One of the worst mistakes a business owner can make is not having insurance for their small business.

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2 of the Worst Mistakes Business Owners Make in Choosing
Insurance
One of the worst mistakes a business
owner can make is not having insurance
for their small business. Regardless of
how much you think you know about
insurance, there are a lot of intricate
details that you might not be aware of.
When you have an insurance
professional working on your side, you
can prevent any costly mistakes that
could end up costing you your business.
The common mistakes business owners make when choosing their insurance
are outlined below.
Not Buying Insurance in the First Place
Whether you don't think you need the insurance or you simply think the
price is too much, not purchasing insurance is a huge mistake. Just because
you do what you are supposed to, operate a legal business and obey the
law, that doesn't mean something can't happen to you. If someone sues you
and wins, the cost associated with having to defend yourself could wind up
being enough to bankrupt you.
For example, imagine if someone were to fall inside of your store. They wind
up going to the hospital and needing medical treatment for their injuries.
Medical bills can rack up to thousands of dollars rather quickly. If they sue
you for compensation, are you going to be able to pay those bills out of your
own pocket? With insurance coverage, you don't have to worry about paying
anything on your own. The policy would cover those bills for you.
Not Buying Enough Coverage
Many business owners who do end up purchasing insurance don't purchase
enough coverage to handle their losses. Sadly, many don't realize this until
after they are stuck paying a ton of legal fees and settlements out of their
own pocket. Purchasing coverage that isn't adequate isn't much better than
not having coverage whatsoever.

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Even though you might have coverage, you need to make sure it is enough
to cover a claim if someone were to get injured. Think about how much it
might cost if someone were to fall on your property. Is a $10,000 policy
going to cover someone who breaks their leg and has to go through physical
therapy for months at a time? You want to plan ahead for all of the what-ifs
that might happen.
The best thing you can do for your business is to speak with a licensed
insurance professional who can help determine what coverage is going to
work for you. An agent can look through your business needs and figure out
what package will protect your business the best. By avoiding the mistakes
mentioned above, you can protect your bottom line for years to come.