When you start your first business, there are several types of insurance that you will need. It is important that you have both the right types of insurance as well as a sufficient amount. Without this, you could lose your business even though it is growing and successful. The following are the most important types of insurance to have.
Fire and theft
Generally speaking, you want to insure your inventory for any type of disaster. You should also insure against theft and vandalism. If you are leasing a building where your inventory is stored or you are leasing a retail space, the property owner is likely to have insurance for the building, but it is not likely to cover your inventory. Protect your investment with the right policy.
If you have any employees, and most businesses do, you need to have a policy to cover them in case they are injured. In most states, there are laws that mandate this insurance, but there are also laws that exempt certain businesses when they are small. You should resist the temptation to pass on buying this insurance simply because your business is not required to buy it. If an employee is hurt, then they could hire an attorney, and take you to court. Naturally, it will be your business assets that they go after.
This type of insurance policy will cover you if someone gets hurt on your property. Businesses are always getting sued for accident on their property. Although there are many people attempting to scam a business out of their money, if you have a liability policy, it will be the insurance company that will fight these people and not you.
There are insurance companies that specialize in helping small businesses, so it may be possible to get all of your policies from one company. This is advantageous because you can have an insurance agent analyze your business and determine the insurance requirements. A liability insurance orlando fl can do this type of analysis for you. There may be insurance coverage that you may have overlooked.