Mistakes to Avoid While Purchasing Business Insurance

1. Mistakes to Avoid While Purchasing Business Insurance

2. Mistakes to Avoid While Purchasing Business Insurance Having the right kind of business insurance provides peace of mind to business owners. As oversight and errors can prove costly, it is essential to follow a check list in order to avoid mistakes while purchasing business insurance in Alberta. Belowaresome guidelines thatarevery helpful for business owners: Improper assessment of business assets A correct and proper valuation of assets needs to be done in order to assess their true market value and book value. An incorrect valuation will mean either under payment, or therewill be issues when settling insuranceclaims. Failure to compare competitive insurance quotes Numerous insurance providers in and brokers in Alberta provide competitive insurance quotes and you need to compare the different offers and assess their pros and cons before choosing the one that suits your needs and your budget. It helps toaddressyouropen questionswith the insurance broker.

3. Mistakes to Avoid While Purchasing Business Insurance Buying less coverage than you need This situation will arise if your exposure to risks is less than required. In the event of a loss, you may receive less money than the worth of your business assetsand this may provedetrimental toyour business. Buying the wrong business insurance It is essential to read the fine print of an insurance contract and address all queries with your insurance broker in Alberta to make sure that your business risks are duly covered. If this is not done and you have got the wrong insurance, then itcan becatastrophic in theeventof a loss. Choosing low deductibles to save money Business owners choose low deductibles to save themselves from high premiums every month, but in this process they end up inflating their overall operating costsand lose moneywhen an accidentoccurs.

4. Mistakes to Avoid While Purchasing Business Insurance Incorrect usage of Workers’ Compensation classification codes As there are more than 700 codes governing compensation to workers in the event of an accident, it is important to choose the right code applicable to a worker depending on his or her risk exposure. Choosing an incorrect code, will mean eitheroverexposure orunderexposure of the worker to physical risks, and bothoptionsare undesirable. Not updating insurance plans Many business owners make the mistake of not updating their insurance plans from time to time. This should be avoided as far as possible and as a right business practice business owners should update their insurance plans as and when there is a change in their business ownership, hiring or letting go of employees, new equipment orexpansion of business.

5. Mistakes to Avoid While Purchasing Business Insurance Conclusion Before rushing in to buy business insurance, it is a prudent business practice to check out the offerings in the market. Beneficial Insurance Solutions is an independent company based in Calgary that serves business owners with consulting and insurances solutions that are customized to their needs and meet their budget. They have an excellent reputation in the market as they guide business owners with sound advice so that owners don’t make mistakes while buying business insurance on their own. In this way, they earn the trust of their customers and establish a long term relationshipwith them.

6. Mistakes to Avoid While Purchasing Business Insurance Add: 6210 333 96TH Avenue NE, Calgary, AB, T3K 0S3 Phone: (403) 250-3121 Email: office@beneficial-insurance.com Website: www.beneficial-insurance.com