Call Us 602-277-1900 ☰ ˟
Logo
Español
Call Us: 602-277-1900
  • Main Menu
  • Our Products
    • Automobile
    • Business & CommercialImage of right arrow
      • Commercial Auto
    • Bonds
    • Health
    • Homeowners
    • Life
    • Renters
  • Payment/Claims
  • Resources
    • Refer a Friend
    • Insurance Glossary
  • About Us
    • About Us
    • Our Location
    • Privacy Policy
  • Join Our Team
  • Ayala MVS
  • Contact
    • Contact Us
    • Our Locations
  • Blog
Auto Icon

Auto

We browse through a wide variety of coverages and find the right one for you.

Learn More
Home Icon

Home

We browse through a wide variety of coverages and find the right one for you.

Learn More
Financial Icon

Renters

We browse through a wide variety of coverages and find the right one for you.

Learn More
Business Icon

Business

We browse through a wide variety of coverages and find the right one for you.

Learn More
Life and Health Icon

Life & Health

We browse through a wide variety of coverages and find the right one for you.

Learn More
Home > Blog > Small Business Insurance Mistakes to Avoid
WEDNESDAY, MAY 19, 2021

Small Business Insurance Mistakes to Avoid

There is both financial and reputational risk associated with running your own business. Therefore, it is essential that you insure your organization and your employees to protect yourself. Unfortunately, there are many mistakes that small business owners make when buying insurance. The most common small business insurance mistakes to avoid include.a close up of a sign 

1. Not Buying All Required Types of Insurance 


One major mistake many small businesses make is not purchasing all the required types of insurance. Every policy that you buy should have coverage to equal the value of your organization. If your business is high-risk, the coverage should be even higher. In general, a small business owner should have about $300,000 in coverage for every insurance policy. 

2. Failing to Buy Business Interruption Coverage in Addition to Cyber Policy 

Business interruption is an essential part of cyber protection. However, many cyber policies won't offer business interruption unless a small business pays an additional premium. More than 50 percent of all small businesses fail within half a year due to a cyberattack. Therefore, it’s essential to have protection against business interruption.  

3. Ignoring the Importance of Umbrella Liability Insurance 

Many small business owners mistakenly believe that they don't need umbrella liability coverage. The purpose of umbrella liability coverage is to extend the liability limits for premises liability, commercial automobile, and product liability exposures. The most common limit of coverage for primary occurrence is $1,000,000. An umbrella policy will offer additional liability protection, so that you are covered in the event a serious incident occurs. Risk of loss due to vehicle use is one of the most underestimated risks with the largest potential for severity for all businesses. Therefore, you want to add umbrella liability coverage to make sure funds are available in the event a catastrophic accident occurs.
Posted 12:25 PM

Tags: small, business, insurance, commercial, business, owners
Share |


No Comments


Post a Comment
Required
Required (Not Displayed)
Required


All comments are moderated and stripped of HTML.

NOTICE: This blog and website are made available by the publisher for educational and informational purposes only. It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional in your state. By using this blog site you understand that there is no broker client relationship between you and the blog and website publisher.
Blog Archive
  • 2022
  • 2021

  • insurance(6)
  • coverage(3)
  • health insurance(2)
  • life(2)
  • business(2)
  • policy(1)
  • workers compensation(1)
  • bonds(1)
  • auto insurance(1)
  • vehicle(1)
  • retirement(1)
  • belongings(1)
  • premiums(1)
  • owners(1)
  • terms(1)
  • universal(1)
  • bop(1)
  • renters insurance(1)
  • commercial(1)
  • business owners policy(1)
  • shopping(1)
  • identity(1)
  • car(1)
  • life insurance(1)
  • home insurance(1)
  • whole(1)
  • small(1)
  • surety bonds(1)
  • break-in(1)
  • costs(1)
  • theft(1)
  • general liability insurance(1)
  • business insurance(1)
  • commercial auto insurance(1)
  • auto(1)
  • renters(1)

View Mobile Version

Contact Us Today!
602-277-1900

Social Social Social
Desert picture

Resources

  • Products
  • Customer Service
  • Payment/Claims
  • About Us
  • Refer A Friend
  • Our Carriers
  • Blog
  • Contact Us

Contact Us

3550 W Glendale Ave.
Phoenix, AZ 85051

P: 602) 238-9574 | F: 602-238-9575 | E: quotes@ayalainsurance.com
© Copyright. All rights reserved. | Powered by Insurance Website Builder