You perhaps started your own business because you wanted to do work you love. Then, just as many other Alliance Insurance Services business clients operating in Arvada, CO have learned, pursuing your passion could cost you your entire profits unless you prepare for what you hope will never happen but might. However, knowing you need commercial insurance is not enough. Avoid these four pitfalls when shopping for coverage for your company.
1. Forgetting about inflation —You have to remember, for instance, to account for what the price of new equipment might cost you 10-20 years from now. The same is true of damaged property if disaster strikes decades after you started operating in Arvada, CO.
2. Not thinking about costs of occupational injuries —If you have employees, it is highly recommended that you protect yourself against financial loss if one of them needs treatment after becoming hurt on the job. If your company is liable, you might also have to pay for lost wages, so be prepared.
3. Not being thorough enough with inventory — You might not have enough to replace equipment and supplies if you don’t account for all that you own. This could hurt your business because you maybe will not be able to serve as many clients with the sudden downsizing of your operational inventory.
4. Not protecting yourself against theft or vandalism —You need financial security as well as physical security to protect your property. You especially need this if you have customers entering and leaving your place of business all day long.
We Can Assess Your Insurance Needs
Alliance Insurance Services does not want you to lose your business and give up your passion. Contact Alliance Insurance for help with choosing the right commercial insurance plan for your operation.