Small business owners often make common mistakes regarding commercial insurance that can lead to serious consequences for their businesses. Neff & Associates Insurance Services Inc, serving the Pismo Beach, CA area, is here to advise small business owners like you on the most common commercial insurance mistakes, so you can avoid them and keep your business safe.
#1: Underestimating Risks
While general liability insurance provides coverage for certain incidents, such as slips and falls, there may be other areas of risk that can’t be covered by this policy alone. Businesses should continually assess their exposures and ensure their insurance policies cover all necessary risks.
#2: Neglecting Employee Benefits
Another common mistake is failing to provide adequate employee benefits coverage. Employers are legally responsible for providing employees with certain benefits, such as workers’ compensation insurance, health insurance plans, or disability income protection. The business may face serious legal repercussions if these requirements are unmet.
#3: Relying on General Liability Insurance Alone
Finally, businesses should never rely solely on general liability insurance to cover all risks. This type of coverage is typically limited in scope and isn’t designed to address more complex areas of risk. Businesses should supplement their general liability policies with other types of insurance, such as property and casualty or professional liability.
At Neff & Associates Insurance Services Inc, we understand the unique risks faced by small businesses in the Pismo Beach, CA area. We can work with you to create a comprehensive commercial insurance package tailored to your budget and business needs. Our experienced agents will ensure that you are adequately protected and that your business is covered in any unexpected claims or damages. Contact our office today to learn more about how we can help protect your small business.