New business owners in The Sunshine State are often faced with a unique set of challenges and opportunities in developing a stable business enterprise. Many small business owners find it difficult to compete in todays competitive marketplace and will often cut costs in an effort to remain profitable. This can come at great expense if insurance that is required is not purchased in adequate amounts.
Without a foundation of policies designed to reduce exposures common in most organizations there will be an increased risk of liability due to anything from injury claims, to an assortment of liability issues that can be costly if you don’t have the proper insurance in place. That is why local insurance agencies try to help entrepreneurs in making decisions about small business insurance in Florida, with the understanding of how very necessary it is to purchase certain products.
Business insurance policies designed to protect your company
No matter the type of business you may wish to operate, obtaining customized business insurance policies is a must. Whether you’re venturing into a retail business that caters to an affluent customer base, or you need liability coverage and workers compensation for an auto repair shop, you’ll be better off getting assistance from an insurer that can help you find reasonable quotes to fit your company’s exact needs.
It may be determined that a Business Owner Policy or “BOP,” which includes a basic General Liability package policy, will best protect your company in the event anyone (outside of employees) is injured on your premises. The policy will also protect you in the event that you or one of your employees causes an injury or property damage at a client’s location.
Workers’ Compensation insurance, a requirement in most states and not available as part of your BOP package, provides medical and disability coverage for company employees in the event of any work-related illness or injury. You can be educated on the claims process that employees will undergo if they are ever injured while on the job.
Employment Practices Liability Insurance (EPLI) may also be essential as it provides protection should one of your employees allege any number of employment practice violations. This includes age, race or gender discrimination, wrongful termination, as well as accusations of sexual harassment. EPLI is essential coverage in today’s litigious workplace.
These are just a few samples of some of the policies favored by owners shopping for small business insurance in Florida, coverage that most business owners need. Speak to a reputable agent about any questions concerning your current coverage needs.