Business Insurance Mistakes To Avoid

business insurance mistakes

Avoid These Common Business Insurance Mistakes

If you have a business in Oklahoma, you probably need to carry some type of commercial insurance. But just having insurance isn't always enough. You need to make sure your policy provides you with the right protections. Here are some common business insurance mistakes to avoid and make sur eyou have the right coverage. 

Being Underinsured

Carrying the cheapest policy you can find doesn't get you the best policy in the same way that buying a cheap car does not get you the best car for your money. Depending on your needs, you may need to shop around to find the best policy for your business. There are several things business owners do that limit their coverage such as 

  • Not having enough liability coverage based on the amount of customers that visit their location
  • Using personal auto insurance for commercial vehicles
  • Underinsuring commercial property
  • Not carrying workers compensation insurance

Forgetting To Update Your Coverage As You Grow

You might have started with the right amount of insurance, but as you scale up, so should your policy. Not just the volume of work you do, but the more employees you have, and the more equipment you add. You will want to makes sure that all of these things are covered should something happen. 

Not Knowing Or Understanding Your Deductibles

If you have ever had to file a claim you know that a deductible is the amount you have to pay out of pocket when you file a claim. Some common mistakes that business owners make when it comes to deductible are 

  • Not knowing how their dudctible is calculated. These can be either a flat fee or a percentage
  • The deductible can go up with the value of the property if it is percentage based
  • Not using higher deductibles to leverage having a lower cost premium
  • Filing claims for less than the deductible amount

Not Working With An Independent Insurance Agent

With all of the products available in the insurance market, you can miss out on the best ones if you choose to only work with one company. The "big box stores" are not really inclined to tell you about a better or cheaper product that is offered by their competition. The best way would be to partner with a company like the Oklahoma Insurance Connection and get personalized service based on your business needs. Call us today to get a quote and make sure you avoid an underinsured mistake in your business insurance policy. 

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