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5 Misleading Facts About Liability Insurance For Business

Business owners nowadays are well aware that liability insurance is essential to safeguard the company’s operations. There are countless possible risks surrounding your business, and insurers are capable of covering those possibilities. However, a single misconception about your views on liability insurance can lead to devastating results for your business. Here are some of the most common misconception you may have heard of.
The cheaper the better
You may think that you should pick the cheapest liability insurance because the policies offer similar benefits. This is wrong because your premium affects the number of events that are covered and how much coverage will be given to covered events.

Having multiple insurers is a good idea
Some people have the opinion that coverage provided by multiple insurers is a great idea, because not only your business will be safer, but it will also reduce the losses incurred when claims are denied. However, in reality, having multiple insurance means that you would have to go through multiple processes in making a claim. Furthermore, the contents of the policies might not be the same, so it might be hard for you to find the policy that covers a certain event. It is a much better idea to just double your coverage from one insurer.

Business insurance is a rip off
Insurance offers great protection, and without it your business will be left with bigger risks. There is an opinion that says insurance companies makes huge profits from premium paid by their customers. In fact, most of the profits made are from investing activities that are done with the premium, and not the premium itself.

My business will always be safe and sound
You can feel that there’s no need for your business to get liability insurance, because everything is going well, your business operation is well maintained, and you’re maintaining good relationship with everyone. However, when you deal with a lot of people, you are bound to have problems with them. There’s no telling when you have to deals with claims made by your employees and customers.

I don’t need liability insurance because I work at home
While it is true that working at home means you won’t be held liable when you damage your workplace, rendering the policy useless, you will still be vulnerable to other types of claims covered.

Clearing misconceptions about liability insurance will give you a better understanding to the insurance needs of your company. Start protecting your business as soon as possible, don’t hesitate to contact us to get a policy.

At Sungate Insurance Agency, we do our best in making sure that our clients are well-protected with affordable and comprehensive policies. To learn more about how we can help you, please contact our agency at (407) 878-7979 or Click Here to request a free quote.

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