Running a business comes with many of the same risks individuals need insurance for, but also adds additional insurance needs unique to business ownership. These are three of the types of business insurance you may need to purchase for your business.
1. Workers’ Compensation
If an employee gets injured while performing work for you, their medical bills, lost wages and other injury-related expenses will probably be covered by workers’ compensation laws. Most businesses are required by law to purchase workers’ compensation insurance Maitland FL, but even if it is not required, it is a good idea to have it. Even employees in low-risk work environments, such as offices, can experience slip and fall or repetitive motion injures that your business may be liable for.
Whether you own your buildings or lease them, you will need property insurance to protect you from property damage caused by fires, storms, water, theft and other perils. While some types of water damage are covered by standard property insurance, flooding caused by hurricanes and other storms usually is not. You may need a separate flood policy if you are located in a high-risk area. Other perils, such as earthquakes, may also be excluded. If you are at a high-risk for excluded perils, you may need to seek specialty insurance for those risks.
3. Commercial Auto
Businesses are usually liable for damage caused by their employees when operating company vehicles while working. Additionally, you may wish to purchase comprehensive coverage that will cover damage done to your vehicles in an accident. Employees who drive their own vehicles are usually covered by their own insurance; however, you may need to purchase coverage for employees who use their own vehicles to deliver goods or services.
Accidents and disasters can create substantial financial risks for business owners. These three types of insurance can help protect you against these risks.