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Several years ago I came up with a list of the 20 biggest mistakes in the commercial insurance programs that I saw. Here's my list:

Mistake #1 - Not Having the Right Agent
Mistake #2 - Failure to Monitor the Financial Rating of Your Insurers
Mistake #3 - Failure to Review Coverage with Your Agent Regularly
Mistake #4 - Splitting Coverage between Two or More Insurance Agents
Mistake #5 - Failure to Review All Policy Exclusions
Mistake #6 - Failure to Protect Your Profits after a Loss
Mistake #7 - Failure to Manage Your Workers' Comp Policy
Mistake #8 - Buying Insurance to Cover Non-Catastrophic Losses
Mistake #9 - Low Umbrella Liability Limits
Mistake #10 - Low or No Employee Dishonesty Coverage
Mistake #11 - No Claims Management Program
Mistake #12 - No Loss Control/Loss Prevention Plan
Mistake #13 - No Fiduciary Liability Coverage
Mistake #14 - Buying the Wrong Amount of Property Insurance
Mistake #15 - Not Checking Motor Vehicle Records
Mistake #16 - No Non-Owned Auto Coverage
Mistake #17 - Not Having a Plan to Protect Business Data and Records
Mistake #18 Not Considering Earthquake Insurance
Mistake #19 Not Buying the Collision Damage Coverage for Rental Cars
Mistake #20 Improperly Funded Buy-Sell Agreements


This white paper has been my most popular - more than 700 downloads.

What mistakes don't belong on the list?

What mistakes should be added to the list?

Id like to keep the list at 20 - if you add one you must take one off.