As a small business owner, the threat of having to call it quits is something you don’t even want to consider. However, in the wake of an adverse incident without adequate insurance, your business could be in danger of just that.
Along with lawsuits, on-property falls, employee relations complications, and more comes the threat of severe weather. In the aftermath of Hurricane Irma alone, thousands of Florida businesses were forced to close for weeks or even months. Some have yet to reopen, while others have been outright abandoned by their owners.
Securing adequate insurance is essential to positioning your business to grow and thrive for years to come. Here’s what you need to know:
Insurance Protects All Parties
You may already be aware of the liability coverage that comprehensive small business insurance provides. However, there are also safeguards available to ensure the safety of your customers, employees, and property.
For instance, worker’s compensation insurance pays medical care and lost wages to workers who are injured on the job. By providing this insurance — which is required in most states — you reduce the risk of being sued. In addition, when employees feel respected and valued, they are more likely to return following an accident.
Errors and omissions (E&O) insurance protects your business against faulty or incomplete advice or recommendations that cause harm to others. Many other non-traditional types of insurance could also benefit your business, including terrorism insurance, pollution liability, data breach, HAZMAT insurance, employee practices, and more.
Comprehensive Insurance is Ideal and Recommended
While you focus on the growth and prosperity of your small business, it’s nice to have the peace of mind that you’re covered in any number of scenarios. Essential coverage for small business includes:
Many owners choose business owner’s policies (BOP) that package all required coverage together. In some cases, BOP includes other useful coverage such as vehicle, crime, and business interruption.
When employees are required to drive company or personal vehicles for business use, it’s also wise to have third-party vehicle insurance, which protects company property and liability in the case of an auto accident.
If you operate a home-based business, you may be surprised to know that most homeowner’s policies don’t cover your business in the same way that commercial insurance does. It’s wise to speak with a qualified insurance agent to discuss additional insurance to cover equipment, inventory, and other considerations.
Bundling Insurance Options Saves Time and Money
When it comes to insurance, we’ve got you covered. From business, homeowner’s, fire protection, church and school, RV insurance, and more, we have options to fit every need.
For years, we’ve been the go-to trusted resource for countless Florida business owners. Contact us to learn how you can begin coverage today.