FLORIDA/TEXAS—Business insurance protects you from the unexpected costs of running a business. Accidents, natural disasters, and lawsuits could run you out of business if you’re not protected with the right insurance.
The protections you get from choosing a business structure like a limited liability company (LLC) or a corporation typically only protect your personal property from lawsuits, and even that protection is limited.
Business insurance can fill in the gaps to make sure both your personal assets and your business assets are fully protected from unexpected catastrophes.
In some instances, you might be legally required to purchase certain types of business insurance.
The federal government requires every business with employees to have workers’ compensation, unemployment, and disability insurance. Some states also require additional insurance. Laws requiring insurance vary by state.
After you purchase the insurance required by law, you can find insurance to cover all other business risks. As a general rule, you should insure against things you wouldn’t be able to pay for on your own.
The types and amount of insurance that you need for your small business are based on several factors.
Every business—including home-based businesses—should be insured against risk. According to the U.S. Small Business Administration (SBA), more than half of American businesses are based at an owner’s home—and too many fail to carry appropriate business insurance.
You can evaluate your insurance needs—and start your search for insurance—by first considering the size of your business.
A typical home-based businesses consist of one or no additional employees and have relatively little revenue. Homeowners insurance alone will not necessarily cover your home-based business against business property loss or liability.
If you have fewer than 50 employees and revenues of up to $5 million or less, your business may be considered in the small business category. While you can purchase customized insurance to cover your specific type of business, insurers offer standardized small business policies that enable you to affordably protect your company against the most common risks.
Medium sized businesses are those between 50 and 1,000 employees, in this case with the variant of revenues between $10 million and $1 billion.
Large businesses with over 500 employees, are complex businesses with multi-million dollar risks, and commercial insurance is customized to meet their very specific needs. These type of companies often hire their own internal risk managers to recommend and implement preventive measures, and plans to mitigate damage and costs should a loss occur.
These definitions above can help you determine where your business falls. One of our local insurance specialists at Garzor will provide you guidance and walk you through a myriad of options to keep your business and investments properly insured.
We can help you find potential coverage gaps and discuss your unique insurance needs to find you the professional liability policy with coverage that matches your specific business needs. Our experienced professionals are dedicated to providing commercial insurance, including BOP coverage, business general liability, and professional liability coverage in Florida as well as Texas, and now many other states across the U.S. If you also have questions about truck or other commercial vehicles insurance, or any other business insurance aspects, please do not hesitate to visit us online at Garzor Insurance, or you may want to call us directly at (321) 206-8035.
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