These risky business insurances moves could end up costing you.
Business owners know that there is always a level of risk involved with running a business. As you work out how to avoid potential risks, you should keep in mind that business insurance gamblers can be detrimental to the success of your company. To keep your business and wallet protected, avoid making these gambles.
You take out the necessary insurance but forego everything else. While you may think you’re saving money, should the worst happen, you may be responsible for paying high costs out of pocket. Talk to your insurance agent about business interruption insurance and cyber liability insurance. These are policies that are often dismissed by businesses, especially small businesses, but they can affect any company.
Thinking you’re invincible.
Remember that disasters can happen to any business at any time. Businesses of all sizes are at risk of disaster and damage. You may think that thieves and cybercriminals target larger businesses because they have more assets, however, they also have stronger security processes in place. Thieves often target smaller businesses that may have limited security features but keep plenty of valuable information and items.
Not reviewing coverage.
As your business grows, your business insurance policies should, too. Whether you have started selling more stock, taken on a whole new team of people, are turning a high profit, or have changed location, it’s important to go back to your policy and update it. You don’t want to need to file a claim and then find you don’t have enough coverage!
These mistakes could end up costing your business – so keep them in mind when you’re looking for your next commercial insurance policy. For the right commercial insurance policy contact Tompkins Insurance Agencies. We can help you find reliable coverage that will move with your company.