NC business insurance mistakes You’re an expert in your own field of business, right? Are you an expert in insurance too? Most likely not and this is where so many business owners who think they understand insurance find themselves in a financial disaster when something bad happens. Here you will find the 7 insurance mistakes business owners make.

Buying insurance for North Carolina businesses can be very complicated provided that there are many different risk exposures that if uncovered can cost you dearly. It may even cost you the business.

The list is much longer than just 7 mistakes. Here are some of the most common mistakes we have seen businesses make when buying insurance.

Mistake #7 Buying coverage limits that are too low. Unfortunately, most business owners don’t find out they made this mistake until they have a loss that they have to pay for out of their own pocket. There are also penalties that can really add up if you make this mistake and can drastically reduce how much you are paid for the loss.

Mistake #6- Not buying enough business income coverage or worse, none at all. If your business is interrupted by a loss, you still have expenses to cover, right? And if you can’t produce income, how will you pay these expenses?

Mistake #5- Not knowing what’s excluded. Business insurance policies are full of exclusions that may directly apply to your business. Study your policy and talk to an agent that understands your business and can advice you how you should be protected.

Mistake #4- Carrying Low Deductibles. Insurance companies hate small claims. If a number of small claims occur, they wonder how well you are running your business and if a large claims is coming next. Pay these yourself and increase your deductibles.

Mistake #3- Not buying a liability umbrella. This is extra layer of liability protection for the potentially devastating event that could completely cripple your business. It’s very inexpensive and a must for all business.

Mistake #2- Not updating protection when changes occur. As your business grows, your needs change. Maybe you’ve moved into other areas of business and didn’t check to make sure you’re covered for this type of business. A periodic protection review with your agent can help you have the right protection all the time.

And the Biggest Mistake North Carolina Business Owners Make…

Mistake #1 Not using an agent that understands your specific needs. Every business is different and has different requirement for protection. Coverages, exclusions and endorsements can be very confusing even for some insurance agents. Your business does have very special needs and you need an agent that can help you with those particular needs.

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