Today there are a number of small business insurance policies available online; however, when you embark upon the journey to buy a small business insurance policy, there are a few common mistakes every business owner makes.
Educating yourself about these mistakes beforehand can not only save you a lot of money but also guarantee that you are buying the best insurance policy for your business. Along with this, knowledge about these mistakes will help you better negotiate during your next meeting with a small insurance broker in Calgary and, in today’s block post we will discuss exactly that.
1. Buying the Wrong Insurance Policy
Every business in this world is built differently, and so are our business insurance policies. While it may look like all business insurance policies are the same, the reality could not be further from the truth.
In order to ensure that you are buying the most appropriate small business insurance policy for your small enterprise, it is important that you first analyse the unique needs of your business.
For instance, maybe you run a tech-based small business and thus protecting yourself from cyber fraud is one of your priorities, thus choosing a policy which includes this cover is important.
Along with this, taking the help of an experienced professional like a small insurance broker in Calgary will ensure that you holistically understand your business requirements and then proceed to buy an appropriate policy which meets those needs.
2. Not Sharing Critical Information
When you are having discussions with your business insurance broker, it is important that you share every minute detail about your business such that the insurance company can accurately calculate the risks you are currently exposed to.
At this stage, if you are not transparent with your small business insurance broker, not only do you risk purchasing the wrong business insurance policy, but you also make the entire process more time consuming and expensive for both the stakeholders. Thus, as a rule of thumb, always make sure that you share critical information regarding your business when you are going ahead to buy a business insurance policy.
3. Lacking Adequate Documentation
Irrespective of the type of insurance you subscribe to, you will need to provide the insurance company with a list of documentation concerning your business.
Starting all the way from your business registration documents to your tax receipts as well as any audits that have been conducted.
While most businesses do have these documents in place, more often than not, they are disorganised, essentially translating to the fact that you cannot find them when you need to submit your insurance application.
Thus it is always advised that you keep all your business documents in order, such that your purchase of a small business insurance policy is smooth and hassle-free.
4. Read Your Policy’s Fine Print
Last but not least, a lot of critical information concerning your small business insurance is often earmarked in the policy’s fine print. Ranging all the way from the limitations of your coverage today, to the exact frequency in which you need to pay your premiums, reading the fine print of your policy will equip you with a host of important information, making your negotiation with a small business insurance broker in Calgary easier.
Now that you know of the most common mistakes business owners make while buying a business insurance policy, make sure you don’t repeat them when you are checking out Beneficial Insurance Solutions.