Business insurance is a must if you are a business owner. We are going to go over business insurance basics and try to sort out some of the differences between the different types of business insurance that are common today. The first part of any business insurance program is what we call property and liability protection.
Typically it is a single policy sometimes called a BOP or a business owners policy or a package policy. The reason it's called a package policy is because it packages property insurance with liability what's property insurance for lack of a better term it's your stuff, it's inventory, it's desks, it is anything that you sell…
If you don't have business insurance, you might as well keep your fingers crossed and count your lucky stars. A few things can happen here; first you can be sued personally by a customer or employee if something happens. Lets say you made a clerical error that cost your customer money, or worse; your employee gets hurt while on the job. You will be help liable for medical expenses, as well as any ensuing damages.
Furthermore, depending on your state, you may receive an expensive fine from the workers comp board in your state. You are better off shopping at the very least, the minimum business insurance requirements so that you are protected in the long run.
If a business owner is looking for at the very least, a General Liability policy, the prices can range depending on the business type and how much risk your business actually takes on. For example, if you are a valet company that drives customers vehicles you are taking on more risk than per say a bakery where a person comes in and orders pastries. Now if you are a valet company that drives high end customer vehicles, you are taking on even more risk when parking a Rolls Royce or Lamborghini versus the company that valets Hondas and Toyotas.
Annually, you can expect to pay anywhere from $500 to $8,000 for business insurance. Depending on the amount of coverage you are comfortable with, the business SIC code, prior claims from your business, and any additional protection that may be required; your Florida business insurance cost will usually fall somewhere in that ball park.
When you are first starting out with your business, there are many intricacies and nuances that you are either not aware of or never even considered. Luckily, your business insurance policy is quite fluid and most insurance companies will always work with you to add and remove coverages as requested or deemed necessary.
Once you know for sure what risks you are taking on and have a pretty good idea what risks you are taking on during daily operations, you can start with a basic general liability policy, and add more protections as you grow and add more employees.
(continued from above)
...s, it is anything that you sell or anything that you need in your office or in your operation.
Liability is if something goes wrong and you get sued. A customer comes onto your premises and slips and falls or if you sell a product that hurts the customer that would be a product liability so these are the core of most insurance policies for most businesses.
Workers compensation is a social contract between employers and employees that basically says the employer says if you come work for me and you get hurt on the job we'll take care of your medical expenses as well as lost wages.
This is all driven by States so workers compensation is what we call statutory meaning the actual benefits are determined not by the insurance company but by the state in which the accident may may occur or where the business is typically Massachusetts statutory workers compensation is a little different from Rhode Island which is a little different from New Hampshire so each state has their own workers compensation.
The other types of insurance that are common today, depending on what you do include professional liability or errors and omissions.
For example, in the insurance industry errors and omissions is if we make a mistake that ends up harming you, people can sue for professional liability. Having this type of protection is very common in the legal profession. Furthermore, medical malpractice is a form of professional liability for doctors and other professionals such as engineers, architects and so forth.
Finally, Employment Practices Liability (EPLI), is in case you fire somebody and they come after you and claim discrimination or some other allegation. These are the business insurance basics. For more information regarding your business insurance and to make sure that you are paying the right amount for your insurance while maintaining the right coverage give us a call today at (954) 289-4020.
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