Types of business insurance policies available
Types of business insurance policies available: Understanding insurance is a time-consuming and sometimes tedious process. We always want your insurance experience to be as easy and painless as possible. We want to dispel any myths you may have about small business insurance and help you understand the risks you face so you can protect your organization’s bottom line. We understand that you are busy running your own company, so we try to keep things as simple as possible. Every small business owner should be familiar with the following categories of coverage. Try using Florida business insurance that will be suitable for all types of insurance policies.
Learn about some of the insurance policies that any small organization will definitely need to protect itself. They are like this,
Commercial general liability
Every small business, whether it is a professional services firm, creative services firm, retail store owner, contractor or skilled tradesperson, is vulnerable to liability claims. General liability insurance protects businesses from two types of liability claims: bodily injury and property damage. A general liability claim against small business owners is material damages to third parties. It is assumed that there was some form of negligence to cause the damage, but that does not mean that the negligence was the fault of the plaintiff.
Business interruption insurance
If your business has been disrupted, you may have been affected by several major natural disasters in Canada over the past few years. This insurance is designed to keep companies afloat after a significant shock. This can help you cover your bills, payroll, and other ongoing expenses until you get back on your feet financially.
Product liability insurance
Product liability refers to situations in which a product is defective and the cause of the defect can be traced back to the company that sold the product. If your company is found guilty of a defect in one of the items you sell, you could face a costly and time-consuming lawsuit. You can help protect yourself from legal and medical fees that may arise as a result of these incidents.
Professional liability insurance
Professional liability insurance is needed if your company does not sell goods and instead provides some type of professional or creative service.
Make sure you are aware of all of this and look into Florida business insurance when considering getting insurance for your business.