One of the most important decisions you’ll make as a business owner is purchasing commercial coverage. Business insurance is a necessity to protect your business from risks that threaten your financial growth. At Redden Insurance Agency, we can guide you in selecting the coverage you need. Working with an experienced agent can help you avoid the following mistakes in purchasing a business insurance policy.
Compromising Coverage for Price
When it comes to insurance protection, getting quality coverage is more important than saving money. A cheap policy may save you money initially but could cost you much more over the long run. By comparing what different companies have to offer, you’ll more likely to find a commercial policy that offers the protection you need at a reasonable price.
Purchasing a “Generic” Policy
Commercial insurance isn’t one size fits all. Before selecting a policy, it’s important to discuss your business needs with an agent you trust. At Redden Insurance Agency, we’ll assess your company’s services, risks, and financial portfolio to determine what type of coverage would be best for your company. We’ll then personalize your policy to provide the specific protection you need. Customizing your coverage ensures your company is getting optimal protection without paying for unnecessary “fluff.”
Failing to Consider Income Losses
Most business owners purchase commercial property insurance to protect their building, equipment and supplies/products from disaster loss. Many, however, fail to consider the loss of income if they have to shut down for repairs after a major disaster. Business interruption coverage compensates you for lost revenue, payroll, the rental cost of your building and other operating expenses during downtime to facilitate your recovery.
To learn more about commercial insurance options and costs for your eastern United States business, call or visit Redden Insurance Agency today.