Buying suitable and adequate insurance for your business can be quite a complex undertaking, and it is essential to make sure you have all bases covered. Because of the risk involved in running a business, it is essential that you have broad coverage in your Florida business insurance policy. Examples of business insurance include:
- Property insurance: this covers for physical loss of buildings and contents in the event of disaster or accident. However many policies will not cover you for earthquake or flood damage so you may need additional coverage for these.
- Business interruption: if you are unlucky enough to suffer property damage, and you cannot operate your business for a time period, or you are a sole trader and you suffer a personal accident, business interruption insurance provides coverage for loss of income and for costs (based on your financial records) during the time your business is out of action. Within this category, you can also take out “extra expense coverage”, to cover the expense of keeping the business going, for example if you temporarily rent an alternative building.
- Liability insurance: this can cover you in the event of someone suing your business for negligence or for error.
- Workers Compensation: covers your employees in case of a workplace accident or injury.
Other types of insurance you might need for your Florida business may include commercial auto (for business vehicles), group health insurance offered to your employees, as well as death and disability insurance in case of trauma to business partners or key personnel. Protect your commercial venture the right way – with a comprehensive, dependable Florida business insurance package.