Insureon Blog

Buck the Trend: Read Your Whole Insurance Policy

23. March 2015 08:04

man reading on a tablet while drinking coffee

A study by the British Insurance Brokers' Association found that 29 percent of British small- and medium-sized business owners don't read their insurance policies in full. Here are some other interesting behaviors the study revealed:

The study also showed that it's not just insurance documents that business owners are breezing past – they also aren't reading bank account terms and conditions, rental car contracts, or software terms and conditions.

Though the study focused on British business owners, chances are the results wouldn't be that much different in the United States. For example, a 2010 study out of New York University showed that only one in 1,000 online consumers access a site's terms of services, and even fewer bother to read the thing.

So what gives? Surely business owners aren't averse to being well-informed. Perhaps the reason they are skimming past crucial information is…

Granted, no one expects an insurance contract to read like a YA novel. But isn't there some middle ground? How can business owners get the information they need without the legalese standing in the way?

We have a few ideas.

Resources to Help You Understand Your Small Business Insurance Policies

Reading the fine print on your insurance policies may seem like a chore, but you need to know what your policy does and doesn't cover. When you need to make a claim, you don't want the unpleasant surprise of finding you don't have coverage for something you thought was covered.

Here are some resources that can make understanding your coverage a little less complicated:

Though these resources can help you understand your policies, it's still good to read them all the way through. That way, you can ask questions and manage any changes to your business protection plan.

Plus, you were never one to follow the crowd. Dance to the beat of your own insurance-y drum, pour a cup of coffee, and get to reading.

Tags:

Insurance News | Insurance Research | Insurance Terms Explained | Small Business | Small Business Risk Management | Tips for All Small Businesses

Permalink | Comments (0)