Knowing that you have the right amount of insurance coverage for your business can give you peace of mind knowing that you are protected from any peril. However, with all the different coverage options, it can be very easy to make a mistake when choosing the right policies. Make sure to avoid these common business insurance mistakes to ensure that you have the right amount of protection.
- No umbrella coverage – many business owners skip out on umbrella coverage due to the price. However, umbrella insurance is one of the most affordable policies available. Umbrella coverage will provide extra liability protection that will go beyond the liability coverage of your other policies, to ensure that your business will not be financially ruined due to one accident.
- Not investing in employee liability coverage – since small business owners only have a few employees, many of them do not believe that they need employee liability coverage. However, having just one employee can make your business vulnerable to an employee liability issue.
- Skipping out on business interruption insurance – if you have to shut your business down after a covered peril, a business interruption insurance policy will cover the cost to relocate your business and replace your income while your business is being repaired.
- Assuming that you only need fire insurance – even though fire can cause serious damage to your business, it is not the only peril that you need protection for. Make sure to invest in insurance coverage for any other natural disaster, including earthquake and flood insurance.
For all of your business insurance coverage needs, contact the insurance professionals at Gant Insurance Agency in McKinney, Texas. As an independent insurance agency, we will work with you to ensure that you have the right amount of protection, all at the right price.