Savvy business managers understand business insurance as a necessary cost of doing business no different than rent, utilities and supplies. They buy insurance because there is too much property and too many people with too much at stake to risk to chance.
Business insurance is much different from personal insurance. As a business manager you want to work with an agent who truly understands commercial insurance and can offer you access to competitive markets for the particular types of policies you need.
- Commercial auto insurance: Businesses that make daily use of motor vehicles need a commercial auto policy. Personal auto insurance won’t cut it but Beacon Insurance Partners can tailor a commercial auto policy to include personal use. Employers that require their employees to make routine use of personal vehicles in their work should consider adding Non-Owned Auto coverage to their commercial auto policies. Don’t make the mistake of assuming that an employee’s personal auto policy will cover your business’ liability. It probably won’t.
- Commercial General Liability Insurance (CGL): Liability coverage always pays the other guy for damages that arise from your mistake. The question is exactly what type of damages does your policy cover? Did your agent ask whether your business needs vendor’s coverage? What about a property damage extension? If not, you might be dangerously under insured.
- Workers Compensation Insurance: Covers the cost of work-related injuries, illnesses and disabilities. Florida law says you must have it, unless your company is not in the construction trades and employs less than four workers. Unfortunately, many small businesses with less than four employees misinterpret this to mean that they are not liable for work-related injuries, illnesses and disabilities. They are. They just don’t have to buy the insurance, which is ironic (and a bit nonsensical) given that they’re probably least able to afford the cost of treating workplace injuries and illnesses.
If you haven’t discussed these details with your insurance agent, please call Beacon Insurance Partners. We’re a small business, too, and we want to help you succeed.