Top 3 small business insurance mistakes to avoid

 January 27, 2021     UFG Insurance    Business  Read Time: 4 min
Small business insurance mistakes

Trust us, we get it. Insurance can be a confusing and time-consuming field to navigate, especially for those who have a new business. 

When added on top of an already long list of responsibilities, it’s understandable when small business owners simply want to find a policy that works “good enough” so they can call it done and move on. But this mindset could end up costing valuable time and money further down the road. 

Look at our list of possible small business insurance mistakes and learn how to avoid the potentially serious consequences.

Top three small business insurance mistakes to avoid

1. Not choosing the proper coverage.

All too often small business owners will make the mistake of traveling down the one-size-fits-all path when it comes to their policy. What worked for that guy should work for me, right? Not only are insurance needs different from industry to industry, but they can even be different from business to business within that industry. You'll want to make sure that every aspect of your company is properly covered.

2. Renewing the same policy year after year.

As your business changes, your insurance needs to change with it. While it might be simpler to renew year after year, think about where your business was when you first got your insurance policy. With growth and expansion comes the need to reevaluate your policy and insurance needs. Doing an annual evaluation with your insurance agent is the perfect way to continue to make sure you're protected.

3. You don't have insurance at all.

It's a confusing world and you have a lot on your plate. While it might seem like the easy choice to simply put off insurance coverage for a little bit longer, don’t let that be a gamble you're willing to take. Nobody plans for an accident, and you don't want to let one ruin your business before you even get your feet on the ground.

While it can be confusing, thankfully a good agent can help make sure your small business insurance needs are taken care of. Trust a member of our UFG partner agencies to not only make sure you have the protection you need today, but that you have the proper coverage years down the road.
 

The information provided is for informational purposes only. Every attempt is made to ensure that the information is accurate; however, it is not intended to replace professional advice. For more information, see Disclaimers & Other Legal Documents.