Does your business have the proper business coverage insurance? Think about what will happen if one of your employees has damaged accidentally a customer’s equipment.
Operating a business has all the possible risks. Each company should have the right insurance to secure its assets if someone makes a claim or if there are damaged properties. Many companies in Florida get sued each day because of accidents they cause. It is important to ensure that your company is covered by essential business insurance.
General Liability Insurance
Commercial or general liability insurance protects your business against claims of property damage, bodily injury and related medical costs. Most general liability policies cover slander or libel claims as well as a published report, document or advertisement that damaged a particular business or person.
Product Liability Insurance
If you’re a product manufacturer, product liability insurance will help you pay the damages incurred if your product has flaws or defects resulting to damage and injury. A need for this type of insurance is based on the kind of products your company manufactures and sells.
Professional Liability Insurance
When you have a business on professional services like consulting or accounting, professional liability insurance covers damages from the services you offer. One type of this insurance is the errors and omissions insurance. This covers the errors like mistakes committed in clients’ taxes wherein they owe penalties and interest to IRS. Another type of professional liability insurance is medical malpractice insurance. Most of the time, dentists and doctors are the ones carrying this specific type of coverage.
Commercial Property Insurance
If flood damages the office space or if fire burns your business property, then you need commercial property insurance. This coverage will replace, pay or fix everything that is damaged. The all-risk policy will get you covered no matter what is the cause of the damage. A peril-specific policy covers some particular disasters like flood, theft and fire. In case of calamity, majority of insurance providers give business interruption insurance to be able to reimburse the lost sales or revenue.
Commercial Automobile Insurance
If there are vehicles you use in your company, you are required to have your commercial auto insurance. This policy is the same with the personal automobile insurance policy which can also include collision, liability, uninsured motorist, comprehensive damage and under-insured motorist protection. Commercial auto liability coverage protects you if there is a property damage, bodily injury and medical cost due to accident. Collision insurance settles for the repair on vehicle damages after satisfying your deductible. When the company’s vehicle gets damaged even without accident, comprehensive coverage will pay for the specific repairs.
Employment Practices Liability Insurance
Your company’s greatest asset and biggest risks are your own employees. Employment Practices Liability Insurance (EPLI) covers harassment, erroneous termination, discrimination, and other labor-related claims. Normally, you can expand your EPLI policy in insuring officers and outside directors against claims resulting from damages done to a person or another business.
The insurance you buy has also policy limits on the amount it can pay. You have a deductible that the company should fulfill prior to the payment done by the insurance company. Multiple general liability policies have no coverage on the cost of defending the company against potential claims. Usually, they only cover damages when the business is held liable. Often, EPLI has shrinking limits clause on their policies which pays for the defense cost but deducts the amount of money used on the defense.
To learn more about essential business insurance in Florida, please contact us at DMG Insurance and Financial Services, Inc. (http://www.dmginsurance.com) at 543 N State Road 7, STE 106, Royal Palm Beach EL, 33411, phone 561 422 7071, Fax 561 422 7072.