Business insurance: 8 misconceptions debunked

Do you know how well insured your business is? Unfortunately, it often happens that a business owner thinks he or she is well insured, but finds out when he or she is damaged that this is not the case after all. The insurance turns out to offer insufficient coverage or they did not take out the right insurance, for example because they thought it was unnecessary or because they thought it was too expensive. Like you, we want your business to be as well insured as possible. That's why we have listed the 8 most important misconceptions about business insurance for you. This way you can be sure that your business will soon be properly protected.

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Misconception 1: "My private insurance also covers my business"

Many business owners assume that their private insurance provides adequate coverage for their business activities. However, this is a misconception. Private insurance is usually not designed to cover business risks. It is essential to purchase a separate business insurance policy to fully protect yourself and your business.

Misconception 2: "Liability insurance is unnecessary"

A common misconception is that liability insurance is only necessary for businesses in certain industries, such as construction. In reality, any business can face liability claims. Liability insurance is essential coverage that protects you from claims and legal fees.

Misconception 3: "Asset insurance is not necessary"

Some business owners think they don't need insurance for business assets because they work from home or have few physical assets. It is important to realize that business assets include more than just physical property. Consider software, electronic data and intellectual property. Business asset insurance protects you against loss, theft and damage to both physical and intangible assets.

Misconception 4: "Disability insurance is too expensive"

Many business owners put off purchasing disability insurance because of the assumed high cost. While premiums may vary, it is important to consider the financial risks of disability. Disability insurance provides an income if you are unable to work and provides peace of mind during difficult times.

Misconception 5: "I am covered by my supplier's insurance."

Some business owners rely on their suppliers' insurance to protect them from any damages or losses. However, it is important to understand that your supplier's insurance may not cover all the risks your business specifically may face. It is wise to purchase your own insurance to have complete control over your coverage.

Taking out business insurance? Calculate the premium right away!

Misconception 6: "Insurance is only necessary for large companies"

The idea that only large companies need insurance is a misconception. Regardless of the size of your business, it is essential to get the right insurance to protect yourself, your employees and your company. Even small businesses can face unexpected events that have financial implications.

Misconception 7: "Insurance is an unnecessary expense"

It is understandable that business owners want to minimize costs, but viewing insurance as an unnecessary expense is a mistake. Insurance is an investment in protecting your business. The financial consequences of an uninsured incident can far exceed the cost of the premiums.

Misconception 8: "All insurance is the same"

There is a widespread misconception that all insurance is essentially the same. In reality, there are different types of insurance with specific coverages. It is important to understand what risks your business faces and what insurance is best suited to them. A customized insurance package will ensure optimal coverage.

Need help with your business insurance?

It is important to be aware of the misconceptions surrounding business insurance for your company. Of course, you want your business to be properly insured. With the right insurance, you'll be protected against unforeseen circumstances. Still have questions? Then be sure to contact us! Our advisors will be happy to help you with all your questions.