These business insurance gambles are sure to cost you.
Sometimes in the world of business, risk taking is rewarded by new opportunities and increased revenue. However, when it comes to your business insurance, you should never take needless risks. Here are some of the common commercial coverage gambles that will end up costing you in the long run.
- Relying on Basic Policies Alone
Oftentimes, business owners carry basic general liability and commercial property policies and assume that they are sufficiently covered. While these two policies are a great place to start, relying on these base policies alone will leave your businesses vulnerable to many risks. Rather than allowing coverage gaps to derail your business’s operations, you should speak to your insurer to determine your company’s risks and to secure the additional policies that you need to address these risks.
- Forgoing Workers Compensation Insurance
While almost every state in the country requires business owners to carry workers compensation coverages for their employees, some small business owners try to get around this law when they only have one or two employees working for their company. Forgoing workers comp coverage is a bad idea for many reasons. Because it is illegal, forgoing this coverage could mean fines, lawsuits, and other consequences. Additionally, if one of your employees does get injured, then paying their medical costs could cut into your profits significantly. So, rather than leaving your open to all these risks, it’s better to simply secure the workers comp coverage that you need.
These are some of the commercial insurance gambles that will end up costing you. Do you have additional questions regarding your business insurance needs? If so, then contact the experts at the Scavone Insurance Center in White Plains, New York today.