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business insuranceInsurance isn’t a gamble. It's something you must take seriously. Before you buy a policy, make sure you’re covering all of your bases.

Some insurance mistakes cost money. Others, meanwhile, don’t offer enough coverage. Before you gamble, grow. Before you buy intricate policy add-ons, make sure you’re not putting your eggs in the wrong basket. Below, we’re covering the three biggest business insurance gambles around. Are you making them?

Gamble One: Considering a One-Size-Fits-All Liability Policy

While some in-depth plans with many add-ons aren’t ideal, don’t pick a basic coverage plan either. A surprising number of businesses play it by ear. In other words, they pick one-size-fits-all policies which don’t cover them specifically. Let's take a look at an example.

Liability insurance might be your business’s foundation. However, it might not protect you beyond personal injuries and property damage. Between employee mistakes, disasters and property losses, there’s a lot to worry about. Your policy should cater expressly to your needs.

Some start-up experts are shying away from one-size-fits-all policies because they lack support for sales territory planning, too. As you grow, you’ll need to breathe. Make sure your plan isn’t suffocating.

Gamble Two: Not Having Business Interruption Insurance

If you’re new to the game, you might’ve forgone add-on policies like business interruption insurance. This business insurance addition is important. Many businesses wouldn’t be able to open again if a disaster damages their assets. Bad weather, theft and even employee mistakes can cause a lot of damage—both to your premises and your time.

So, what’s your time worth? Well, it’s worth your stock, machinery, computers and sales. The longer you’re down and out, the more money you’re losing. Even if you’re running a small business, tiny interruptions add up. Therefore, let this coverage step in to cover those losses.

Gamble Three: Considering You’re Safe

Your coverage might be good, but is it enough? Always plan for a plan update. If you grow, experience change or take on new workers, consider an upgrade. You might be safe now—but you won’t always be. Buy new coverage if you’re

  • Moving to a new location
  • Investing in commercial real estate
  • Investing in expensive equipment
  • Offering new services
  • Hiring new employees

Even small changes impact your commercial coverage. Don’t worry: Your agents can amend your policy. If you’re growing, they’ll help you scale. It’s their job to make sure your business insurance is effective. When in doubt: Ask about plan options, the team here at Garland Insurance can help you find the right business insurance policies. While new coverage might be more expensive, it isn’t necessarily a gamble. Sometimes, the higher price tag is a good investment.

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