Avoiding Commercial Insurance Pitfalls.

Making sure your day-to-day business runs smoothly takes most of your time as an owner or manager.  When the workday is mainly spent on managing projects, employees, vendors and other outside resources, you may be focusing on something other than commercial insurance coverage. But, are you running the risk of something falling through the cracks when it comes to coverage? 

As your trusted advisor, The Prewitt Group will work with you to map out a risk management plan that will help you avoid any commercial insurance pitfalls that may put your business at risk:

1. Inform Your Advisor of Any Changes in Your Business– Growing your business is a good thing and makes your company more sustainable, but as your business expands, so does your risk, so you will want to make sure that you are meeting regularly with your risk consultant to talk about any and all changes to your business. Your advisor will make sure that your policy grows with you and your business.

2. Don’t Focus On Cost– We understand cost is a factor when you’re shopping for commercial insurance, but it should not be the number one deciding factor to go with a particular agency or policy. You will want to make sure you are comparing apples to apples. If the cost is significantly lower at one firm over another, do your due diligence and ask what the difference is between the two policies. Look for any hidden factors in the policy that may significantly increase your risk of harm or costs should something go wrong.

3. Make Sure You’re Cyber Secure- Cyber security refers to every aspect of protecting an organization and its employees and assets against cyber threats. As cyberattacks become more common and sophisticated and corporate networks grow more complex, a variety of cyber security solutions are required to mitigate corporate cyber risk. Even if you don’t have an e-commerce business or sell anything online, your business could be at risk. As a reminder, if your customer data is stolen, your business is still liable. 

We are here to help you avoid any pitfalls in your commercial insurance coverage, and our team of advisors can identify the right coverage to protect your unique business. Instead of hoping you’ll be covered in the event of an emergency, peace of mind comes with knowing you have the coverage you need to focus on the successful future of your business. If you would like to review your coverage, we invite you to schedule a consultation with one of our Commercial Insurance Advisors. 

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