A lot of time and money gets invested in your small business, so it only makes sense to protect that investment with quality insurance coverage. It’s a known fact that business insurance in Florida is an essential part of any successful business operation. It’s the only way of safeguarding your business assets, along with your employees and your livelihood.
Essential coverages required by most small businesses
Of course, business insurance policies come in many forms designed to cover many different needs. There are several factors to consider in order to determine what coverage you’ll actually need and the rate you’ll be required to pay, such as the type of business you own, whether you’ll be operating from a commercial building or home office, and whether you have employees.
Property insurance is pretty standard stuff and covers your buildings, equipment, inventory and other contents. Liability insurance is needed if you have customers visiting your business, as it protects your business in the event a customer is injured on your property, along with paying for your legal defense if you face a lawsuit because your product or service causes harm.
Obviously if you’re using vehicles in the commission of services then commercial auto insurance can aid you in the event of claims. Not having coverage can be devastating for businesses that aren’t properly insured. If you or your employees drive company-owned or personally owned vehicles in the course and scope of business, then you will need commercial auto coverage.
Most businesses cannot afford long work stoppages for any reason. A business interruption (BI) policy is for when your business is unable to operate because of a covered property loss. BI insurance covers lost income during any downtime due to equipment breakdown or malfunction.
Other policies to consider
Other standard business policies include workers compensation, disability, health and life. These are all aimed at taking care of employees, both short term and long term. It’s what makes your company attractive to candidates you may wish to hire, helps improve employee morale and retention, and is often key to your success. Speak to an agent about the many options available under business insurance in Florida.