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young business woman sitting on sofa planning her insurance

Top 10 Do’s and Don’ts of Insurance

Provided By My Own Business

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THE TOP TEN DO’S

  • Bring an insurance agent into your start-up process and have policies in place.
  • Consider using an insurance agent who can handle all of your insurance requirements.
  • Include excess liability “Commercial Umbrella” coverage for your business.
  • Use a broad form of business property insurance.
  • Consider a health insurance policy to recruit and keep good employees.
  • If you have employees, consider carrying employment practices liability coverage.
  • Maintain a clean and safe environment in your workplace.
  • Include your tenant improvements in your property insurance policy.
  • Increase all your insurance coverage appropriately as your business grows.
  • Consider maintaining a buy-sell agreement with your partners, funded by life insurance, in the event of the death of a partner.

THE TOP TEN DON’TS

  • Consider self-insuring any part of your worker’s compensation risk.
  • Fail to recognize regular employees as employees and not contract workers.
  • Overlook ongoing employee training on maintaining workplace safety.
  • Feel that you can’t afford insurance. You can’t afford not to have it.
  • Deal with contractors who cannot furnish insurance certificates.
  • Permit your insurance policies to lapse for non-payment of premiums.
  • Deal with insurance providers with substandard ratings.
  • Withhold information from your insurance provider. Give the provider a complete picture of your risks.
  • Go “uncovered” (uninsured) in any category of insurable and significant risk.
  • Overlook flood or earthquake insurance if in an area of high risk.

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