Entrepreneurs who strive to run a small business have to understand the risks and exposures associated with their line of work. Manufacturers have certain risks, and retail store operators also have their own unique concerns, but they may have different requirements for coverage over liability and other issues.
Anyone operating a business wants to have the comfort of knowing that the business is protected against lawsuits. Depending on the products or services you provide, you will need specific types of small business insurance in Florida as a safeguard. The process should include speaking to an agent in order to evaluate the insurance market carefully and determine what best fits your business model.
Basic insurance requirements
Mostly every type of business needs a foundation of policies to cover liabilities, employees, and business interruption. Some factors that help to dictate exactly what you purchase are likely to be low rates, excellent service, financial stability and the ability to customize your coverage. Among the most common policy coverages are a general liability, workers compensation, business income, and umbrella coverage. There are other areas of concern that may also need to be addressed.
Other coverage options to consider
Business owner insurance provides damage protection from fire and other mishaps and offers a degree of liability protection. Property insurance covers damage to the building that you operate out of, as well as the furniture, equipment, inventory and other business-related items. Product liability insurance is needed if your products could conceivably cause harm to others. Even the packaging that your products come in can pose a risk.
Errors and omissions insurance coverage offers protection should you make a mistake or be accused of negligence that causes a customer or client financial harm. It’s essential if your business can be sued for giving out bad advice or omitting important facts to a client.
Business interruption insurance ensures you’ll get paid if you lose income as a result of damage that temporarily shuts down or limits your business. Equipment breakdown coverage is also vital to protect business machines. Also, if your business uses autos or trucks in performing services you’ll need commercial auto insurance with collision and liability coverage.
For other risks and exposures that may be a concern, speak to a reputable agent about small business insurance in Florida to help service your needs.