12Aug

Whether you have a brand-new endeavor on your hands or are at the helm of a well-established company, there are always things to protect. One crucial responsibility is to make sure that you have sufficient business insurance, but there are many mistakes to be made if you are uninformed. Here are some of those mistakes to avoid from us here at Alexander Insurance.


Going With The Bargain Variety: To ensure that you have the best and most ideal policy, it makes sense to shop around since some companies offer better value than others. If you opt for the choice that is the least expensive, you may be leaving yourself out in the cold when it comes to claims that may hurt your cash flow. Looking at the types and amounts of coverage in detail will help you through each quote, and we are always willing to look at your current policy to give you an expert opinion on where you stand.


Not Obtaining Adequate Amounts of Coverage: Nearly any type of small business can be saddled with the unpleasant happenings of a lawsuit, which can do long-term damage to your reputation and put a large dent in your financial stability. When it comes to auto liability or general liability insurance, you don’t want to make the mistake of not obtaining enough coverage. Your company may not be able to get started until you provide your proof of liability insurance, and this is an issue that will haunt you unless it is tended to.


Immediately Opting For the Lowest Deductible: When you choose a lower deductible for your policy, you will be saving money on insurance premiums, as this allows you to pay for smaller losses directly out of your pocket. If you are comfortable with raising the deductible, you can see the immediate results in savings on your premium. If anything happens, you will be responsible to pay out, but during the smooth months, your premium won’t be noticed on your debit sheet as much.


Overlooking the Opportunities to Make Coverage Adjustments: Many years in business can present the need to add locations and hire additional employees or change the type of services you specialize in every day. You may even acquire a new company altogether, and these are changes that need to be reported immediately. The best time to do this is a couple of weeks or even months beforehand, so we as your agent have enough time to collect the data and make the necessary adjustments.


Not Giving Your Policy A Thorough Look Over: One of the most essential duties of being a business owner is knowing inside and out what your policies may cover, and know if there are any crucial elements that remain uncovered. Don’t wait until you experience an issue, because you cannot purchase coverage for a loss that has already occurred. If you have any difficulty understanding the legal terms in your policy, you can contact your attorney or us to make sure it is all clear and you know exactly what you are and are not covered for.


Not Providing Yourself Protection From Loss of Revenue: The physical characteristics such as your building’s structure and equipment are some of the first things you take into consideration when looking at coverage. These are all very important, but your ability to generate income is as well. Business interruption insurance will be on hand for you to reimburse you for the income you could have potentially earned if the loss never occurred. It also will kick in to help pay expenses such as lot fees, rent, and utilities whether you can operate or not. These are all elements that are necessary to have in place for you to keep the doors open.


Here at Alexander Insurance Agency of St. Charles, we have been studying business trends closely for years, and know how beneficial it is to have everything taken care of ahead of time. One of the most important ways a knowledgeable insurance agent helps you is by the extended hand that plans for the unexpected, and this is where we shine!