Mistakes to Avoid While Purchasing Business Insurance


Every business, whether small, medium or large, is exposed to risks. You can rule out these risks by purchasing business insurance which covers for the loss of revenue. You should, however, choose the right insurance which is suitable for your business. This article discusses mistakes that you should avoid, while purchasing business insurance.

Right insurance protects your finances:

Irrespective of the size and type, every business has the possibility of facing risks; they can either be man-made or natural. Natural risks include floods, heavy rains, violent winds (storm, gales, hurricanes and the like), lightning and the manmade risks include vandalism, theft, accidents at workplace resulting in casualty, loss of business data, inadvertent leakage of data and so on.

To choose the most suitable insurance for your business, taking into account the nature of your business is very important. While purchasing business insurance, you need to consider things like products/services you offer, the customer base, availability of raw materials, whether the product needs new design/method, or any other issue that may potentially be a risk factor for your business.

Purchasing business insurance is a sensible decision in favour of your business. It is also important that you should avoid the following mistakes while purchasing the insurance.

Underestimating the importance of business insurance:

Every business has its own risks. You should not underestimate the risks your business may face. However small the risk is, you should purchase the right type of insurance for your business. Purchase the insurance even if your company finances are good enough to withstand the risk.

Getting attracted to low priced policies:

Don’t mistake low priced policies for cost effective policies. The low premium might be because the risk it covers is low. If this is the case, it might be troublesome to you in the event the expenses of compensation exceed your policy cover. You need to take an insurance cover that is, sufficiently more than the probable claim for compensation.

Avoid purchasing a smaller cover for your business. In case of higher deductibles, you will have to spend a huge amount from your pocket. A deductible is an amount that the policy holder has to pay before getting compensation from the insurer. The deductibles are small and lead to lower premiums.

As a thumb rule, check out for all the aspects such as, the cover for building (where your business is located), Employers Liability Insurance, as per rules of government from time to time, regardless of your size, type, hazardous nature, location of your business.

Under or over insuring:

Avoid under insurance, it may lead to considerable loss to your business. This is because under-insurance cannot cover all the expenses that you have to bear in the event of claim. Purchase an insurance cover that is adequate for your business.

Over insurance will also not help you. It leads to more expenses. At times you might be tempted to buy business insurance that seems less expensive. But, in reality the insurance cover that is less expensive may not cover the type of risk that your business may face.

Buying insurance from brokers/agents with no/less knowledge:

Purchasing insurance is not an easy task. It requires great deal of research. Choose brokers/agents who specialise in business insurance. Ensure you choose the ones that have good track-record in claims settlement and servicing the users.

Consider purchasing insurance from brokers. Look out for an insurance broker with great experience and repute, and who can provide you the best service at optimal costs. You should avoid brokers/agents with lower credibility.

To forge an optimal deal for your business, choose a reputed brokerage firm. Such brokerage firms deal with a range of insurance products, and are knowledgeable. Brokerage firms deal in insurance products of all insurers, claim settlement, application and submission procedure.

While purchasing business insurance, it is important to avoid the mistakes just discussed.

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* http://www.thebusinessforumshow.com/ Need car buying advice? Kevin Hunter hosts “The Business Forum Show” and is the author of “Is that the best you can do?” on Amazon Kindle. See the new video on “Getting Pre-Approved on Car Loans!” at https://www.youtube.com/watch?v=8KSmB3HE90E Kevin Hunter spent countless hours researching and compiling the information and data shared on this video. We hope you enjoy it!

People in the car business who profit from your mistakes by taking advantage of you will rant about things we share here and disagree with the content, but don’t be fooled by their rhetoric. A dishonest car salesperson absolutely loves an ignorant car shopper. We will try to help you avoid the common mistakes, and assist you in sorting the facts from the baloney in this business. We profit nothing regardless of what you choose to do, and we don’t mind if you choose to not use the information. If you do, you’ll find yourself walking away with a much better car deal. If you don’t, you don’t have much room to complain when this stuff happens.

How do Car Dealers rip you off? This video presents 13 different car buying mistakes that you can’t afford to make when car shopping. If you’re going to car shop and don’t want to be taken advantage of, it’s up to you to learn about car salesmen and auto dealerships, and the dirty tricks they play to rip people off. You also need to learn about the scams and inappropriate products sold by both new and used car dealers, and why some things dealers offer should NEVER be purchased. These include things like the theft protection scam, GAP insurance that is sold to consumers who either didn’t need it, or could have purchased much cheaper from their own insurance agent, and extended warranties that are often sold to buyers who didn’t want them or need them. To make matters worse, there are also thousands of car dealers who employ finance officers that are some of the most unscrupulous people you’ll ever meet, willing to tell you any lie they can come up with to sell you everything I’ve described, and more. The worst ones will even claim your interest rate on your loan is only available if you buy all the added products they are proposing. They claim the ‘bank’ wants the car protected…. which is BS… On the contrary, the bank wants your loan as small as possible so if they need to repossess the car, they can get their money out of it.

This video was published to help you discover how you can save time and money on your next new or used car purchase by doing your homework first, and then going car shopping as an informed buyer.

Is it unreasonable to expect a little old-fashioned honesty? We don’t think so, but we are more than amused by the countless car salespeople or car dealers who contact us and state that we are making a ‘small problem’ sound far worse than it is. They also tell us the entire video is completely fabricated baloney. Really? Are you kidding us? We know there are honest people in the car business, and we receive positive comments from many of them, but it’s definitely a buyer beware world out on the car lot!

For all of you car buyers who are well steeped in reality, if you watched the video “Confessions of a car dealers backroom” you need to see this video. By understanding what mistakes to avoid, you’ll not only become a smarter car buyer, but you’ll also better understand what not to tell a car dealer when buying a car. It’s true that you can play all your cards up front with an honest dealer, but unfortunately, they represent the minority of dealer owners (truly transparent and honest dealers make up about 40% of all dealers), and you are unlikely to know the difference until it’s far too late. Be smart, do your homework, and you’ll come home with a car deal that’s good for you and the dealer. After all, that’s what fairness is all about. We don’t endorse anyone being ripped off, and that includes some customers who think it’s ‘justice’ to turn tables and try to ‘steal’ a car from a dealer. If you do stuff like this, that makes you a crook too, doesn’t it? When a car dealer loses money on a deal, they just take it from the next unsuspecting person. We don’t think your neighbor should have to pay for your car, so we encourage you to be fair and honest. Everything we talk about has to do with fairness and honesty, and that works both ways. Respect the dealers right to make money in your quest to get a fair and honest car deal, proving to them you’re an honest person too. It’s this kind of attitude by car dealers and consumers alike that will change the car business. We wish you the best!

Don’t forget to see our new video “Getting Pre-Approved on Car Loans!” at https://www.youtube.com/watch?v=8KSmB3HE90E

13 Car Buying Mistakes - How Auto Dealerships rip you off - by Kevin Hunter (TBFS Radio) 13 Car Buying Mistakes – How Auto Dealerships rip you off – by Kevin Hunter (TBFS Radio)
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16 Responses to “Mistakes to Avoid While Purchasing Business Insurance”

  1. Mihireatab Woldeamanuel August 15, 2016 at 2:10 am

    best advice

  2. I work in a dealership and I can assure you this is 100% correct

  3. Always check if there's toilet paper in the bathroom before u take a shit. Or else you'll have to use your hand

  4. I had a salesman tell me "Don't sleep on it. That's uncomfortable!. We have a very narrow window here. This deal won't be available tomorrow." I said, "If it won't wait 48 hours then it's not a deal I want anything to do with. I'll be back after I've thought about it. If the car's been sold in the meantime, then fine. You got yourself a sale and congratulations."

    He was still trying to convince me as I backed out of my parking space. He was tenacious. I'll give him that.

  5. everyone knows That. lol

  6. Assia Carpentier August 15, 2016 at 4:49 am

    Dumbass administer I please the material#heaxily create

  7. Buying a gm CAR!

  8. Mistake 1. Buying an American car

  9. A Black Ladybug August 15, 2016 at 6:29 am

    sir help me
    mustang gt 2013
    location bay area,Ca
    now give me a summary mr kevin

  10. Christae MacAlpine August 15, 2016 at 6:31 am

    What's the answer for Mistake 8? hat should I do instead ?

  11. One time we found a car we wanted. Now this was a dealer that was used to dealing with people that had bad credit and had to take what they offered. After I checked the car out and a mechanic friend I had check it out. We strung the dealer out for four days getting him to jump through hoops for us. Then my wife finally called me and told me that she wanted the car but she only wanted to pay so much for it. I told her to go to out credit union, take the paper work we had on the car to them and ask them for a loan for the amount she wanted to pay plus the tax and licence fees, then have them cut us a cashiers check for that amount, then take the check to the car dealer, tell the salesman that we'll take the car but this is the only amount we will pay for it and show him the check. It worked.

  12. This is a video that explains things you need to know, in a very understandable fashion, and it's not missing anything.

  13. Good Info

  14. banks are very hard to get an approval from.. dealers make you test drive the vehicle before they even run the numbers. if you refuse they get all weird over it! the real trickery is through the lenders. the down payment vs the apr ect…the hidden fees

  15. rubbish

  16. I'll tell you ten reasons why you should be considered a Joke!

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