6 mistakes when getting commercial insurance
6 most common mistakes when getting commercial insurance. The key to having good business insurance is to protect your business as much as possible, regardless of whether it is a legal requirement to be protected. However, despite the importance of business insurance, many merchants make the same mistakes when purchasing insurance for their company.
- Make sure with the first company
One of the common mistakes is to hire any insurer without comparing the different offers on the market. Each has its own way of assessing risk, which can mean different quotes, for different types of businesses.
- Stay with doubts
The insurance contract will have a great impact on the insured company. The merchant must know the implication of each coverage in the different scenarios and risks of the company. You shouldn’t be ashamed to ask: What if…? Am I covered in…? Is this coverage enough? What is my responsibility if…?
- Hide important information from your insurance agent
Some businessmen want to save money on insurance and hide information that may be valuable when making a claim. If the insurance company finds that you were lied to when signing the contract, it could refuse to provide you with the contracted protection. Be honest and transparent with your agent.
- Not get the right insurance
While buying less coverage than necessary is a mistake because it would expose your business to risks that might not be covered, buying more coverage than necessary is the equivalent of throwing money away. For example, in Florida you do not need earthquake insurance. A good specialist can help you hire the insurance that best suits the needs and characteristics of your business.
- Not updating the policy every year
With the passage of time, businesses change, develop, grow, increase the number of personnel, acquire new merchandise and equipment. You can also raise or lower inflation. All this influences the coverage of the business. It is recommended every year to update the insurance to new risks.
- Not contacting a Univista Insurance agent
If you want to avoid falling into some of the errors mentioned above, contact the specialists at Univista Insurance and you will achieve the optimal insurance for your business. 6 most common mistakes when getting commercial insurance.