Every individual in Florida needs a number of types of insurance either by law or for peace of mind. But it’s also important for a number of them to have Florida business insurance too. Without this, their whole company could end up becoming quite the liability over night.
The truth according to https://floridainsurancequotes.net/business-insurance/options-small-business-insurance-florida/, is that business insurance actually refers to at least four separate versions. It’s believed that having these four types of insurance will sufficiently protect your business (though this is a general rule and you may have to do some research on your specific company’s needs). Let’s review what these four types of coverage are.
This one’s basic enough, but essential to many companies. Like most businesses, yours probably has a number of physical assets you rely on to turn a profit. If something happened to those assets—they were stolen or destroyed in a fire—you could be in a lot of trouble as a business, right?
This is where property insurance comes in. By getting this important form of insurance, those assets are covered in case the worst should happen. Property insurance will cover your company’s physical building as well as the assets inside, including personal property.
We’ve all seen the stories on the news. Somebody slips and falls in a hotel or burns their tongue on some soup that was served too hot. Did the business want these outcomes for their patrons? Of course not. But they happen and often they’re the first step toward a lawsuit.
Just about any time a person believes that they were injured or that their own property was compromised because of your business, they can sue you. That doesn’t always mean they’re right, mind you. And sometimes the judge may throw out the case before it gets started.
But these are far from a guarantee according to https://floridainsurancequotes.net/business-insurance/tips-insuring-business-fall/. Having liability insurance also isn’t a guarantee no one will sue you. However, it does provide a certain amount of money to cover you in the event that something like the above happens within the confines of your business. This coverage can handle legal fees, the victim’s hospital bills and more.
Business Vehicle Insurance
If your business owns any vehicles, you’ll want business vehicle insurance. Just like the property insurance mentioned above, if this vehicle is involved in any type of incident that results with someone getting injured, you may be facing a lawsuit. But if you have this insurance to cover you, you might not have to worry about repairs, replacing your vehicle and more. This insurance even covers things like theft or damage caused by natural disasters.
Workers Compensation Insurance
Unless you’re the only employee you have, you need Florida business insurance that will cover your staff too. This way if an employee of yours gets hurt while on the job, you’ll have money to pay for their lost wages, medical care and more.
While you probably have enough to worry about with running a business in Florida, don’t forget about the essentials. Florida business insurance is an important step toward peace of mind and guarding your bottom line. You can get a quote from a website today.