Expensive Insurance Mistakes to Avoid

The Toad / Foter / Creative Commons Attribution-NonCommercial 2.0 Generic (CC BY-NC 2.0)

According to an insurance expert, there are between three and seven mistakes in an average insurance policy. These range from tiny to really serious ones and if they remain unseen, can become a big problem in case of a claim. Below are the most common policy mistakes.

The first one is that all corporate entities related to your company should be included in the insurance, as well as any equipment belonging to the dealership. Next, make sure that the insurance limits for your buildings and auto inventory are correct and appropriate to the size and amounts you own.

A third point to consider points of the policy that were negotiated in the last minute. Make sure everything is officially included in your insurance. Finally, just be generally aware of any changes that the insurance agents might introduce from their side. Check twice that you know what you are signing as a policy.

Read the full article at Dealer Communications.

Eric is the Chief Marketing Officer of JW Surety Bonds. With years of experience in the surety industry, he is also a contributing author to the surety bond blog. He has held a range of different roles within the surety industry, from agent assistant to bond issuer, which gives him a unique insider perspective on surety related topics.

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