5 Surprisingly Easy Ways You Can Protect Your Florida Business in 2019
Consider Getting Commercial Insurance
Of course, entrepreneurs have to take several vital steps before starting a business here is Florida. It might be necessary to buy insurance, obtain financing, and write a business plan. However, Florida business owners often get confused by the sheer number of available options when they start to search for commercial insurance coverage.
The experience can be overwhelming, especially for people who have never purchased business insurance coverage before. Consider the following things when shopping for business insurance to minimize exposure to risk, meet legal requirements, and save as much money as you can.
Know Your Potential Risks
Industries are different, and so are the risks various enterprises are likely to face. For example, a restaurant owner on Atlantic Ave. in Delray Beach should consider what would happen if a customer came back complaining of food poisoning or if a customer slipped and fell on the way to their table. while construction industry people such as roofers on Glades Road in Boca Raton or plumbers in Pompano Beach should be concerned about being sued due to a mistake made executing a project.
Product liability coverage can protect a restaurant owner if a customer files a lawsuit after consuming bad food while professional liability insurance protects experts such as accountants, lawyers and insurance agents from lawsuits related to numerical or omission errors.
As an entrepreneur, take time to evaluate the risks that your industry is likely to face to purchase the appropriate coverage for your venture.
Work with Reputable Insurers
Of course, the rating is the best way to know that you’re dealing with a reputable insurance company. Look for a large, stable insurance company with an A rating because they are likely to offer consistent terms, prompt payouts, and reliable coverage. A-rated carriers are also top-tier in the industry and are known for their unmatched products.
Work with licensed insurance agents ( like All Risk Insurance in Boca Raton with an A+ BBB Rating ) to make sure that you’re purchasing insurance policies from a trustworthy insurance carrier. A seasoned insurance company can also help a client save a lot of money through products bundling.
Your coverage includes a deductible, which is the amount you’re responsible for paying in case someone files a claim for a covered loss. Your insurer will cover the compensation up to the limit of the policy. However, entrepreneurs often get tempted to purchase coverage with a high deductible to lower their premium. A high deductible might be more than what your business can afford if you will have to file a claim.
Understand Your Legal Obligations
Though not all small businesses here in Florida are required to insure themselves, some depend on other requirements and Florida state and industry laws. For example, a landlord in Fort Lauderdale might ask an entrepreneur to purchase general liability insurance before renting them a commercial space.
It may also be a requirement to buy worker’s compensation insurance. As such, it has become critical for business owners to research their industry’s legal obligations before purchasing insurance coverage. Some of the more popular industries in Florida right now are healthcare, tourism, and construction. Each industry has trade associations you can consult with to find out your legal obligations - or you can ask your friendly business insurance agent like the team at All Risk Insurance in Boca Raton.
Prioritize the Policy over Coverage Costs
The next thing a Florida business owner would want to consider after identifying the right policy for their business is the cost of coverage. After all, every penny counts for a small company that operates on a shoestring budget. Though an insurance cover comes as an added expense, its role in protecting your business against various financial damages can’t be overlooked.
Though the process of insurance coverage for a small business may seem daunting and confusing, that isn’t always the case. You might have to invest time upfront in learning about the probable risks and obligations in your industry and working with a licensed insurance agent to find appropriate coverage for your small enterprise.