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      • Commercial Auto Insurance
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      • Cyber Liability Insurance
      • Equipment Insurance
      • Errors and Omissions Insurance
      • Extortion Insurance
      • Fidelity Bonds
      • Leave Management
      • Loss Control Insurance
      • Inland Marine Insurance
      • Kidnapping Insurance
      • Marine Insurance
      • Mechanical Breakdown Insurance
      • Office Insurance
      • Product Liability Insurance
      • Professional Liability
      • Ransom Insurance
      • Shipping Insurance
      • Small Business Insurance
      • Small Business Liability Insurance
      • Storage Insurance
      • Surety Bonds
      • Technology Insurance
      • Trailer Insurance
      • Transportation Insurance
      • Trucking Insurance and Semi Truck Insurance
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    • Coverage for Specific IndustriesImage of right arrow
      • Accounting Firm Insurance
      • Alarm Contractors Insurance
      • Insurance for Arborists
      • Bar Insurance
      • Box Truck Insurance
      • Builders Risk Insurance
      • Car Dealership Insurance
      • Cargo Insurance and Freight Insurance
      • Catering Insurance
      • Cleaning Business Insurance
      • Construction Insurance
      • Consulting Firm Insurance
      • Contractors Insurance
      • Specialty Trade Contractors Insurance
      • Craft Brewery Insurance
      • Dental Practice Insurance
      • Dump Truck Insurance
      • Educational Facility Insurance
      • Financial Institution Insurance
      • Food Truck Insurance
      • Fleet Insurance
      • Handyman Insurance
      • Garage Insurance
      • Healthcare Facility Insurance
      • Healthcare Practice Insurance
      • Law Firm Insurance
      • Life Science Insurance
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      • Liquor Liability Insurance
      • Livestock Insurance
      • Maintenance Contractors Insurance
      • Manufacturing Insurance
      • Marijuana Insurance
      • Maritime Employers Insurance
      • Media & Advertising Insurance
      • Medical Malpractice Insurance
      • Minibus Insurance
      • Non Profit Insurance
      • Nursing Home Insurance
      • Nursing Insurance
      • Orthotics & Prosthetics Insurance
      • Personal Trainer Insurance
      • Petroleum/Energy
      • Pharmacist Insurance
      • Pool & Spa Insurance
      • Printers & Publishers Insurance
      • Railroad Contractors Insurance
      • Real Estate Businesses Insurance
      • Retail Insurance
      • School Bus Contractors Insurance
      • Scrap Metal Insurance
      • Security Guards Insurance
      • Self-Storage Insurance
      • Septic Contractors Insurance
      • Snow Plow Insurance
      • Specialized Truck Equipment Insurance
      • Technology Services Insurance
      • Tractor Insurance
      • Tow Trucks Insurance
      • Uber Insurance
      • Water Well Drillers Insurance
      • Veterinary Insurance
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      • Employer-Sponsored Retirement
      • Group Benefits
      • Group Disability Insurance
      • Voluntary Benefits
      • Retiree Health Coverage
      • Group Health Insurance
      • Disability Insurance
      • Workers Compensation
      • Individual Life Insurance
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      • Rental Reimbursement
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      • Condo Insurance
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Home > Blog > Avoid These 5 Mistakes When Buying Business Insurance
FRIDAY, SEPTEMBER 24, 2021

Avoid These 5 Mistakes When Buying Business Insurance

When it comes to purchasing business insurance, there are many specific risks at play. It's hard to know what to cover and what not to worry about as much. More importantly, there's a very complex task involved in finding the right balance of coverage and cost. To ensure you purchase a worthwhile policy, avoid these very common mistakes. 

#1: Your Policy Doesn't Fit Your Company 
finger on business
Whether you are a retail business owner or a dentist, your company has very specific types of business insurance needs. These differ from one company to the next. If your policy is not customized to meet your business' unique needs, it's costing you. Your policy should be customized for: 

  • Value of assets 

  • Industry-specific risks 

  • Limitations or exclusions 

  • Employee risks 

  • Professional liability 

#2: Your Business Insurance Doesn't Cover the Value of Your Assets 

A common mistake business owners make is having a plan that does not provide ample protection for all assets. Look beyond the actual building. Is your coverage limit high enough to cover business contents, inventory, equipment, computer systems, outbuildings and signage? 

#3: You’re Overpaying Because You Don't Have a BOP Package 

To cut your costs, invest in BOP insurance (also known as a business owner’s policy). This bundles some of the most common property and liability plans into one package, reducing the overall cost. If you have not asked your agent about the benefits it can offer to you, now is the time to do so. 

#4: You Didn't Choose the Right Carrier 

It is essential to look for an A-rated insurer. This rating ensures that the insurance company is financially stable enough to meet your needs. What happens when a company has dozens of claims due to the same instance? Will you be able to get the coverage you need? The key is to ensure the company is financially stable. 

#5: You Haven't Considered Extra Coverage 

Don't assume a basic policy is enough. Build onto it to ensure you have ample layers of protection in place. For example, flood insurance is necessary in many areas since property insurance in flood zones will limit access. Terrorism, earthquake and business interruption plans are also necessary add-ons in many cases. 

A comprehensive plan meets your needs and helps keep your business operational under a variety of unwelcome circumstances. If you are making these mistakes, talk to your agent today about better options to get optimal coverage. 

We’ll help guide you toward the right policy. Call Horizon Insurance Agency at 602-992-9750 for more information on Phoenix business insurance. 

Posted 9:42 AM

Tags: business insurance
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