 pm

I like your insurance tips. I need to get a new policy. My current one is too expensive.

Reply
Victoria Addington link
11/7/2022 09:46:36 am

I liked how you wrote that business insurance usually involves workers’ compensation insurance. My friend should know this since he is planning to get small business insurance. I should to choose a coverage that best fit his business needs.

Reply
Group health insurance link
11/17/2022 11:29:51 pm

Very helpful article for me. I was searching for this topic because I am a blogger in the beginner stage. Now I will use these methods for my blog. I hope it will work for me.

Reply



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