5 Insurance Mistakes That Could Cripple Your Business

5 Insurance Mistakes That Could Cripple Your Business

Franke Insurance Services knows that entrepreneurs face a myriad of challenges. Between managing day-to-day operations, marketing your business, and keeping your team motivated, it’s easy to overlook the importance of proper insurance coverage. However, ignoring your insurance needs can lead to catastrophic consequences, putting your business at risk.

Here are five common insurance mistakes that could cripple your business:

1. Underestimating Your Insurance Needs:

Many businesses make the mistake of purchasing the bare minimum insurance coverage, thinking it will save them money. However, this can leave you vulnerable to significant financial losses in the event of an accident, illness, or lawsuit.

Solution: Work with a reputable insurance broker like Franke Insurance Services to conduct a thorough risk assessment and identify the appropriate coverage for your specific needs.

2. Failing to Update Your Policy:

As your business grows and evolves, so do your insurance needs. Failing to update your policy to reflect these changes could leave you with inadequate coverage in the event of a claim.

Solution: Schedule regular reviews of your insurance policy with your broker to ensure it remains relevant and meets your evolving needs.

3. Ignoring Workers’ Compensation Insurance:

If you have employees, workers’ compensation insurance is a legal requirement in most states. This insurance covers medical expenses and lost wages for employees injured on the job. Failing to carry workers’ compensation insurance could result in hefty fines and lawsuits.

Solution: Contact Franke Insurance Services to ensure you have the required workers’ compensation coverage for your state and industry.

4. Not Having Cyber Liability Insurance:

In today’s digital age, cyberattacks are becoming increasingly common. Cyber liability insurance can help protect your business from financial losses associated with data breaches, hacking, and other cyber threats.

Solution: Discuss the importance of cyber liability insurance with your broker and consider adding it to your coverage plan.

5. Filing Claims Incorrectly:

Filing a claim incorrectly can delay the process and even lead to denial. It’s crucial to understand the claims process and follow the proper procedures to ensure a smooth and successful resolution.

Solution: Franke Insurance Services can guide you through the claims process and assist you in filing your claim correctly.

Protect Your Business with Franke Insurance Services

Franke Insurance Services understands the unique challenges faced by businesses of all sizes. We offer a comprehensive range of insurance solutions tailored to meet your specific needs. Contact us today for a free consultation and let us help you protect your business from potential risks.

Call to Action: Visit our website or call us today for a free consultation and let us help you protect your business from these crippling mistakes.