social social social
Info Icon Info Icon Info Icon
Español
Call or Text (516) 354-4849
☰ ˟
Logo
Call or Text (516) 354-4849
  • Home
  • Personal Insurance
    • Instant Quote
    • Automobile
    • Classic Car
    • Homeowners
    • High Value Home
    • Flood
    • Life
    • Motorcycle
    • Personal Umbrella Insurance
    • Special Events Insurance
    • Watercraft & Boat
  • Commercial Insurance
    • Instant Quote
    • Auto Repair Shops
    • Business & Commercial
    • Cannabis Industry
    • Car Wash Insurance
    • Transportation/Trucking Insurance
    • Commercial Property Insurance
    • Commercial Umbrella Insurance
    • Contractors Insurance
    • Cyber Liability
    • Daycare
    • Farm
    • General Liability Insurance
    • Office Insurance
    • Restaurant, Bar, & Tavern Insurance
    • Retail Store Insurance
    • Service Station Insurance
    • Small Business Insurance
    • Wholesalers and Distributors
    • Workers Compensation
  • Policy Service
    • Pay Your Bill
    • File A Claim
    • Carrier Links
    • Service Request
  • Resources
    • View our Blog
    • Refer a Friend
    • Insurance Glossary
  • About Us
    • About Us
    • Our Locations
    • Employee Directory
    • Privacy Policy
  • Contact Us
Home > Blog > Are You Making Mistakes That Could Cost Your Business
MONDAY, JANUARY 2, 2023

Are You Making Mistakes That Could Cost Your Business

Every small business owner knows the importance of saving money whenever possible, but many businesses make costly mistakes without knowing it. When it comes to business insurance, a small mistake can mean big bucks down the road. Are you making these mistakes? 

Neglecting to Review Coverage two business people working together
A business is in constant flux, which means coverage needs are always changing. If you neglect to review your business insurance policies, you could wind up underinsured—which could be extremely costly in the event of disaster—or over-insured—which means you’re spending more on premiums than necessary. Review your coverage with your independent insurance agent every year or after big changes like relocating, hiring/firing employees, investing in new equipment or offering new services. 

Paying for More Insurance than Necessary 
Stemming off the previous topic, paying for more coverage than you need is an expense that can easily be cut. The key is to work with an agent who is familiar with your business’ industry and the associated risks. Speaking with an agent with this knowledge saves you a lot of time that would otherwise be spent explaining the ins and outs of the business. And a knowledgeable agent can quickly discover if you’re paying for a policy that isn’t necessary. 

Using the Wrong Classification Codes 
Employee classification codes are used by workers compensation insurance providers to identify the hazards associated with the job. For instance, it will be more expensive to insure a construction worker or police officer than it would cost to insure a secretary or web developer. With over 700 codes, it’s easy to overlook a mistake. Ensure that all employees are classified correctly, rather than assigning a blanket classification for your entire staff. 

Misclassifying Independent Contractors and Employees 
Classifying independent contractors as employees or vice versa can lead to costly trouble. If caught by an IRS audit, you could be held responsible for back taxes and overtime pay. Not to mention, if you’ve classified a contractor as an employee, you’re wasting money paying into Social Security and Medicare when you don’t need to. 

Check your coverage today. Call Keats Insurance Agencies for more information on business insurance.  

Posted 6:36 PM

Tags: business insurance
Share |


No Comments


Post a Comment
Required
Required (Not Displayed)
Required


All comments are moderated and stripped of HTML.

NOTICE: This blog and website are made available by the publisher for educational and informational purposes only. It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional in your state. By using this blog site you understand that there is no broker client relationship between you and the blog and website publisher.
Blog Archive
  • 2023
  • 2022
  • 2021
  • 2020

  • insurance(12)
  • business(8)
  • coverage(7)
  • policy(6)
  • business insurance(5)
  • owners(4)
  • commercial(4)
  • homeowners(3)
  • auto insurance(3)
  • small(3)
  • rates(2)
  • car(2)
  • auto(2)
  • commercial umbrella insurance(1)
  • liability(1)
  • workers compensation(1)
  • general(1)
  • home insurance(1)
  • life(1)
  • flood insurance(1)
  • life insurance(1)
  • house(1)
  • dui(1)
  • whole(1)
  • terms(1)
  • bop(1)
  • contractors insurance(1)
  • general liability insurance(1)
  • professional(1)
  • credit(1)
  • farm insurance(1)
  • cyber(1)
  • liquor(1)
  • motorcycle insurance(1)
  • special event insurance(1)
  • boat insurance(1)
  • retirement(1)
  • motorcycle(1)
  • commercial property insurance(1)
  • fire(1)
  • homeowners insurance(1)
  • ron keats(1)
  • umbrella insurance(1)
  • small business insurance(1)
  • commercial auto insurance(1)
  • myths(1)
  • score(1)

View Mobile Version

Contact Us Today!
(516) 354-4849

Social Social Social

Personal

  • Automobile
  • Homeowners
  • Life
  • Motorcycle
  • Recreational Vehicle

Commercial

  • Business & Commercial
  • Commercial Auto
  • Commercial Property
  • General Liability
  • Workers’ Comp

About Us

  • Who We Are
  • Our Locations
  • Meet the Team
  • Pay Your Bill
  • Policy Service
trusted choice

Contact Headquarters

485 Jericho Turnpike
Mineola NY, 11501 USA

Ph: (800) 871-1992