All businesses require insurance to protect their premises, their equipment, their data, their reputation, and their bottom line, but without the help of knowledgeable insurance advisors, it is easy to make expensive Business Insurance mistakes. That’s why if your business is in New Jersey, you should make a wise choice and consult with Blue Lion Insurance Advisors, LLC.
Our team is made up of well-trained professionals who know the ins and outs of all types of Business Insurance. More than that, our insurance advisors have no ties to any particular insurance company, so we are free to be completely objective when it comes to recommending the most cost-effective policies for your company. Contact us at (732) 649-1600 or online for a free consultation about which types of coverage are best for you so you can be sure to avoid the following rookie mistakes:
Buying a Cheap Policy that Fails to Provide the Coverage You Need
Buying insurance directly from one insurance company limits your choices. Purchasing the lowest-priced policy limits your coverage. You need insurance pros with no particular ax to grind to advise you concerning insurance terms, exclusions, premiums, and potential payouts so you can make an informed choice.
Putting Too Much Faith in Your Business Owner’s Policy
A Business Owner’s Policy (BOP) may seem inclusive, but all insurance policies have limitations. It takes a skilled insurance advisor to make sure that you have enough insurance coverage to keep your business afloat even after a catastrophic event, such as a fire, hurricane, major theft or security breach.
Failing to Employ Risk Management Strategies
Contacting Blue Lion Insurance Advisors, LLC will give you an edge when it comes to identifying risks that could interfere with your company’s operation. We will make you aware of strategies proven to lessen your risk factors and lower your insurance costs, such as:
- Installing a central burglar alarm
- Updating all structures to keep up with current building codes
- Installing and using security cameras to deter theft and vandalism
- Using well-drafted client contracts to lessen the possibility of E&O lawsuits
Misclassifying Your Employees
Because insurance companies use employee classifications to determine workers’ compensation injury rates, your misclassification of an employee can result in higher premiums.
If, for example, you miscategorize an employee as performing a more hazardous job than that person actually does, you will be charged an unnecessarily higher insurance premium. Also, if you misclassify a contractor as an employee, you will be spending superfluous money on that person’s Social Security, Medicare taxes, and Workers’ Compensation Insurance.
Failing to Take Online Risks into Account
Too many business owners remain relatively oblivious to the ever-increasing threat of data breaches and identity theft. This is especially true of small business owners who may mistakenly think that because their computer data is more limited than that of large corporations they are less vulnerable to cyber attack. In fact, the reverse is sometimes true. Their known lack of expensive resources to protect their information often makes them easier targets for hackers.
Neglecting Critical Updates to Meet Changing Insurance Needs
Simply renewing your insurance policies without re-evaluating your company’s needs puts your company at risk of having too much or too little coverage, particularly if your business has recently:
- Purchased property
- Relocated
- Purchased new high-priced equipment
- Begun offering new services (altering your E&O Insurance needs)
- Substantially increased or decreased its staff
It is crucial to review your Business Insurance needs with one of our well-informed advisors on a regular basis to make sure that changes in the size or circumstances of your company are not resulting in being underin+sured or paying premiums for coverage you no longer require. At Blue Lion Insurance Advisors, LLC, we have a history of protecting our business clients without overloading them with unnecessary policies.
Contact Our Experienced Business Insurance Advisors Today
The best way to avoid making Business Insurance mistakes is to consult with one of our savvy insurance advisors. We have the tools, strategies, and comprehensive understanding of Business Insurance needs to assist you in obtaining precisely the coverage you need to make your company Blue Lion Strong™.