Small businesses are the backbone of the American economy. They create jobs, drive innovation, and support local communities. But too often, small business owners make mistakes when it comes to their insurance coverage. Schneider Insurance Agency in Gahanna, OH can help you navigate this important coverage.
Here are five of the most common mistakes small businesses make – and how to avoid them:
1. Not Shopping Around for the Best Rate
When it comes to insurance, small business owners often think they have to accept the first quote they receive. But that’s not the case. It’s important to shop around for the best rate. Get quotes from at least three different insurers and compare their rates, coverage, and terms.
2. Not Reviewing Their Policy Regularly
Your business is constantly changing and evolving. That’s why it’s important to review your insurance policy regularly. Make sure your coverage still meets your needs. If not, make changes to your policy or shop for a new one.
3. Not Getting Enough Coverage
Many small businesses make the mistake of not getting enough coverage. They often think they can’t afford it or that their business is too small to need it. But that’s not true. Every business, no matter its size, needs adequate insurance coverage. Make sure you have enough to protect your business in the event of a disaster or lawsuit.
4. Not Understanding Their Policy
Many small business owners don’t take the time to understand their insurance policies. They just accept whatever coverage their broker recommends. But it’s important to know exactly what your policy covers and doesn’t cover. Ask your broker or insurer for clarification if you don’t understand something.
5. Putting off Buying Insurance Until It’s Too Late
Some small business owners think they can put off buying insurance until their business is more established. But that’s a mistake. You never know when an accident or disaster will strike. It’s important to have adequate insurance coverage from the start.
Get Commercial Insurance Today
Avoid these mistakes, and you’ll be on your way to getting the right insurance coverage for your small business. Schneider Insurance Agency in Gahanna, OH can help you find the right policy for your business. Contact us today for a free quote!