What are common insurance mistakes businesses make and how can they avoid them?
Small Business InsuranceDec 27, 2024 | Mason Parker, Wichita, Kansas
What are some common mistakes that businesses make when choosing insurance coverage, and how can these be avoided?
I am keen on ensuring that I choose the right insurance coverage for my company. Can you provide a detailed explanation of some common mistakes that businesses like mine often make when selecting insurance coverage, and also suggest practical ways to avoid these pitfalls?
Answer
Head of Insurance, MoneyGeekUpdated December 27, 2024
The most common mistakes are getting insufficient coverage or getting excess coverage. Both instances can be avoided by doing a careful risk analysis to determine how much and what type of insurance is needed. Businesses should make sure their employees, equipment, and operations are sufficiently insured so that the business is minimally impacted in the event of an accident, mistake, natural disaster, weather event or lawsuit.
Other Topics
Expert
Vehicle Modifications & Insurance for Drivers with Disabilities (A Guide)
27 Dec 2024Expert
How to Defend Yourself Against Health Insurance Fraud and Scammers
27 Dec 2024Expert
How to Choose a Rental Property to Fit Your Needs
27 Dec 2024Expert
Average Cost of Life Insurance in May 2024
27 Dec 2024Expert
Cheapest Health Insurance in Louisiana (2024 Plans)
27 Dec 2024Expert
How Does Life Insurance Work?
27 Dec 2024Expert
The Average Cost of Health Insurance in 2024
27 Dec 2024Expert
Cheapest Car Insurance in Maine (June 2024)
27 Dec 2024Expert
Senior Driver Guide: Advice & Resources for Older Adults On the Road
27 Dec 2024Expert
Cheapest Car Insurance for Teens 2024
27 Dec 2024Expert
The Connection Between Physical and Financial Health
27 Dec 2024Expert
Best Life Insurance for 60-Year-Olds in January 2024
27 Dec 2024Expert
Average Cost of Homeowners Insurance in 2024
27 Dec 2024Expert
Cheapest Car Insurance Companies (July 2024)
27 Dec 2024Expert
Drownings Reach a 5-Year High, and 1 in 5 Victims Are 19 or Younger
27 Dec 2024Expert
States Where Homeowners & Renters Are Most At-Risk for Hail Damage in 2022
27 Dec 2024Expert
Cheap Motorcycle Insurance: The Most Affordable Motorcycle Insurance Companies and Policies for 2024
27 Dec 2024Expert
Essential Guide to Renting a Car for the First Time
27 Dec 2024Expert
Cheap Car Insurance for Young Drivers
27 Dec 2024Expert
What Is General Liability Insurance Coverage and Do You Need It?
27 Dec 2024Expert
Best Car Insurance for Young Drivers in 2024
27 Dec 2024Expert
Cheapest Health Insurance in Florida (2024 Plans)
27 Dec 2024Expert
Term vs. Whole Life Insurance
27 Dec 2024Expert
How Sleep Impacts Your Finances and Career
27 Dec 2024Expert
Are Pre-Existing Mental Health Conditions Covered by Health Insurance?
27 Dec 2024Expert
"Can You Buy Life Insurance on Your Parents? "
27 Dec 2024Expert
Average Cost of Life Insurance in May 2024
27 Dec 2024Expert
Learn About Driving Anxiety & How to Manage It
27 Dec 2024Expert
How Does Life Insurance Work?
27 Dec 2024Expert
Cities With the Most (& Least) Climate Risk Today
27 Dec 2024Expert
Is Life Insurance Worth It?
27 Dec 2024Expert
Cities With the Most (& Least) Climate Risk Today
27 Dec 2024Expert
Cheapest Car Insurance in North Carolina (June 2024)
27 Dec 2024Expert
Wildfires by the Numbers
27 Dec 2024Expert
Understanding Car Insurance for Active-Duty Military Members and Veterans
27 Dec 2024Expert
How to Be a Responsible Pet Owner: Advice & Resources
27 Dec 2024Expert
Best Term Life Insurance Companies in February 2024
27 Dec 2024Expert
Guide to Life Insurance Death Benefits and Final Expenses
27 Dec 2024Expert
List of Car Insurance Companies: Largest Companies in '23
27 Dec 2024Expert
How to Get the Most Out of Your Health Insurance Plan
27 Dec 2024Expert
The Best Renters Insurance for 2024: Affordable Rates & Great Customer Service
27 Dec 2024Expert
Best and Cheapest Car Insurance After a DUI (2024)
27 Dec 2024Expert
Emissions on the Road: Environmental Impact of Automobiles and the Benefits of Going Green
27 Dec 2024Expert
A Guide to Obtaining Insurance for Mental Health Care
27 Dec 2024Expert
Guide to Vaccinations: Costs, Information & Expert Panel
27 Dec 2024Expert
Pedestrian Crash Analysis Shows That Even at Low Speeds, Accidents Often Cause Severe Injuries
27 Dec 2024Expert
Balancing Social Media Use and Your Financial and Mental Health
27 Dec 2024Expert
Best Car Insurance for Young Drivers in 2024
27 Dec 2024Expert
How to Prevent Floods From Damaging Your Home
27 Dec 2024Expert
Instant and Free Car Insurance Quotes Online (2024)
27 Dec 2024Expert
Guide to Health Insurance for Students & Young Adults
27 Dec 2024Expert
A Guide on Safe Night Driving
27 Dec 2024Expert
10 Types of Small Business Insurance Coverage to Consider
27 Dec 2024Expert
Homeowners Insurance Deductible
27 Dec 2024Expert
Cheapest Life Insurance Companies in March 2024
27 Dec 2024Expert
Ultimate Guide to Wills and Why They Are Important
27 Dec 2024Expert
"Can You Buy Life Insurance on Your Parents? "
27 Dec 2024Expert
Best Car Insurance for Young Drivers in 2024
27 Dec 2024Expert
The Average Cost of Health Insurance in 2024
27 Dec 2024Expert
How to Transfer Car Insurance & Driving Credentials to a New State
27 Dec 2024Expert
Guide to Health Insurance for Students & Young Adults
27 Dec 2024Expert
Home Death and Injury by the Numbers
27 Dec 2024Expert
Term vs. Whole Life Insurance
27 Dec 2024Expert
Best and Cheapest Car Insurance After a DUI (2024)
27 Dec 2024Expert
Managing Federal Taxes on Life Insurance Proceeds
27 Dec 2024Expert
Managing Federal Taxes on Life Insurance Proceeds
27 Dec 2024Expert
Average Cost of Owning a Car
27 Dec 2024Expert
Pet Ownership Guide for Older Adults
27 Dec 2024Expert
How to Get Car Insurance in 6 Steps
27 Dec 2024Expert
Best and Cheapest Car Insurance for Drivers With Bad Credit
27 Dec 2024Expert
Ultimate Guide to Driving With Pets
27 Dec 2024Expert
The Cheapest Car Insurance in California (June 2024)
27 Dec 2024Expert
Cheapest Health Insurance in Texas (2024 Plans)
27 Dec 2024Expert
The Best Cheap Car Insurance for Seniors in July 2024
27 Dec 2024Expert
The Best Medicare Advantage Plans of 2024
27 Dec 2024Expert
Best Car Insurance for Young Drivers in 2024
27 Dec 2024Expert
Vehicle Modifications & Insurance for Drivers with Disabilities (A Guide)
27 Dec 2024Expert
Unintentional Deaths Are on the Rise: Here’s What That Could Mean for You
27 Dec 2024Expert
Best and Cheapest Car Insurance for Drivers With Bad Credit
27 Dec 2024Expert
How to Defend Yourself Against Health Insurance Fraud and Scammers
27 Dec 2024Expert
Cheapest Health Insurance in Michigan (2024 Plans)
27 Dec 2024Expert
Best Life Insurance for 50-Year-Olds in March 2024
27 Dec 2024Expert
Protect Your Home and Family From Tornado Damages
27 Dec 2024Expert
Average Cost of Car Insurance (July 2024)
27 Dec 2024Expert
Cheap Motorcycle Insurance: The Most Affordable Motorcycle Insurance Companies and Policies for 2024
27 Dec 2024Expert
Guide to Health Insurance for Students & Young Adults
27 Dec 2024Expert
Advice on No-Exam vs. Fully Underwritten Life Insurance
18 Dec 2024Expert
Estate Planning Strategies Using Life Insurance
17 Dec 2024Expert
Can Iowa Farm Bureau Insure Out-of-State Residents?
17 Dec 2024Expert
Eligibility for Military Auto Insurance for Army Parents
17 Dec 2024Expert
What Victims Should Do After Experiencing Fraud
17 Dec 2024Expert
Steps Homeowners Can Take After Natural Disasters
17 Dec 2024Expert
Avoiding Errors Common Among First-Time Buyers
17 Dec 2024Expert
Choosing Michigan Insurance With Pre-Existing Conditions
17 Dec 2024Expert
When to Consider an Irrevocable Life Insurance Trust
17 Dec 2024Expert
Why Car Insurance Prices Vary Across Companies
17 Dec 2024Expert
Who Is Most Targeted by Car Insurance Scams?
17 Dec 2024Expert
Why Health Insurance Is Vital for College Students
17 Dec 2024Expert
The Impact of Credit Scores on Car Insurance Rates
17 Dec 2024Expert
Practical Steps to Lower Car Insurance Costs
17 Dec 2024Expert
Government and Nonprofit Programs for Tornado Recovery
17 Dec 2024Expert
What Risks Businesses Face Without Proper Insurance
17 Dec 2024Expert
Top Considerations for Small Business Insurance Coverage
17 Dec 2024Expert
What Teens Should Look for in a Car to Lower Insurance Rates
17 Dec 2024Expert
Life Insurance Underwriting Tips for Military Veterans
17 Dec 2024Expert
Important Auto Insurance Factors for Kansas Drivers
17 Dec 2024Expert
What California Drivers Should Know About Auto Insurance
17 Dec 2024Expert
Latest Insurance Scams and How to Avoid Them
17 Dec 2024Expert
Avoiding Common Mistakes as a First-Time Homebuyer
17 Dec 2024Expert
Why You Should Compare More Than Just Cost for Home Insurance
17 Dec 2024Expert
How Often Drivers Should Shop for New Car Insurance Quotes
17 Dec 2024Expert
Accessing Tax Credits and Cost Sharing in Louisiana
17 Dec 2024Expert
Deciding If No-Exam Life Insurance Is Right for You
17 Dec 2024Expert
How Marketplaces Shape Insurance Competition and Pricing
17 Dec 2024Expert
When Accident Forgiveness Might Be Worth the Cost
17 Dec 2024Expert
Life Insurance Tips for Seniors Choosing the Best Policy
17 Dec 2024Expert
Spotting a Good Rental Deal vs. a Bad One
17 Dec 2024Expert
Health Plans for Students Staying on Parents’ Insurance
17 Dec 2024Expert
Insurance Choices for Those With Low Health Ratings
17 Dec 2024Expert
How Subrogation Differs Across Insurance Types
17 Dec 2024Expert
Should International Students Buy or Lease a Car?
17 Dec 2024Expert
Factors Beyond Price When Choosing Life Insurance
17 Dec 2024Expert
Cheapest Cars for Young Drivers to Insure
17 Dec 2024Expert
Unexpected Homeowners Insurance Exclusions to Watch For
17 Dec 2024Expert
How Long It Takes to Receive a Final Car Insurance Quote
17 Dec 2024Expert
Finding Companies That Provide Same-Day Car Insurance
17 Dec 2024Expert
Florida Health Insurance: Shopping Deadlines to Know
17 Dec 2024Expert
Choosing the Right Life Insurance for Estate Planning
17 Dec 2024Expert
Tips for Balancing Risk and Cost in Car Insurance
17 Dec 2024Expert
The Role of Inflation in Life Insurance Costs
17 Dec 2024Expert
Weighing Pet Benefits Against Responsibilities for Seniors
17 Dec 2024Expert
How Liability-Only Insurance Saves Compared to Full Coverage
17 Dec 2024Expert
Ways to Use Life Insurance as an Investment
17 Dec 2024Expert