January 17, 2019
Sean Mulhern

4 Smart Ways to Get the Most out of Your Commercial Insurance Policy

Here are four great ways to get the most out of your professional insurance.

Most entrepreneurs are already very much aware that a good commercial insurance policy is a cornerstone when it comes to building or running a successful business.

However, one thing that many business owners forget to consider is how to maximize their existing policies to make their commercial insurance plan work for them.

By employing a few simple strategies to make sure that you are getting the most out of a commercial insurance policy, you will not only keep your premiums low, but also feel confident that you are protected against any unpleasant surprises.

Here are four great ways to get the most out of your professional insurance.

1. Make Sure You Are Fully Covered

All it can take is one unforseen lawsuit to make or break a business.

If your business is not adequately covered, this means that everything you have worked for is vulnerable, and this is probably not a pretty picture to imagine.

One thing that all successful entrepreneurs know is how valuable it is to protect everything that they have worked so hard to build. Skimping on commercial insurance policy means that you could risk losing it all, and this is a gamble that is simply not worth taking.

By contrast, the peace of mind that comes with knowing that you have a strong insurance policy working for you will propel you and your business forward with confidence. This is why having a good insurance policy in place will always help your bottom line.

2. Employ Risk Reductions Strategies

An aggressive approach to risk reduction is one of the best ways to keep policy premiums to a minimum so that you don’t end up investing more than you have to.

One of the best ways to minimize risk is to prevent the possibility of injuries occurring in or around the workplace. This means reducing clutter and trip hazards, keeping walkways and passageways dry and well swept, promptly cleaning up any spills or accidents, and using clear and direct signage to indicate any necessary warnings.

Not only will these proactive initiatives reduce the risk of clients or employees getting injured, but they will also improve your chances of having a strong defense in place should a lawsuit arise regardless.

3. Review and Update Your Policy Frequently

A rookie mistake that many upstart entrepreneurs make is to assume that they have adequate coverage, when they actually don’t. As a result, they will often be caught totally off guard when a lawsuit comes up and may not be able to drum up the resources to recover from the hit.

In order to avoid this nightmare scenario, the smartest business owners know that it is an absolute must to review their commercial insurance policy, and review it often. This strategy will always ensure that nothing important is falling through the cracks.

4. Work with Your Insurance Broker

We can’t always predict what will happen, and when it comes to commercial liability, there is a lot that can go wrong.

Thankfully, I’m specially trained to predict the unpredictable, so this is one less thing that busy entrepreneurs have to worry about.

In addition, I can review your policy to make sure that you are fully covered for everything you need to be covered for.

If you are interested in learning more about how we can work together to optimize your professional insurance coverage, I’d love to tell you more. I can be reached by email at sean@thebusinessprotectionteam.com.

- Sean

Sean Mulhern
Commercial Insurance Broker