Small business owners make up the backbone of the American economy. If you are an entrepreneur or business owner, you’ve likely invested a significant amount of time, money and resource into the success of the operation. Although you may never have considered business insurance, a policy of this type can help to protect your company assets from financial risk. If you’ve ever asked yourself, “Do I need to buy business insurance?”, the answer is most likely yes.
Every small business is unique, and the risks they face differ from situation to situation. There is no formula for finding the right business policy for you – and an experienced insurance advisor can be a valuable resource for figuring it out. Your policy will depend on the type of business you own, how many people you employ, your gross annual sales and your other business assets.
Calculating Coverage – How to Buy Business Insurance
There is an entire spectrum of business insurance products which can help to protect business owners from varied risks. These coverages include:
Commercial property insurance: Coverage for if the business property is damaged as a result of a covered incident, such as a fire. The policy can cover the company’s physical location, as well as equipment, whether leased or owned.
General liability insurance: Protects business from property damage liability and bodily injury liability. If a tenant or customer is injured or harmed on your property, this coverage may kick in for expenses and medical bills.
Commercial auto insurance: Covers damages to a vehicle if the business owner or employees experience a car accident while on company business. The coverage is similar to personal automobile policy, and may include such coverage as collision and comprehensive coverage and personal injury protection (PIP).
Professional liability insurance: Otherwise known as errors and omissions insurance, this coverage will protect a small business from claims for mistakes arising from professional services.
Business interruption insurance: Covers the loss of income resulting from a disaster. A covered loss of income may be due either to disaster-related closing of the facility, or due to the rebuilding process after a disaster. Business interruption insurance is also known aa business income insurance.
Data breach coverage: Also known as cyber insurance, this policy can protect your business against certain cyber risks and threats, and cover expenses incurred as a response to a data breach or cyber attack.
Workers’ compensation insurance: Provides for benefits to help employees to recover from a work-related injury or illness.
Every state has its own regulations on required minimum insurance coverage for business, but Florida does not require general liability insurance. Port Charlotte area business owners should consider covering their business to protect them against any litigation which a disgruntled customer may choose to bring; as well as to protect you in the case of hurricane, flood, or other disaster.
The experts at Ezzi Insurance Advisors can help you to determine the risk your company faces, and to help you determine the right level of coverage for your business. Call us today to learn more about your options when you buy business insurance – or need home, life or auto insurance for your personal life.
