There’s a ton of free information on the internet about buying insurance for business and personal protection, but it tends to be the same advice over and over. In today’s post I’m linking you to a few articles on the topic that caught my eye because they are a little different than the usual fare.

First, Charles Wilson of RiskSmart Solutions offers a tidy one-pager about why you don’t want to underinsure your business assets.

He points out that it can happen intentionally when people low-ball asset value in order to lower insurance premiums. And it can happen unintentionally when people forget to add assets to the list, don’t account for inflation and true replacement costs, or forget about incidentals such as shipping and sales tax.

Charles also mentions a “co-insurance clause,” which lets your insurance company under-reimburse you for the loss if you have underestimated the value of your assets.

Maybe I’m particular to Charles’ work because like us, he doesn’t make his money on referral fees or commissions. He makes his money on the value of his consulting services only, so there’s much less chance of conflict of interest. So when Charles offers advice on how to select a good insurance broker, it’s well worth heeding.

Next is a recent Inc. Magazine article that addresses a new category of insurance – cyber risk. It’s worth the quick read and it’s something we should all put on our radar screens as we do our risk management planning.

I like this next article because it deals with personal insurance (not business), and it flat out recommends that you save your money and don’t buy at least ten types of insurance. Agree or disagree, it’s refreshing when someone gives a strong opinion like this and takes the “less is more” approach.

Finally, an all-purpose insurance website for small business was recommended by Ilana DeBare in a recent Mind Your Business column.

Buying insurance certainly isn’t the most interesting part of running a business, but if you pair this necessary evil with establishing a corporation or an LLC, signing good contracts, and taking care of your customers, you should be in pretty good shape.