The process of selecting business insurance is fraught with peril and no one likes the prospect of letting money go to waste. To learn more about each aspect of your potential coverage package, keep reading.
1. Knowing What You Need
All businesses need to start with a basic worker’s compensation policy and this is typically non-negotiable, as the costs of going without one are simply too steep. Property insurance is also an essential must, as this protects your equipment and your inventory.
General liability coverage is necessary since it keeps a business from having their coffers completely wiped out by a garden variety injury claim. A business owner policy may also work best for your needs as these policies allow you to combine your property and liability coverage, lowering the overall premium.
2. Growing Companies
If a business is growing and using more vehicles, business vehicle insurance is recommended, especially for those who use a company car for work purposes. A personal auto insurance policy will not provide full coverage if an accident is sustained while business related tasks are being carried out.
Employment practice liability insurance keeps a business insulated from frivolous lawsuits that are related to the treatment of employees, as median jury rewards in such cases continue to skyrocket. Business interruption insurance is needed, as well, as these policies cover you in the case of a natural disaster and ensure that you can continue to remain viable in the face of a prolonged shutdown.
3. Special Circumstances
Key man insurance is needed if a business team has an indispensable member who could die or become disabled. If the only indispensable person is the owner, then this policy may be an unnecessary duplication of a current life insurance policy.
Errors and omissions insurance is for businesses that have a professional liability and could be sued for giving out faulty advice or selling unsafe products.
Directors and officers liability is typically not necessary for a smaller business, these policies are recommended to companies that have various outside investors and are more likely to be sued.
4. Coming Out Ahead On Your Claim
Having a squabble with an insurer about the coverage they’re willing to provide? Follow these steps for coming out ahead on your claim: keep detailed records of all transactions and assets, inform the insurer as soon as possible (delays look bad on you), check with the insurer on a regular basis, learn your rights and be sure to hire a lawyer.
5. Knowing Where To Buy
An insurance agent is typically beholden to their carrier while an independent broker has the autonomy to write a policy on behalf of more than one company. An agent or broker that you choose should have your best interests at heart and serve as a matchmaker of sorts.
Finding an agent or broker who specializes in your particular industry is helpful, as they will provide you with coverage that is tailored to your business insurance in Florida needs. Last but not least, don’t trust every online quote you find. Speak to a live agent before making a final decision.