Have you experienced a loss and denied a claim? This is a common issue, and many times it is not the fault of your insurance company. It can be because you have not been advised properly on the type of insurance coverage you need. When putting together a business insurance coverage plan, you need to ensure you have no gaps in your coverage.

Here are 2 common reasons for improper coverage, which puts you at risk when filing an insurance claim:

1. Inadequate Limits: In your business insurance coverage, you may not have enough limit coverage to cover all aspects of your business. For example, if your business property is assessed at $1 million dollars and you only have insurance coverage for $500,000, you will only receive a fraction of your claim.

1. Inadequate Type of Coverage: If you are not covered in all of the types of coverage you need, you are at risk. You may also need other types of coverage depending on your business. For example, you may have general business liability coverage but lack cyber insurance coverage, errors, and omissions, or directors and officers liability insurance. If you experience a loss in any of these insured areas, this can have a catastrophic effect on your business.

Being denied a claim can be avoided. You need to get the right advice and coverage to protect your business. BSMW Insurance can help.