Insurance companies see some pretty scary things on a regular basis. In fact, there could be any number of hidden dangers lurking in your very own business – dangers that could threaten your ability to get insurance for your business.

Here’s a list of four things that scare the heck out of your insurance company:

1. Bad housekeeping. We’re not talking about a few little dust bunnies in the corner. What strikes fear in the heart of your insurance company is when buildings are in disrepair (for example, broken steps or staircases could be a tripping hazard – even worse if there’s no hand railing). Overflowing shelves that are one falling box away from a serious concussion. Hazardous goods or flammables stored next to a heating source. And don’t even get us started on that dripping downspout that creates slippery puddles of water (and turn into even more slippery patches of ice in cold weather).
2. Your location. Let’s say you own a shop that sells fine china and crystal goblets. Nothing too frightening about that, right? Only, your store happens to be located above a very trendy and very loud nightclub, whose booming music makes the shelves – and your insurer’s teeth – rattle.
3. Lack of security. Nothing makes an insurer shudder like old (and easy-to-break) locks on doors and windows, a poorly lit space or a lack of an alarm system. Likewise, if your business sees a lot of foot traffic, there’s nothing more frightening than unsecured laptops waiting to be scooped up or mobile phones left unattended. And be prepared to hear your insurer screech in terror if they discover that you tend to keep large amounts of cash on-site (that’s just begging for someone to come and rob you).
4. You sell goods to the U.S. without a formal quality control process. Now, we’ve got nothing against our neighbours/neighbors to the south. But one thing that does spook us is the thought of having to deal with the tangled web of laws and regulations that come with doing business in the United States. Think about it – if a restaurant can be sued for over $2 million for selling a hot cup of coffee, the potential losses for any faulty products you might sell to the U.S. could put you out of business in no time.

The good news is that, for the most part, these potential risks are preventable. By addressing these risks, along with any others your insurer may have pointed out, it’ll be much easier to get a better rate for your business. After you do, the only thing your insurer will be scared of is losing your business.

You’ve read the blog post – now watch the video! Four things that make your business scary to insurers.