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Of all the most serious business mistakes, the most common often involve your insurance needs. The ins and outs of finding the right policies can be complicated, using language that can confuse any reasonable reader; who has time for all this? Too often, business owners skip thinking about insurance and understandably look to what they know best: running their business. Here’s some common blunders when small businesses buy insurance.

1. Getting Overwhelmed and Avoiding Insurance Altogether

This happens far too often — insurance has some tricky terminology, and even native English speakers frequently get so confused they just ignore the entire issue and hope their homeowner’s or other existing policies will cover them. This is the worst mistake possible. Don’t give up! Even a brief chat with an agent should help.

2. Trying To Go It Alone

If you run a small business, your time is priceless. The value of consulting with a full-service insurance broker can’t be overstated. When buying insurance, look for well-established brokerages that have the experience and connections to get the best match to fit your particular needs. A qualified broker can quickly walk you through the myriad and intricate differences to save you time and headaches.

3. Choosing Too Little — or Too Much — Coverage

If you always buy the cheapest policy and the highest deductibles, don’t be surprised at the consequences. However, this doesn’t necessarily mean you always need all the bells and whistles. One of the more common business blunders is to get more than you need in some areas and overlook others. Your agent can help you target your needs and avoid this costly business mistake.

4. Skipping the Employment Practices Liability Insurance

During litigious times, having EPLI can be a company saver. EPLI covers several hiring and firing issues, including allegations of discrimination, wrongful termination, sexual harassment and lawsuits arising from failure to promote. Having someone in your corner at those times can make a huge difference.

5. Ignoring Sole Proprietor Business Insurance.

Being a sole proprietor is much more common these days and is preferred by many skilled individuals now entering the workplace. Even sole proprietors usually need insurance, yet ignoring it is a common business mistake. It’s easy to forget about insurance needs when you work alone, but there’s still a lot to know. From professional liability to commercial auto insurance and even ghost policies, make sure you get what you need for protection and peace of mind. Choose a broker who can walk you through all your needs, so you can focus on producing, not paperwork.

6. Failing To Ask About Discounts

Ask about certain discounts available to businesses. Many safety discounts are available, depending on the services or product you offer. Some insurers offer bundling and group discounts, and others may have loyalty rewards for long-time customers. Try to use a full-service brokerage who has a proven track record in reducing costs for all insurance and benefits needs.

In particular, look for brokers with access to many insurers who not only will find the best insurance match but can choose between providers for the best rate possible. Using this information, you can avoid one of the costliest business mistakes commonly made as well as bypass tons of time-stealing paperwork and hassle.