Dos and Don?ts for Business Insurance

agent might help you providing the list of standard exclusions.

3) Don’t assume that theft coverage will extend to the personal property, tools or equipment used by the employees. For this make sure that you business insurance policy includes the provision for theft of employee’s tools.

4) Don’t skimp on errors and omissions coverage if your business needs it. Though the claims are few in number, they are often huge in impact. Just one professional liability lawsuit can wipe out an entire business.

5) Don’t just focus on reducing the cost of your business insurance. Also look for ways to reduce the likelihood of losses. Your renewal insurance premiums will typically be based on your loss history. So the best ways to control your ongoing costs is to limit your yearly losses.

6) Don’t hide or misrepresent unusual risks from your business insurance agent. Sometimes a failure on your part to disclose a risk can result in a denial on the part of the insurance company to cover a loss. Better to know you’re protected now, than find out later you’re not.

These are just the preliminary dos and don’ts for business insurance. You need to consult a professional if you want to get the best of these policies.

Retrieved from “