What type of coverage do you need?

 

Orlando, Fla.—When you first plan your concept, until you finally execute your envisioned project it’s hard to understand that everything, literally everything you laid out in those plans can suddenly no longer exist. It takes time and hard work to grow a company, especially if you’re coming from ground zero. A costly lawsuit could ruin your efforts if you aren’t adequately prepared.


Oftentimes, it is hard to observe how many entrepreneurs see insurance just as a line item in their budgets.


Not everybody was born to be a business owner, yet if you own a business, you are considered a rain maker — it is so because if not now, eventually you will start providing bread and butter to other families’ tables as well. That is one BIG responsibility, and a very good reason why you must be well prepared to defend your self provided source of income, taking charge of other’s wellbeing by creating a much appreciated job opportunity.


If you are starting your business as an LLC you are not obligated to buy policies in many cases but there more than good reasons to be well protected in case the unexpected happens.



FIRST

You Need Protection Against a Lawsuit

One key area why an LLC might need business insurance is for protection against lawsuits. Many LLCs form to help protect the owners of the company. However litigation against individual members due to actions of the business is still a possibility. This is where having general liability insurance becomes incredibly important. In some cases, coverage extends to both the LLC and the owners. It can protect both the business and owner assets.


ALSO

If your industry requires you to be covered, as it would be the case of a taxi, or ride share business owners.

As a LLC you would also need business insurance if it is a rule of operations. 


For example, in some areas of the country, healthcare providers routinely need professional liability insurance. They have to do so in order to maintain state licensing.


Most commercial landlords require proof of general liability insurance before signing a lease. Having this coverage before having to show proof is vital to ensure your business runs smoothly.


WE ALREADY TALKED ABOUT THEM They’re your most valued asset.


LLCs with employees also need business insurance. Many small companies opt to hire staff within the first few years they are operating. In this case, state law usually requires you to carry worker’s compensation insurance. It will act as a protection in case any on-the-job injuries occur.


As we mentioned before, having business insurance may not be required for LLCs but, are your willing to operate without it and assume the risk?


At Garzor Insurance we specialize in commercial insurance coverage for businesses in Florida as well as Georgia. If you have questions about business insurance for LLCs, or any other commercial insurance aspects, do not hesitate to visit us online at Garzor Insurance, or you may also call us directly at (321) 206-8035.

 

Mariana Zorrilla, CIC, CRIS, CPIA

Agency Principal
 


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