Let’s be real, not very many people understand their insurance policies and what exactly they are and aren’t protected from. If you are a small business owner, you probably have a million and one things on your mind but the last thing is more than likely insurance. Insurance is a boring but a very important topic, especially if you are a business owner of any size, so let’s talk about 3 easy tips to help you understand your insurance policies like a boss!
Tip 1: Understand Your Risk
With what seems to be a million different policies out there, it can be difficult and overwhelming to choose the right coverages for your business. Before you start selecting policies at random, take a moment to evaluate the risks that your business faces and identify your vulnerabilities. Once you have an understanding of your risks, it will be much more bearable finding the coverages that best suit your business needs.
Tip 2: Understand Your Policy
In order for your business insurance policy to have value, you need to understand the details. This includes knowing what warranties exist and what actions they require you to take, what circumstances allow you to make a claim, etc. Without this understanding and knowledge of your policy, you aren’t getting the full benefits of what you are paying for.
Tip 3: Annually Review Your Policy
Every year you should review your policy for two reasons:
- Your needs may change. When reviewing your policy, you can identify if your insurance policy is still providing all the benefits you need.
- Appropriate Limits. If your business has grown in the past year, you may want to consider increasing your limits but if your business has gotten smaller, looking at decreasing limits may save you money without adding risk.
2 BONUS TIPS: What Insurance Policies are a Must?
- Liability Insurance Policy
No matter how big or small, every business should have liability insurance. Without it, an accident by a customer or employee could bankrupt you. Better to be safe than sorry!
- Cyber Liability Insurance Policy
So we all know some people have way too much time on their hands and this could mean tremendous daname to your company’s data. Credit card data, names, phone numbers, addresses, can quickly find themselves in the wrong hands with a few strokes of the keyboard. Cyber liability insurance protects your company against damages for a network security or privacy breach in which customer data or corporate confidential data is exposed or stolen by a hacker.
Still not 100% sure? That’s ok, not everyone will be! For more information on what insurance policies best suit you and your small business, give us a call at (709) 722-3282. We promise we will make it easier for you!