Taking these business insurance risks will cost you.

While the world of business may reward risk-taking, the same cannot be said about the world of commercial insurance.  If you attempt to gamble with your business’s coverage, you will likely end up losing out.  Here are some of the business insurance risks that are never worth taking.

  • Relying on Basic Policies Alone

Oftentimes, business owners carry basic general liability and commercial property policies and assume that they are sufficiently covered.  While these two policies are a great place to start, relying on these base policies alone will leave your businesses vulnerable to many risks.  Rather than allowing coverage gaps to derail your business’s operations, you should speak to your insurer to determine your company’s risks and to secure the additional policies that you need to address these risks.

  • Forgoing Workers Compensation Insurance

While almost every state in the country requires business owners to carry workers compensation coverages for their employees, some small business owners try to get around this law when they only have one or two employees working for their company.  Forgoing workers comp coverage is a bad idea for many reasons.  Because it is illegal, forgoing this coverage could mean fines, lawsuits, and other consequences.  Additionally, if one of your employees does get injured, then paying their medical costs could cut into your profits significantly.  So, rather than leaving your open to all these risks, it’s better to simply secure the workers comp coverage that you need.

These are some of the business insurance gambles that you should never make.  Looking to secure the right commercial coverage for your business?  If so, then contact the experts at Scautub Agency in Scotia, New York.  We are ready to assist you with all your business insurance needs today.