Finding the right business insurance is not an easy task for any Halifax business owner, especially if you have a small business. There are numerous coverage options out there and every company tells you what is considered a “great deal,” but all of that coverage comes at a high price. All too often, business owners ignore the importance of understanding the fine print in their business insurance and only find out their errors when it comes time to file a claim.
These common mistakes with business insurance are easily avoidable, as long as you know what they are and how to look out for them.
Tips for Avoiding Errors when Buying Business Insurance
To avoid coverage errors and simplify the process of obtaining adequate coverage, follow these simple tips:
Cheaper Does Not Mean Better – The most important goal of a business owner is making sure the bottom line looks healthy. Sometimes that means purchasing cheaper, more affordable products. While you may find an attractive deal on Nova Scotia insurance, consider the quality of the product. Cheap business insurance often has gaping holes in the coverage terms; such as not covering personal injury or property damage. If you find a cheap business insurance policy that sounds too good to be true, read the coverage terms carefully and look for costly omissions. You may be surprised at how little actual coverage comes with a cheap price.
Going Overboard with Coverage – Some business owners take the opposite approach and purchase more Halifax insurance coverage than necessary. For example, a small retail store has general liability insurance coverage for personal injury, but they may not need coverage for libel or slander suits. Just like a small machine shop does not necessarily need malpractice insurance. Ensure you are not over-covered by evaluating the needs of your company, then purchasing the insurance that matches those specific requirements.
Always Work with an Expert – You are an expert in your industry, but how much do you know about insurance coverage? Business insurance is complex; therefore, you should partner with an experienced insurance broker. Brokers work independently from insurance companies, can assess your company’s needs, and ensure you select the right coverage at the right price.
Do not put your business at risk with the wrong or insufficient insurance. Contact Eisenhauer Insurance today for a no obligation risk assessment. We are here to help you protect your business. Call us at 902-454-5888 to get business insurance quotes for Nova Scotia or request a quote online. Return to main blog page