Table of Contents
- 6 Essential Business Insurance Coverages
- Professional Liability Insurance
- Property Insurance
- Workers’ Compensation Insurance
- Product Liability Insurance
- Vehicle Insurance
- Business Interruption Insurance
- How to Buy the Best Business Insurance in Florida
- Tips for Assessing Your Insurance Needs
- Moran Insurance is Your Partner for Business Insurance in Florida
- Resources and References
6 Essential Business Insurance Coverages
From the first day a start-up business launches, it is exposed to some types of risks. Even before hiring begins, the risks are already existing, and this makes it necessary to have the right business insurance in place. A single claim or catastrophic event could wipe out the working capital of a start-up before it gets off the ground. Thankfully, there is a broad range of business insurance policies to cover any business against claims and lawsuits. Here are some business insurance types that are essential for most companies.
If you want the simplest way to buy insurance, an agent or broker is the way to go. In Florida, you can work with the team at Moran Insurance. We’ll find the right policy at a competitive rate, giving you peace of mind for the year ahead.
Basic Types of Insurance Coverage:
- BUSINESS OWNERS PACKAGES
- FLORIDA GENERAL LIABILITY INSURANCE
- COMMERCIAL AUTO INSURANCE
- WORKERS COMPENSATION
- PROFESSIONAL LIABILITY INSURANCE
- COMMERCIAL PROPERTY INSURANCE
- MEDICAL MALPRACTICE INSURANCE
The type of insurance you need depends on your unique business. For example, some small businesses will only need basic coverage. Home businesses also need insurance, including business property insurance and general liability. Let’s look at some policy types in more detail…
Professional Liability Insurance
This type of insurance coverage is also known as errors and omissions (E&O) insurance. It will cover a business against negligence claims resulting from mistakes or failure to perform certain duties.
As long as your business occupies a property (whether as an owner or a tenant), it needs to have property insurance. This will cover all signage, equipment, inventory, and furniture in case of a storm, fire or theft. However, "Acts of God" like earthquakes and floods are usually not covered.
Workers’ Compensation Insurance
Every business should have this insurance added to their policy before hiring begins. The policy will cover disability, medical treatment, and death benefits in case a work staff member is injured or dies as a result of working. Even employees who are not in high-risk jobs could experience injuries like slipping and falling which will inevitably come down to whether the business has workmen compensation.
If you manufacture products for the wholesale or retail markets, you will benefit from product liability insurance. Even though you have stringent policies in place to make sure your products are safe, some companies will still find themselves in a lawsuit because of product quality or effects.
If you use vehicles for your day to day business activities, then you should have a comprehensive business motor insurance to protect the business against liability in case of an accident. All companies should have at least third party insurance coverage. However, if your employees are using their own vehicles for your business activities, then they are covered by their own personal insurance.
Business Interruption Insurance
Sometimes a catastrophe or disastrous event can slow down the operations of a company. A business interruption insurance can cover the loss of income suffered. This type of insurance is usually necessary for brick and mortar business models such as retail stores.
How to Buy the Best Business Insurance in Florida
With a better understanding of the different types of business insurance available, you’ll need to know the best way to go about buying insurance. A licensed insurance agent saves you time. Because they will find the best policies on the market, they will also save you money. There are two typical ways that businesses explore the insurance market:
- Privately, by talking to different insurance companies.
- With a broker or agent to find the most affordable and comprehensive policy.
Looking at both options, only one will provide the best outcome. First, let’s consider the effort that it would take to explore the insurance market alone. You would need to call individual insurance companies, explain your needs, and get quotes for all the different policy types. Even doing this with a single company could take up hours of your time. Comparing quotes from different companies could take days or even weeks. This is a significant overhead on top of running your business. With a broker or agent, you’ll enjoy a better system.
Brokers and agents don’t directly sell insurance policies. They aren’t underwriters. They are independent insurance professionals who bridge the gap between you and the big insurers. When you purchase Florida business insurance through a broker, you will provide your information once, and then the broker will find the best policies that suit your needs. Because they maintain large networks of insurers in Florida, they can quickly get policies that are right for you. Instead of spending hours to find the best business insurance, you can get everything done after a quick meeting or phone call. An agent saves you time. Because they will find the best business insurance policies on the market, they will also save you money.
Tips for Assessing Your Insurance Needs
If you’re relatively new to business or if you’ve never managed the purchasing procedure for your insurance policy, you likely have questions about the process. One of the most important steps in buying business insurance in Florida is determining your risks and your needs for insurance.
By gaining a comprehensive understanding of your business and the things that could threaten it, you will find it much easier to choose from the comprehensive policy options that Moran Insurance offers.
Here are some simple questions to ask within your leadership team as you consider insurance options for next year.
- Do you interact with clients and customers on your premises? If the answer is yes, then you will need some form of general liability insurance. This insurance can cover accidental damage as well as personal injury on your premises. This is one of the most essential forms of insurance for Florida businesses.
- Do you see any risk of being sued by clients for failing to perform your work in line with industry standards? This is a tricky one for most businesses. The average business owner will say no, believing that they always meet the needs of their clients. However, sometimes complaints are raised without any wrongdoing on your part. If you don’t have professional liability insurance, you will face extreme financial hardship if a lawsuit is filed against you. Frivolous lawsuits are a major problem in the United States. Regardless of whether you’ve done anything wrong, you still need coverage so that you can defend yourself and your business.
- If your company designs, manufactures and distributes products, then you are at risk of claims for product liability. Your material products could lead to damages if they are improperly designed or manufactured. If you are sued, you will need insurance to cover legal costs and any settlement fees. No matter how careful you are in your business, there’s always a risk that something could go wrong. Business insurance Florida can give you complete peace of mind.
When you assess the needs of your business, also consider things like your vehicle fleet, the property you occupy, and any items within the property that would be costly or difficult to replace. Comprehensive Florida business insurance means having protection for the worst-case scenario.
Nobody expects things to go wrong in business, but the fact is that problems can occur every day. With insurance, you can focus on your day to day activities without worrying about “what if”.
Moran Insurance is Your Partner for Business Insurance in Florida
If you want the simplest way to buy insurance, an agent or broker is the way to go. In Florida, you can work with the team at Moran Insurance. We can help you to find a business insurance policy for any of your needs, ranging from general liability and property insurance, right up to medical malpractice insurance for specialist health providers.
We will take the time to learn about your business model and present solutions that fit. Most importantly, we will give you the freedom of choice, and won’t pressure you into a decision that isn’t right for your needs or your finances. Every business needs insurance coverage. For insurance protection that you can trust, talk to the team at Moran Insurance.