Is it enough to have an ordinary small business policies ? Commercial insurance of any kind, even the most basic, is often a requirement. However, how much additional coverage might you need to get the best insurance for your business?
General liability or commercial insurance cover the basics. It covers your small business property, its assets and the income it generates. It will protect you in the event there is a fire, a lightning storm, wind damage or theft. It is also going to cover you if someone is injured at your business. It pays for their medical bills and for legal bills if they decide to sue you.
This basic policy is usually required for you to hold in order to operate.
Each state is different, and depending on the type of business you run, you may be required to hold additional coverage on the business. Additional forms of insurance can include product liability insurance.
You may want this type of coverage if your business manufacturers products. The coverage will protect your business in the event someone becomes injured by one of them. If you are a service-oriented business you may opt for professional liability insurance. This covers your company in the event someone is injured from advice given to them or negligence done unto them.
Fidelity insurance is another form to consider if you have anyone handling money or financial transactions at your company. If anyone will be looking over a client’s finances or handling the transactions your company does using credit cards, a fidelity policy protects you against employees handling these transactions dishonestly. Most banks have insurance like this on their tellers.
If you work in an area that is prone to natural disasters, and these days there are not many areas immune to them, consider getting business interruption service. This coverage kicks in after your business is stopped from doing work and making money because of a disaster. For instance, a storm causes a fire that wipes out your storefront and all the inventory inside. Instead of being put out of business, your insurance would help you float financially until your business has been restored to normal. Read more blogs on our website .
Getting business liability insurance is a big decision.
It is better to have a general policy than nothing at all so if you are unsure what is the best coverage to get, ask your agent about a general liability policy. You can always add on more coverage or additional benefits later on.
You should have insurance in place even if you are an LLC or a Corporation. While these forms of legal structure help protect you personally they may not be enough in certain circumstances. Besides this, any company with employees is required by federal law to at least have worker’s compensation, unemployment insurance and disability.
You can ask your current insurance agent about the business products they can suggest. Or, you may be able to find a good insurance agent through your local business organization or trade association. They will help you find the best coverage possible.Get liability insurance for small business florida .