Here’s a “don’t do” list for commercial insurance:
- Never hide unique or unusual risks or exposures from your agent in hopes of receiving a lower premium. A loss related to one of these hidden exposures could result in the insurance company claiming misrepresentation, a word no one—especially the policyholder—wants to hear.
- Never assume that your homeowners insurance policy will cover busness-related exposures.
Any coverage that may be included is minimal—not a worthy substitute for a suitable business policy.
- Never underinsure your property to get a lower premium. Underinsurance will result in a lower payment from the insurance company when you need the money most—after a claim. It could also lead to costly penalties that will further reduce the amount paid.
- Never purchase any policy, even supplemental coverage, from an insurance company without learning that company’s financial rating. A financial rating is an indicator of that company’s solvency. You don’t want to be stuck depending on an insurance company that is on the verge of bankruptcy.
Our insurance team can help you find ways to save on your business insurance without cutting corners or creating coverage gaps. Give us a call to review your coverage or discuss savings options.