3 Insurance Mistakes To Avoid

The insurance industry can be complicated and daunting, but it doesn’t have to be! It can be easy to look at insurance as just another expense and to want to purchase the cheapest option, but that’s not always the best choice. Here are 3 insurance mistakes to avoid when looking for coverage. 

Choosing Insurance Based On Price 

Saving money is a huge game changer and something that definitely should be looked at when purchasing insurance, but it shouldn’t be the end all be all. When selecting an insurance provider, you want one that will be quick to respond to your current needs as well as mitigate your risks with efficiency. Peace of mind, personalized service, and competent support are just as important as price.

Here are a few things to look for, besides price, when choosing an insurance broker. 

Under or Over Insuring Yourself 

Are you over or under insuring yourself or your business? This is a mistake that so many people make and one that can be easily avoided with a little guidance. Here are a few things to ask when trying to discern if your coverage is in an accurate place: 

• Did we hire new people?
• Did we bring on a new product/service?
• Did we buy something new or sell something? 
• Have we changed, acquired, or updated our facilities?
• Have we communicated changes to the people that need to know?
• What things have changed that I need to be made aware of?

If you are unsure of how to evaluate how much protection you need, we would love to help. We have a customizable platform that provides you with the security that you specifically need. You can reach out to us here. 

Not Assessing Your Insurance Once A Year 

You need to be reviewing your insurance needs every six months with your insurance agent. You would be surprised to find that big changes can occur in the insurance marketplace in a given year. If you are proactive in reviewing your insurance needs throughout the year, you will be better prepared and less anxious going into your next renewal.

Here are a couple of benefits of a mid-year insurance review. 

As always, we would love to provide additional assistance with ensuring that your business and family are best protected. To learn more about who we are and what we do, click here.