Business Insurance Policies: What Type of Coverage Do I Need?

Business Insurance Policies: What Type of Coverage Do I Need?

Your company needs to have a comprehensive insurance policy in place well before you open your doors to the public. Without the proper insurance, a single accident or injury could end up costing you huge sums of money. A solid policy is going to be your company’s first line of defense against a wide array of risks and liabilities.

Workplace Injuries

No matter how well-trained your employees happen to be, accidents are sure to happen at some point. When those accidents take place, you want to be absolutely sure that your employees are going to be covered by your company’s insurance. Your business insurance Orlando FL also needs to have a workers’ compensation rider. That type of coverage is a legal requirement in most industries, and you could end up paying huge fines if you don’t have workers’ compensation insurance. Depending on where your business is located and how many people you employ, you might need to offer your employees health insurance as well.

Property Damage

Practically every business insurance policy is going to include some type of coverage for property damage. Your policy will help you repair or replace company property in the event of vandalism, theft, or a serious accident. Most business policies also cover wind damage from major storms, but you will probably need to add a rider to the policy if you want water damage to be covered as well.

Legal Expenses

General liability insurance for businesses almost always covers legal expenses, and that includes attorney’s fees. If your company creates physical products, then you need to invest in product liability coverage as well. That form of coverage will help you pay legal fees if a product is defective or dangerous.

Your company’s insurance needs are going to change over the years, and that means you will need to revisit your policy once every few months. You might need to revise or upgrade your policy whenever you hire employees, purchase new equipment, or expand the scope of your business.