16 Jul Business Insurance – Are You Covered?
Accidents, illnesses, and damages are all risks to look out for when you’re in business. Unexpected events occur every day. To limit your risks as a business owner, you need to consider a favorable insurance policy that protects your company when faced with unexpected circumstances, and prevents it from collapsing financially. The types of business insurance policies you’ll need depend on the nature of your business. Fortunately, businesses have access to a wide range of insurances to help protect them against any threat.
Basic Business Insurance Coverage
If you’re in business, you’ll need to start out with a basic coverage that will help protect your company’s property, assets and income. These are examples of basic insurance policies for small businesses:
General Liability Insurance: This provides coverage for damages awarded in lawsuits. It also covers injuries or accidents while on your property. The coverage you get is based on a per-loss limit and an annual limit.
Commercial Auto Insurance: Commercial auto insurance is required by the state of Florida, and is important to safeguard your business. You will need this coverage if your business owns, leases or rents any vehicles. You’ll also need it if your employees drive their own car or company vehicles while conducting business.
Additional Business Insurance You Might Need
As your business grows, you will need additional coverage to better protect your company and employees.
Business Owners Policy (BOP): As a business owner, ensuring the livelihood of your business and your employees is your responsibility. You will need a business owners policy that packages all coverage needed. This policy combines property insurance and liability coverage.
Business property insurance covers any damages or destruction of important business documents. It protects your property against any loss due to destructive events like fire, theft, robbery, etc.
A business liability insurance includes a general liability insurance, covering your business for any types of damages awarded to lawsuits due to injuries, discrimination, or sexual harassment.
Based on your company’s specific needs, you can customize what is included in your business owners policy. Typically, a BOP will save you money because the package of services costs less than buying coverage individually. Strassman Insurance Group offers a Business Owners Policy (BOP) that is customized to meet the needs of your specific business.
Product Liability Insurance: If your business distributes products to the market, you should seriously consider getting product liability insurance. This coverage protects your business against financial losses as a result of damages caused by one of your company’s products.
Workers Compensation Insurance: Accidents happen. If you’re a business owner, you should be aware of the importance of protecting yourself and your company from legal complications. A workers compensation insurance policy protects employees who are injured on the job by providing them with a wage replacement and medical benefits.
Home-based Business Insurance: Working from home has become very popular. Thanks to major advancements in technology, many professionals and small business owners work from the comfort of their home. However, it is important to know that neither homeowners or renters insurance cover home-based businesses. Therefore, if you work from home, it is wise to consult an insurance professional and ask about additional insurance you may need.
Commercial Property Insurance: This type of coverage protects your building and/or business against property damage resulting from destructive events such as fire, vandalism, theft or smoke damage. However, mass-destruction events like floods, hurricanes and earthquakes are not covered by this policy. If your area is prone to these events, talk to your Strassman Insurance Group agent about additional coverage options to better protect your business.
Business insurance helps protect you from any unexpected financial losses that might jeopardize the continuity of your business. It is important for professionals and business owners to know which coverage will provide the best protection.
At Strassman Insurance Group, we make sure our customers get the maximum coverage at the best price possible. Schedule a free, no-obligation consultation with one of our experienced agents, and let us help you find the perfect policy to protect your business against any risks.