Don’t gamble with your commercial coverage.
It’s no secret that commercial insurance can be on the expensive side if you are not careful. This is why many business owners try to find loopholes or skimp on their coverage as a money-saving strategy. However, doing so is dangerous and will likely end up costing you more in the long run. Here are two of the business insurance gambles that you should never make.
- 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 two of the business insurance gambles that you should never make. Are you ready to secure the comprehensive commercial coverage that your business needs to stay safe? Then contact the experts at Patterson & Associates in Richardson, Texas. Our dedicated team is eager to get you covered today.