Top 6 Insurances Essential for your Business
So you’re a resident in the state of Florida and your starting out with a new business, you’re going to want to protect your new business with a variety of coverage.
The first type of insurance important to any business is property insurance. A business needs this to protect their assets and business property. It’s important to find a policy that is going to cover all of your business equipment, merchandise, or anything else essential in the event of a natural or accidental disaster.
A required insurance for any business in the state of Florida is general liability. This covers any damage conducted to your business by any third party, this also covers any bodily injury at the fault of your services, employees or products.
Additional required business insurance in Florida is Workers compensation. You need this to protect your employees when they experience an injury at your business. Workers are given medical benefits along with partial wage replacement that experiences injury on the job. The employee automatically forfeits the ability to sue when they accept the benefits.
Commercial auto insurance is only required if your business conducts deliveries, transportation, or any other type of business that requires a vehicle. They’re multiple types of commercial car insurance available such as non-owned liability coverage that will provide your employee with insurance if he or she does not have any for their own personal automobile.
Professional Liability insurance is recommended because it can protect your business in a lawsuit against damages that have been committed by your services or products. This type of coverage is quite important for those who can admit they make mistakes, well in business a mistake can cost a lot of money depending on the type made. Those who offer advice to professionals risk being liable for damages if their client is harmed by the advice given, you can protect yourself from this type of harm with professional liability insurance. Consultants and nurses are the most typical business that will require this coverage.
Finally, Data breach insurance is becoming more important for businesses that collect private personal information. The hacking of companies are becoming more of a common occurrence now than ever before with the rise of hackers. Your company can become liable for damages if someone was to obtain your collected clients or customers private information.
It’s important to find multiple quotes for each type of insurance before finalizing on a policy. Those looking to save money on this necessary business expense can do so by acquiring the business owner’s policy, this provides all of the state required coverage’s in one single package, savings are included for buying in a bundle
Every business is different and requires different levels of coverage, we have only spoken amount some of the essential we deem necessary to consider and recommend you conduct further research online or through an agent. We also have additional information about commercial insurance available throughout our blog that we recommend reading that can be found quickly with a search.