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Business insurance helps companies manage risk by providing a layer of financial protection from losses that may occur during the normal course of business operations. It helps companies protect their financial assets, intellectual and physical property from a covered loss due to risks such as lawsuits, property damage, theft, vandalism, loss of income and employee injuries and illnesses.
One catastrophic event or lawsuit has the potential to wipe out your business before it even gets off the ground, so it is very important to understand certain risks and how to protect against them. According to Wallethub, Orlando ranked #1 and Miami ranked #3 as best cities to start a business in the US. So, for the many Floridians who own their own business, here are some things to consider before purchasing commercial insurance.

  1. Employee Risk– Workers’ Compensation provides employee benefits for work-related injuries and illness. It can also help cover the legal costs your business may face in case of a lawsuit. Most businesses are required by law to have workers’ compensation, disability, and unemployment insurance to protect their families.
  2. Property Coverage– Commercial property insurance can help cover damage to the property, damaged tools, assets, and documents. It is important to get the right property insurance, so you don’t have to pay for damages out-of-pocket. Commercial flood insurance is separate and should be considered as well.
  3. Cyber Protection– If your business relies on technology or client data information you might want to consider broader cyber insurance coverage. It will help with disruption from viruses or other technological problems.
  4. Auto Insurance– It’s important to have commercial auto insurance for your company vehicles as well as on your employees who use their own to conduct business.
  5. Liability Risks– There are different types of liability insurance but if you are running a business you want to have liability coverage in case of incidences where your business can get sued. For example, if your product causes harm or an accident happens on your property you will be protected financially.
Ample Insurance can help with all of your business insurance needs because there is no one-size-fits-all coverage.  Many can be covered under one policy like a BOP, Business Owner’s Policy. It combines general liability, property insurance and business income in one policy which makes your insurance easier to manage. From any size business small or large we can help find the right coverages for you. Contact Ample Insurance at 321-222-1488 or for more information.