Also called commercial insurance, small business insurance protects your small company’s property, assets, and the income it earns you. You may choose to get basic insurance which covers the aforementioned, or you may obtain general liability coverage, business interruption coverage or fidelity coverage. These are expanded forms of insurance that can help you protect any special needs that your business faces.
A regular BOP or business owner’s policy helps you take care of any financial losses caused by theft, wind, fire or lighting. Your owner’s policy will describe everything that is covered. Read it carefully. You might want to add additional forms of coverage like the general liability policy.
A basic policy usually has this insurance cover but you might only be limited to a certain benefit limit. If you want more for your commercial coverage you should ask your agent for advice. General liability covers you if someone is injured at your company premises. It pays for medical expenses and may cover legal costs if you are sued for an accident that occurred on your premises.
This is the part that is important to understand.
A person’s medical costs might go above your covered limit. This means that you would have to pay out of pocket for the rest. Consider getting more coverage if this makes you feel uncomfortable.
However, weigh the odds of how likely it is a person would visit your premises and become injured. If you have a home office, for instance, and do most of your business online your basic business liabilities may be covered by your insurance policy.
Other types of coverage include business interruption insurance. This covers losses and damage if the business must stop operating. The insurance only covers the losses of income caused by the interruption and restores it to its original condition. Know more about Our website .
Fidelity insurance covers you against dishonest workers.
If you have employees that have access to financial records, customer credit card information or something else sensitive, you may want fidelity coverage. It covers you against unauthorized activities, fraud and any risks that come with access to sensitive, private information. Banks usually have this type of coverage on their tellers. If you have any type of financial information being worked with daily, you should consider this coverage.
If you are still debating why to get business coverage at all, think about how much being a corporation or LLC covers you. It only offers limited protection to you personally. Business insurance protects your personal assets as well as your business assets. In some cases, you must purchase the basic forms of business coverage. Certain states require the additional types available.
Any business that has employees must have disability insurance, unemployment insurance, and worker’s compensation. These are required by the government.
Visit your local insurance agent to discuss your needs. You may be able to purchase this coverage from the same insurance company that takes care of your home, auto or life coverage. You can find out from the agent exactly what types are best for your small business. Know more about florida business insurance .