Why Every Business Requires Insurance
There are a variety of insurance products available to Florida businesses. No one kind of business insurance product will meet the needs of every type of business. So you must choose the right type of insurance to adequately protect your company’s assets against risk. A uniquely designed insurance policy for your business will provide the most extensive and realistic coverage it needs. Every business needs some form of insurance. It is up to the business owner to understand the required coverage and choose the right policies to protect the business from uncertainties in the future. Genres of insurance for business include, employer’s liability insurance, business income insurance, business property insurance, and many others. The following information describes some of the specific reasons why your business may need a particular type of insurance.
Extreme weather events can be unpredictable and strike almost anywhere. Earthquakes, tornados, hurricanes, hail storms, and floods are examples of potentially devastating events that can seriously damage or shut down your business operations. In such cases, having the necessary business property insurance is vital in order to lessen out-of-pocket expenses and expedite the recovery and rebuilding processes as quickly as possible. A Florida insurance agency can advise you correctly on the type of insurance policy that’s best suited to protect your business investment from such occurrences.
Vandalism or Robbery
Especially for smaller-sized businesses, incidents of robbery or vandalism can have tremendously negative effects on the ability of a business to continue in the short-term. If a lot of valuable property is stolen, i.e. computer equipment, supplies, documents, then without the proper insurance, a company can be on the hook for the cost of replacing all of these important assets. Small business insurance can help carry your business through a period of downtime or reduced operational activity until all of your necessary equipment and other assets are restored.
Injury Incurred on Your Premises
Business liability insurance is necessary for many businesses to protect them against incidents of injury incurred on their property. For instance, if someone slips and falls on property grounds or in some other way injures himself on your business’s premises, you as the business owner may be held liable for damages. Professional liability insurance protects you and your business in such cases.
Disability insurance is valuable in cases where a business owner or some other important employee is injured to the extent that business operations are severely hindered or placed on hold. This insurance supplies valuable income and can also pay for bills and medical expenses during this period of time.
Temporary Business Shut-Down
When a business needs to completely halt its operations due to a tragic event such as an office fire, business income insurance can fill in the gap and allow the business to survive until the recovery, restoration and rebuilding process is complete.
Article written by Christopher Kratsas