When most people get a quote for their business insurance, they want to pay as little as possible for the protection they need. Sadly, insurance isn’t free, and it is important to get the right coverage. However, simple mistakes can increase the cost you pay for your New Jersey insurance.
Classifying Workers Incorrectly
It is important to properly classify your workers on your insurance policy. This is particularly important with worker’s compensation coverage. If you do not classify the workers correctly, your premiums might increase. In addition, make sure that you are separating independent contractors from actual employees on your policy. Sometimes it can be difficult to determine what type of worker someone is. If you are unsure, make sure to talk to a professional so you don’t overpay on your New Jersey insurance.
Paying for Coverage You Don’t Need
A lot of businesses pay for insurance they do not need. Insurance is important to protect yourself. However, make sure you are not paying for something you will not use in the future.
Failure to Implement Low Cost Initiatives
Finally, there are easy low cost initiatives that can decrease the cost of your insurance policy. For example, an alarm system or security cameras minimize your risk of theft and can also decrease the cost of insurance. If you are guilty of these mistakes, it might be a good idea to talk to an insurance agent.