insurance advisor

It is surprising how many intelligent, experienced New Jersey business owners make costly mistakes when it comes to Business Insurance. That’s why it’s a good idea to contact the knowledgeable professionals at Blue Lion Insurance Advisors, LLC in Red Bank before making decisions about your Commercial Insurance. Our insurance advisors can provide the up-to-date, personalized information and guidance you need to make your Business Insurance Blue Lion Strong™.

Unlike other insurance advisors, we are not affiliated with any particular insurance company. This means that we are able to offer you a full spectrum of policies from a wide variety of insurance providers. 

Not only that, but we are objective as we evaluate the pros and cons of different insurance policies, free to make your best interests our top priority. Moreover, we have a wealth of experience with all kinds of Business Insurance, having successfully served New Jersey businesses for well over a decade. Contact us now at (732) 649-1600 or online to make an appointment for a free consultation.

Common Business Insurance Mistakes

Any one of the following Commercial Insurance mistakes can have costly consequences, in terms of damage to your company’s reputation and its bottom line:

1. Not Getting a Look at All Available Business Insurance Policies

Many of our clients have previously purchased Commercial Insurance policies from a single provider, reducing their choices and limiting their coverage. When you deal with us, you can count on viewing a wide range of insurance options. We can also fully explain insurance terms, exclusions, premiums, and potential payouts, enabling you to make an informed choice. 

2. Thinking Your Business Insurance Policies Are More Inclusive Than They Are

Our skilled insurance advisors are committed to being helpful and transparent. We want to have a long-term relationship with you, so we can make sure your company is well-prepared for the potentially catastrophic events that pose the greatest risks, such as fire, hurricanes, major theft, or a security breach. Contact us soon so we can help your company endure.

3. Failing to Use Practical Risk Management Strategies

Beyond offering you the most protective policies for your particular business, we can inform you about steps you can take to make your firm safer while lowering your insurance costs, including:

  • Installing a central alarm system
  • Updating all structures to current building codes
  • Installing security cameras to discourage theft and vandalism
  • Using well-crafted client contracts and anti-discrimination policies to diminish the risk of E&O or EPLI lawsuits
  • Using a well-respected cybersecurity system

4. Misclassifying Your Employees

Our insurance advisors can make you aware of mistakes you may be making in your employee classifications that can lead to increased insurance premiums. For example, if you have miscategorized an employee as having a hazardous job, you are paying an unnecessarily high insurance premium as a result. By the same token, if you misclassify a contractor as an employee, you can be spending unnecessary money on that individual’s Workers’ Compensation Insurance.

5. Underestimating the Risk of a Cyber Attack

It is estimated that nearly half of U.S. businesses — small, medium-sized, and large — have already been hacked and damaged by a cyber attack. Considering this, far too many business owners underestimate the risk to their clients, customers, and employees, and to the stability of their company. Our capable insurance advisors can offer you Cybersecurity Insurance policies that can help you to recover if your company data is breached.

6. Failing to Update Your Business Insurance 

We find that many of our clients have failed to update their business Insurance policies, even when their company’s needs have changed significantly due to:

  • Relocation
  • Newly purchased or discarded property/equipment/vehicles
  • Newly offered or withdrawn services that require E&O Insurance
  • Substantial increases or decreases in staff

As noted, we want you as a long-term client. To that end, we can review your insurance needs regularly to assess whether they have changed in order to prevent you from paying premiums for coverage you no longer require or from being dangerously underinsured. 

Contact Our Experienced Business Insurance Advisors Today

At Blue Lion Insurance Advisors, LLC, we have the in-depth knowledge, tools, and strategies to help you avoid the pitfalls of Business Insurance mistakes. Contact us now to make the company you worked so hard to build not only profitable but resilient.