At Castillo & Associates Insurance, we have seen too many Tucson, AZ businesses make commercial insurance mistakes over the years. These common errors are understandable, but they can cost you money and ruin your coverage effectiveness.
Not Covering All Of Your Properties
Did you check your policy to make sure that every piece of property you own was insured? If not, you are going to be in for a rude awakening when something happens to an uninsured item. Just because you insure your business, that doesn’t mean everything will be protected. Make sure you get specific coverage on every piece of property to avoid this problem.
Ignoring Business Income Insurance
Failing to insure your business income is a significant issue because it can help to protect you against loss of income when your company is unable to operate. For example, let’s say that your building suffers from a fire or vandalism. Your average commercial insurance will cover the cost of these repairs. However, without income insurance, your loss of finances won’t be covered.
Paying Too Much
This point may seem obvious on its surface. However, too many businesses insure their businesses for more than they are worth. For example, some buy a $2 million policy in property insurance for a $1 million company. Guess what? You can only ever get the value of your business back in a plan. Don’t waste your money on excessively covering your business but fine-tune your policy to meet the demands of your company.
Avoiding These Mistakes
If you live in Tucson, AZ and need a company who can help you avoid these mistakes, contact us at Castillo & Associates Insurance. We cover Tucson and the surrounding areas and can provide you with high-quality policies that meet your needs.