What are common insurance mistakes businesses make and how can they avoid them?


Banner image
Small Business Insurance

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?

Dec 27, 2024 | Mason Parker, Wichita, Kansas
Answer
Mark Fitzpatrick
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 2024
Vehicle Modifications & Insurance for Drivers with Disabilities (A Guide)
Expert
How to Defend Yourself Against Health Insurance Fraud and Scammers
27 Dec 2024
How to Defend Yourself Against Health Insurance Fraud and Scammers
Expert
How to Choose a Rental Property to Fit Your Needs
27 Dec 2024
How to Choose a Rental Property to Fit Your Needs
Expert
Average Cost of Life Insurance in May 2024
27 Dec 2024
Average Cost of Life Insurance in May 2024
Expert
Cheapest Health Insurance in Louisiana (2024 Plans)
27 Dec 2024
Cheapest Health Insurance in Louisiana (2024 Plans)
Expert
How Does Life Insurance Work?
27 Dec 2024
How Does Life Insurance Work?
Expert
The Average Cost of Health Insurance in 2024
27 Dec 2024
The Average Cost of Health Insurance in 2024
Expert
Cheapest Car Insurance in Maine (June 2024)
27 Dec 2024
Cheapest Car Insurance in Maine (June 2024)