Shopping For Florida Business Insurance

Choosing the right business insurance coverage for your company can be a balancing act between getting the right coverage and finding it for a price that fits your budget.

When trying to find the right coverage at an affordable price, it pays off to be an educated consumer and to have an agent that you trust.? Once you know the questions to ask, it is much easier to select the right insurance coverage to fit your specific needs.? It is also important to understand that business insurance rates are going to vary depending on your business needs.

Like most small businesses, you probably don?t have a full-time risk manager to answer your business insurance questions.? So where do you start?? You should start with the three most common types of business insurance: General Liability, Property, and Workers Comp Insurance.

Types of Business Insurance:

Property Insurance

Property insurance covers your business?s property and inventory against physical loss or damage by accident, theft, or some other cause.? Your property is covered even it is away from your business location as the time of the loss.? You can buy property insurance packaged with general liability in to a single policy called a Business Owner?s Policy, or BOP.? You can normally get a BOP for a lower combined rate.

Business Liability Insurance:

To protect against most types of claims, most small businesses elect to purchase general liability insurance and professional liability insurance.

General Liability insurance protects you from claims of bodily injury or property damage to a third party during business operations.? General Liability Insurance is offered as part of a BOP with property coverage.? This will give you a comprehensive program in the event of an accident at your workplace or another location where business is conducted.

Companies that provide professional services, such as medical care, accounting or consulting, professional liability insurance protects your business should a customer claim that you committed negligent acts while performing the services.? This type of insurance is particularly crucial because professional liability claims can be very costly compared with general liability claims.

Workers Compensation Insurance:

Workers Compensation insurance is required in the state of Florida if your company employees 4 or more workers.? That is not the only reason to have Workers Comp Insurance.? Workers Comp pays for medical benefits and loss wages for employees who suffer injuries or illnesses related to their jobs.

Workers Comp Insurance rates are based on your company?s payroll and services.? Many states will allow owners, partners, and officers of a company to exclude themselves from Workers Compensation Coverage, saving the company money on premiums.

Getting Multiple Quotes:

It is important to get multiple comparison quotes when shopping for your business insurance. But there is more to the equation than just cost.

Whether you buy insurance from a single agency or brokerage, you need to make sure that you have no coverage gaps.? Also keep in mind that when it comes time to renew your business insurance, you need to only make one simple contact to ensure that your coverage continues to meet all of your needs as your business grows.

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