July 23, 2024
MoneyGeek recently published a column featuring Greg Stoller, Master Lecturer of Strategy and Innovation, discussing best practices for choosing business insurance.
When selecting an insurance provider, it’s crucial to consider the company’s rating, coverage options, and deductibles. Small businesses often overlook critical types of insurance such as umbrella insurance and worker’s compensation, focusing instead on basic policies.
“The biggest mistake is shopping based on price. Just because you’re getting the lowest rate doesn’t mean you’re getting the best quality of coverage. Many people consider insurance a mysterious box, but it is a quintessential part of your business if there is a problem — and when you need it the most,” Stoller adds.
Proper insurance is essential for managing risks and should not be approached solely based on cost.
