Whether you are getting commercial insurance for a start-up or upgrading your policy, mistakes can be difficult to spot, leaving your business with serious consequences. If you need commercial insurance within Pomona, CA, THINK Insurance & Financial Services can help with this. Below, we discuss common pitfalls to avoid keeping your business safe.
Failure to Read Your Policy Terms
Commercial insurance comes with various policy terms, with numerous requirements specific to the types of coverage chosen. If, for instance, your employees are involved in an accident, your commercial auto policy will likely cover damages and injuries sustained during business operations rather than the harm caused by misuse of business vehicles. Other policies also cover specific perils such as theft and vandalism instead of damage arising from earthquake-related events. Due to these conditions, ensure you understand your policy terms before signing up for your cover.
Buying Insufficient Coverage
Commercial insurance policies may seem like a considerable amount to sign up for, creating the temptation to drop a few policies during a purchase. This, however, results in insufficient coverage since numerous assets will lack the proper protection. Make it a point to get coverage for your building, customers, and employees for a successful business venture. In addition to this, getting liability policies will keep you safe from general claims like slander and libel that businesses also face.
Failure to Review Your Policy
Business needs are likely to change as time goes by, with new employees and equipment acquisitions calling for a policy review. Without this, your compensation would be inadequate to cover your assets when emergencies arise, forcing you to dig into your revenues to offset your ensuing expenses. Preventing this can be made possible by a policy review, helping you get updated coverage for your business.
To get quality coverage for your Pomona, CA business, call THINK Insurance & Financial Services today for commercial insurance suited to your everyday needs.