brier August 28, 2012 No Comments

Of the many decisions a small business owner needs to make, purchasing the best insurance to financially protect your business is one of the most important. The best way to do this is to analyze your business, and the risks you might encounter.

Although most insurance coverage is optional, there is one type of insurance that is mandatory in Florida. Businesses employing four or more people are required by Florida law to purchase workers’ compensation coverage.

If an employee is injured while completing a work-related activity, your workers’ compensation insurance may provide them with partial wage replacement, and also helps cover the cost of their medical expenses.

When it comes to optional insurance, you might find that policies to cover your business premises and equipment, and liability insurance, are more of a necessity. If you had to pay for the cost of repairing or replacing your building or equipment after a fire, could you afford it without insurance? What if a customer tripped and fell, and filed a lawsuit? Liability insurance helps pay for the costs associated with a lawsuit concerning personal injury or property damage or deaths caused by your business operations.

You might never need to use your insurance, but it can provide essential financial protection and peace of mind. There are a number of other policies you might also want to consider for your business, such as business interruption insurance, or commercial auto. Why not talk to one of our agents about your needs.