As a business owner you might think that insurance is not all that important, especially if money is tight and you’d prefer not to spend it on something that is intangible. However, have you have thought about what could go wrong and are you truly willing to take the risk?
In today’s litigious society, adequate Florida business insurance is more important than ever. Without proper coverage you could find yourself personally liable and in danger of losing personal assets like your home, investments, vehicles, or cash; and if you or an employee becomes injured or disabled your business could be dissolved if you are without the necessary protection.
The act of customizing an effect Florida business insurance package involves analyzing your business, assessing the risk level involved in running it and buying the appropriate level of cover to help manage those risks. Types of cover include property, casualty, liability, commercial auto, workers compensation, business interruption, health, and life and disability insurances.
“Packaged” coverage, or an all-inclusive plan, for small business is often referred to as a Business Owners Policy (BOP) and this may suit your needs. However BOPs do not generally cover workers compensation, health or liability insurance.
Business insurance can be quite complex, and it is important to do your research well, or if you are using an insurance agent, to communicate with them about your business needs. Every business is unique and your Florida business insurance needs to be tailored to suit your specific needs and operating requirements. Remember, it is also vital to review your business coverage regularly to make sure it is effective, especially if your company has grown and/or changed.