At AFI Insurance we speak with plenty of local business owners. Sadly, we speak with a few of them after they purchased poor coverage elsewhere and came to us after they felt dissatisfied with claims payouts or services. We want to work with clients to properly assess their risks and help them save money by comparing quotes and ensuring proper coverage. Do you have concerns about your own business insurance? We’re here to help.
Small Business Insurance Mistakes to Avoid
To get started, we want to know if you made these small business insurance mistakes.
1. Only Buying a Business Owners Policy
A BOP, or business owner’s policy, can offer you an affordable bundle of the main kinds of protection that most small businesses need. They can provide a great solution for many low-risk businesses because they’re relatively easy to understand, keep coverage consolidated with one carrier, and may provide you with bundling discounts.
On the other hand, BOPs typically leave out some vital protection, including flood, workers compensation, and cyber insurance. We can meet with you to analyze your business risks and point out vulnerabilities.
2. Accepting Low Liability Limits
Business owners might purchase a policy with lower limits on liability to help manage their budgets. On the other hand, one injury or accident may generate claims that exceed these limits. After that, buying a low-liability policy won’t appear that frugal at all.
We can work with you to look for competitive premiums on policies with higher limits. In other cases, we might suggest buying an umbrella policy that will begin paying for claims after they’ve exhausted the limits on base policies and even extend liability protection. Low limits can leave your business vulnerable to a financial disaster in case of injuries or property damage.
3. Failing to Evaluate Your Insurance As Your Business Grows
You may have purchased the right coverage when you were still operating your new business out of your garage or from your kitchen table. After you’ve moved into your own building or hired employees, your need for coverage will probably grow along with your company. As your business increases, so does the amount you could lose because of a common business threat. Conversely, you may have scaled back because your semi-retired or attending to personal obligations. In that case, you might find that you’re overinsured.
We’re here to periodically evaluate changes to your company to determine if you need different coverage. Even if nothing has changed with your own business, the market may have changed. You can give us a chance to see if newer products or insurers might now serve your business better.
How to Avoid Making Small Business Insurance Mistakes
At AFI Insurance in Rolling Meadows, IL., we’re always here to help you shop for proper coverage at competitive prices from multiple carriers. Even better, we want to help you evaluate your business risks to make certain that you won’t suffer from any unpleasant surprises if you ever have to make an insurance claim.
Contact us today to discuss your Chicago-Area business. We want to save you money and stand by you when you need service.
