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Home > Blog > Don't Make These Mistakes! - The Small Business Insurance Guide
THURSDAY, DECEMBER 2, 2021

Don't Make These Mistakes! - The Small Business Insurance Guide

Running a small business presents a multitude of challenges. As a small business owner, it’s important to minimize the risks of financial loss that your business can face.

In our past installments of The Small Business Insurance Guide, we have discussed how commercial insurance is an essential tool to help minimize and manage those risks.

We’ve covered why small businesses need Property and Casualty insurance, what types of insurance are out there, which coverages are required in NYS, and what additional options are available to reduce and manage risk as a small business owner.

In this edition of The Small Business Insurance Guide, we will keep things short by simply telling you what not to do when it comes to your business insurance-related decisions.

Title Photo - The Small Business Insurance Guide

Don’t make the following mistakes:

·         Carrying no coverage at all. (Surprisingly, some businesses don’t.)

·         Not obtaining commercial insurance on company cars. Many uses of vehicles are excluded from personal coverage, leaving you personally responsible at claim time with no insurance to back you up.

·         Purchasing inadequate liability coverage.

·         Not buying disaster insurance, e.g., flood or earthquake.

·         Failing to use a professional agent who knows your business, or doesn’t make the effort to get to know it.

·         Not purchasing employment practices liability. This is the number one source of liability claims in the nation today.

·         Not covering family members under workers’ compensation.  There is a misconception that it isn’t necessary. However, if injured on the job, NYS law states that workers compensation – not health insurance – be the “sole remedy”.

·         Not working with a qualified Professional Insurance Agent to obtain competitive quotes for proper coverage for your insurance needs.

·         Filing frivolous claims.

·         Not doing annual insurance checkups. Sustained business success requires you to review your needs regularly with your agent.

·         Failing to report a loss to your insurance company within the time limits specified in your policy. This can negate your coverage.


Few things in life are riskier than launching and running your own business. Don’t compound that risk by neglecting your business insurance needs. Protecting your business from financial disaster will not only preserve all of your hard work and long hours, but will also let you sleep better.

Contact Sidle Insurance today and we can review your current policies and help you be sure you aren’t committing any of the mistakes above.

Posted 1:24 PM

Tags: small business insurance guide, small business, commercial insurance, tips
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