So You Think You Know About Business Insurance? Take This Quiz.

You may consider yourself well versed when it comes to the ins and outs of business insurance in Florida, especially if you own a business in Florida. But just how accurate and in-depth is your knowledge? In the spirit of fall, which is back to school time, take this quiz to test your awareness of business insurance myths and truths.

Business Insurance Questions:

1. True or False The "exclusions" section of your business insurance policy lists the types of claims that you will not have to pay for.
2. True or False Compared to health insurance, business insurance is generally rather affordable.
3. True or False Prices for business insurance have lately been at an all-time low.
4. True or False All businesses are required by law to have insurance.
5. True or False The premium is the amount of money you are required to pay immediately after a claim, before the insurance company will start paying.

Business Insurance Answers:

1. False - The exclusion section of your business insurance policy will outline all that is not covered by your insurance provider. Many business owners assume that once they are paying for insurance, every aspect of their business, and everything that could possibly go wrong is covered. This is a myth. Want to know a truth? Most people don't bother to carefully read their policies! Make sure to read yours, and be aware of just what isn't covered. Chances are, you can add coverage to your existing policy to protect those excluded aspects.
2. True - Business insurance is pretty affordable, so to use the "It's too expensive" excuse is to perpetuate a myth, and hold onto unnecessary risk factors.
3. True - As recently as 2011, prices for business insurance were at an all-time low. Things haven't changed much in the last year. Business insurance providers are finding themselves in the softest market ever in the history of their business. Too bad for them, but great for us!
4. False - Although not all businesses are required to have insurance, most smart business owners know that insurance allows them to spread their wings, take risks without undue anxiety, and help their businesses flourish. Without business insurance, a seemingly small calamity, such as a customer slipping on a flower shop's wet floor, can result in closed doors that never reopen.
5. False - The premium is the regular payment you make to your insurance provider to maintain coverage. The initial payment you make after a claim, before your coverage kicks in, is called the deductible.

For more information about insurance myths and truths, contact Post Insurance and Financial today.