10 Mistakes That Raises Your Cost of Business Insurance

​Wrong decisions can put a business in peril. Not only does it affect your business, but your insurance as well. Here are ten mistakes that you should avoid.

1. Ignoring Employee Training
   Failing to train your employees adequately exposes them to injuries, damages, and lawsuits caused by workplace accidents. The higher your risk, the more insurance you need to pay.
   
   
2. Poor Record Management
   Keeping records of all training and equipment maintenance is not only useful in proving yourself in a court. It also helps you defend your business from certain risks.
   
   
3. Disregarding Known Risks
   Risks vary depending on the location of your business. Natural disasters like sinkholes, earthquakes, and landslides are to name a few. There are also crimes like theft and vandalism. Ignoring to place safety measures against risks will greatly affect the cost of your premium.
   
   
4. Failing to Keep Workplace Safe
   Do you pay no heed to the safety of your employees? Chances are you have higher incidences of accidents and injuries.
   
   
5. Falling Short on Compliance to Employee Law
   All businesses are required to comply with federal, state and local employment laws. Failing to do so is illegal and will subject you to grievances and fines.
   
   
6. Hiring Contractors Without Insurance
   It is a grave mistake most employers do, thinking they can save money. You are responsible for providing compensation if and when an employee of your contractor sustains an injury while on the job.
   
   
7. Skimping on Insurance Coverage
   Any loss that occurs outside your coverage will be paid out of pocket. In the end, you paid more than the amount you thought you had saved on premiums.
   
   
8. Self-Insuring Even With Insufficient Funds
   Companies have the option to self-insure as long as they comply with the law. Although you are required to maintain self-insured retention, this amount might not be insufficient to cover a great loss.
   
   
9. Going Without Insurance
   First of all, you are required by the law to purchase insurance. Second, you are putting your business at risk from financial loss and damages.
   
   
10. Choosing Unsuitable Insurance Provider
    You need to choose an insurer that caters to your business’ needs and requirements. Otherwise, there may be conflict on policies that result to claims being denied.

Getting business insurance is a great investment that helps you safeguard the future of your company.

At Oncken Insurance Agency, we do our best in making sure that our clients are well-protected with affordable and comprehensive policies. We make sure to go the extra mile to help you with your needs. To learn more about how we can help you, please contact our agency at (281) 256-8310 or Click Here to request a free quote.