Kaufman & Forman, P.C.
Call to arrange a consultation
678-957-7769 | 770-390-9200
Contact Us
practice areas

Avoid these 3 mistakes with your business insurance

With so many steps in starting and operating a business, you may rush through some of them. One of these steps may be purchasing an insurance plan for your company. 

However, this activity is crucial in safeguarding your earnings and reputation. Take the time to do research before you buy and to continually review your coverage to avoid these common mistakes.

1. Not having enough coverage

The biggest mistake you can make is getting a generic policy with the minimum amount of coverage. While this may save you money up front, it will cost you more in the long run. Accidents, disasters and litigation are high risks in running a business, and insurance protects you from the consequences. If you do not have coverage in all areas necessary for your company size and industry, then you will find yourself in financial trouble when a claim or lawsuit arises.

However, you do not have to have every policy, so talking to an agent can help you determine which ones are right for your business. Once you choose your plan, be sure you understand it completely to prevent assuming you have coverage for everything. There are always exclusions and limits.

2. Forgetting to update your policy

As you experience success and growth, your insurance needs will change. Be prompt in updating your policies to avoid insufficient or lack of coverage. Examples of changes include offering new services, hiring more employees or moving to a different location.

3. Accepting denials or low settlements

While insurance is essential and beneficial, providers do not always come through. They are businesses, too, and will do what they can to keep their profits high. If an insurer denies your claim or offers you less compensation than your policy qualifies you for, you do not have to accept it. You can contest the action and present your own evidence. If the problems keep occurring, you should either revise your policy or switch to another provider.

No Comments

Leave a comment
Comment Information

Contact Kaufman & Forman, P.C. Now

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

get Legal Help Now

Kaufman & Forman, P.C.
8215 Roswell Road
Building 800
Atlanta, GA 30350

Toll Free: 800-461-5864
Phone: 678-957-7769
Fax: 770-395-6720
Atlanta Law Office Map

Review Us

Robert Kaufman has been selected as a 2013 Top Rated Lawyer in ‘Commercial Litigation’ as will be published in the May issue of The American Lawyer & Corporate Counsel magazine.Alex Kaufman has been selected as a 2013 Top Rated Lawyer in ‘Commercial Litigation’ as will be published in the December issue of The American Lawyer & Corporate Counsel magazine.

*AV Preeminent and BV Distinguished are certification marks of Reed Elsevier Properties Inc., used in accordance with the Martindale-Hubbell certification procedures, standards and policies. Martindale-Hubbell is the facilitator of a peer review rating process. Ratings reflect the confidential opinions of members of the bar and the judiciary. Martindale-Hubbell ratings fall into two categories: legal ability and general ethical standards.