Insurance News
August 29, 2018
Top 10 Tips for Business

 

No business should go unprotected. Check out these tips for ways you can improve your business coverage!

  1. Property insurance will not cover damages done by flooding, so if your business is located in areas where flooding or hurricanes occur, consider supplementing your policy with flood insurance.
  2. When your business depends on other variables to function, like a factory that makes parts or wholesale vendors, it’s always good practice to have contingent business income insurance to cover you in the event that what your business depends on is suddenly no longer available.
  3. Now-a-days online sales are a popular choice for retailers big and small. Whenever items are ordered online, there’s always the risk that things aren’t quite right by the time the customer receives their item. Product liability insurance can help you cover the costs come with replacing or reimbursing a defective product to an unhappy customer.
  4. According to Verizon’s Data Breach Investigation Report, 61% of all cyber incidents in 2017 were aimed at small businesses. Without any cyber security in place, your business could be vulnerable to being hacked by malware. To protect your business, you can get a cyber insurance policy, which will help you cover the expenses of mediating a cyber-security breach.
  5. One easy insurance mistake that many businesses make is not making sure they fully understand the limits and terms of their policies. Knowing where you’re not covered is just as important as knowing where you are covered, so be sure to ask your agent about any questions you may have before signing your policy.
  6. When choosing your insurance policy for your business, it’s important to give your agent all the essential information you can. That way your business will be covered for everything it needs to be.
  7. Did you know that property insurance is location specific? With property insurance, your business’s merchandise is only covered within 500 feet of your business location. So if you want your merchandise covered while in transit overseas or cross country, you’ll need inland marine insurance.
  8. If your business is on the newer side, it may be a good idea to get business interruption insurance to help keep your business afloat after a major disaster or anything that would keep you from functioning properly.
  9. Businesses can save a considerable amount of money on taxes by purchasing insurance, as it is tax deductible.
  10. Ask your insurance agent if there are any kind of business insurance bundles that can save you money.
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