When you own a business, having the right insurance is essential for protecting your assets, employees, and overall investment. Different companies will require various types of business insurance, and making sure you have the right policy is vital. Below is a brief guide on the importance of business insurance and the policies to which you can subscribe. 

Benefits of Insurance

The biggest reason your company needs business insurance is to protect you from loss. This can take action in the form of fires or other damage as well as injuries to employees or customers. Not every type of situation is covered, however, so it’s important to see what your policy entails. The two aspects that are usually excluded and will need additional policies are floods and earthquakes. This is because these natural disasters are specific to certain areas.

Business owners will purchase insurance to cover machinery, computer equipment, furniture, and structural assets like roofing. Having business insurance protects your commercial property against claims and lawsuits. If someone falls at your business or their car suffers damage in your parking lot, the insurance can safeguard you from a lawsuit or paying exorbitant amounts of money out of pocket.

Before buying insurance, make sure that you understand what basic policies you need based on your type of business and your area. Find an insurance agent who can help zero in on the necessities and locate the right policies for your budget. Each year you should review your coverage before renewing your policy.

Types of Insurance

The first policy you will need is general liability insurance. This covers you against claims such as injuries, property damage, and even slander and libel cases. You will also need commercial property insurance to protect the physical components of your company, like equipment and the actual building.

Also, make sure you have workers’ compensation for your employees. If your staff is injured or ill, this insurance replaces their wages and will cover their medical care, especially if they are injured while at work. Other insurances that you’ll need for your team include unemployment and state disability insurance.

If your business is located in a flood zone, adding flood insurance will secure your location during flood season and harsh storms. Many businesses also opt for something called umbrella liability, which is an additional policy that fills in the gaps where other types of insurance are lacking. When accidents or lawsuits occur, umbrella liability may be necessary protection to save you from large lawsuits and accidents.

If you need a financial advisor, Seeman Holtz in Boca Raton, FL, can help you with all types of insurance as well as retirement plans. With more than two decades of experience, their firm offers custom plans specifically designed for every client. You will have peace of mind that every service you need can be found all in one place. From home and business insurance to payroll and risk management services, their team has you covered. Call (800) 991-3592 to get started or visit them online for a full list of offerings.