Insurance is something many business owners rely on to protect them in the event of an unexpected accident. If a consumer were to fall on a business’s property and suffer injuries, a business owner could turn to their insurance company to help pay damages and even represent them in court.
In order for a business owner to safeguard themselves in the event an accident occurs or a natural disaster strikes, they must purchase the appropriate type of insurance.
Insurance Coverage Businesses Owners Need in Florida
- General Liability Insurance
General liability insurance will provide a business with protection in the event someone gets injured on their property. It will also protect against claims that arise from incidents involving libel or slander.
- Commercial Property Insurance
Commercial property insurance is another essential coverage business owners in Whitney, FL need to ensure the building they operate out of along with the equipment inside is protected. The Hartford does point out, however, that this type of policy generally doesn’t cover damage caused by floods. Now, because Florida is prone to flooding and being hit by hurricanes, a business owner will want to consider purchasing flood insurance, which is a stand-alone policy.
- Workers’ Compensation Insurance
If a business owner is going to hire employees or already has employees working for them, they need to carry workers’ compensation insurance. This type of insurance protects employers from lawsuits by providing individuals who suffer work-related injuries or illnesses with medical and wage replacement benefits.
- Business Income Insurance
Business income insurance, also referred to as business interruption insurance, will cover certain expenses such as rent and utility bills if a business cannot operate due to physical property damage. While this coverage is beneficial to have, business owners should be aware that this type of policy generally requires proof of property damage. Therefore, if a business had to close as a result of a pandemic, the insurance company may not cover its business income claim.
Business owners are encouraged to ask questions when buying business interruption insurance so they know exactly what is and is not covered.
- Data Breach Insurance
This type of coverage will help a business “respond to a data breach if personally identifiable information gets lost or stolen.” Because many business owners operate both on and offline and store important documents on their computers, data breach insurance is definitely something to consider.
Not sure which types of insurance to purchase?
The Whitney, FL business law lawyers at Legal Counsel P.A. can help a business owner decide which types of insurance to purchase after assessing the type of business they are going to be operating. The lawyers at Legal Counsel P.A. can also help a business owner identify potential risks and how to protect themselves against them.
Legal Counsel P.A. is located at:
189 S. Orange Avenue, Ste. 1800
Orlando, FL 32801
Email: [email protected]
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