Small Business Insurance Basics

It is important to know what type of insurance your business should have

Your business is your livelihood. That being said, it is important to know what type of business insurance coverage you need to adequately protect it. There are four basic types of insurance coverage’s that most businesses need. This includes; property insurance, liability insurance, commercial auto insurance, and workers compensation insurance.

  • Liability Insurance – Lawsuits are very common in this day and age. Any enterprise can be sued. Whether is is a simple trip and fall or a customer claiming that your business caused harm as the result of a defective product, the chances of getting sued are there. The liability portion of your insurance policy will pay for damages that you are found legally liable for up to the limits of your policy.
  • Property Insurance – Property insurance compensates you if the property you use in your business is damaged or lost as the result of common perils such as fire or theft. Property insurance can cover personal property as well. This includes items such as furniture, inventory, machinery, computers, etc.
  • Commercial Auto Insurance – If you use your vehicle is used for business purposes it is important to have a business auto insurance policy. This policy provides coverage for vehicles owned by the business. Depending on the coverage’s you buy, this policy may pay to repair or replace your vehicle due to damage from accidents, theft, flooding, and other perils. It also covers any cost to third parties resulting from bodily injury or property damage for which your business is held legally liable.
  • Workers Compensation – In the state of Florida an employer must have workers compensation insurance when there are more than 4 employees. Construction employers must carry this coverage if they have 1 or more employees.

What is a (BOP) Business Owners Insurance Policy?

A BOP policy combines coverage’s for all major liability and property risks as well as various additional coverage’s into one package that is suitable for a wide array of small businesses.

To speak with an agent in regards to your business insurance, feel free to give us a call today at (386) 734 3970

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