Business Insurance You Can Count On

Business Insurance is a name used for a multitude of policy types. Businesses are much more diverse than simply insuring a home or vehicle, many agents specialize in Business Insurance policy types. When insuring your business a professional should always evaluate your known risk and point out the unknown by performing a Risk Management Analysis. Standard Business Owners Policies seek to package most coverage options into one policy. This type of policy will protect you by providing coverage for your business property, liability, loss of business income and much more. In many cases, a Business Owners Policy is comprehensive enough to provide the protection you need. Allow an agent to assess your business so that you can make an informed decision. Some additional items of concern when purchasing insurance for your business is Cyber, Employment Practices, Workman’s Compensation, flood and Business Auto exposure.

What Does Business Insurance Cover?

1. Property Insurance: Businesses often require property insurance to protect against losses or damages caused by common perils like fire or theft. This coverage extends beyond buildings and includes essential items such as office furnishings, inventory, machinery, and computers. It may also cover equipment breakdown, debris removal after a destructive event, certain types of water damage, and provide operating funds during the recovery phase following a major loss.
2. Liability Insurance: No matter the nature of the enterprise, there is always the risk of being sued. Liability insurance assists businesses in compensating for damages if they are held responsible for harm caused to customers, such as injuries resulting from defective products or errors in services. It also covers legal defense expenses, including attorneys' fees, and pays for medical bills incurred by individuals injured on the business premises.
3. Business Auto Insurance: For businesses that own vehicles, a business auto policy is essential. This coverage pays for bodily injury or property damage costs for which the business is liable to third parties, up to the policy limits.
4. Workers' Compensation Insurance: In Florida, employers with more than a specified number of employees (typically three to five, depending on the state) must have workers' compensation insurance. This coverage, commonly known as workers' comp insurance, provides medical care and a portion of lost wages to employees injured on the job, regardless of fault. In the unfortunate event of a worker's death due to work-related injuries, the insurance provides compensation to the employee's family. While extremely small businesses operated by one or two individuals from a home may be exempt from workers' compensation insurance, they often require additional property and liability insurance beyond what a standard homeowners' policy offers.
   

Other Types of Business Coverage

1. Professional Liability/Errors and Omissions Insurance Certain businesses involve providing services such as advice, recommendations, design, physical care, or representation, which can expose them to lawsuits from customers, clients, or patients who claim that the business's inadequate performance has harmed them. Professional liability or errors and omissions insurance covers these situations. The policy pays for any legally liable judgments up to the coverage limit and also covers legal defense costs, even in the absence of wrongdoing.

2. Insurance for Employment Practices Liability Employment practices liability insurance covers damages for which an employer is legally responsible, such as violations of an employee's civil or legal rights. Along with paying liable judgments, it also covers significant legal defense costs, even when there is no wrongdoing.

3. Insurance for Directors and Officers Liability Directors and officers liability insurance protects directors and officers of corporations or nonprofit organizations in case of lawsuits alleging mismanagement without due regard for the rights of others. The policy covers legally liable judgments up to the coverage limit and also includes coverage for legal defense costs, irrespective of wrongdoing.

4. Key Employee Insurance Life or disability income insurance can provide compensation to a business when crucial employees pass away or become disabled. These coverages help mitigate the negative financial impact resulting from the loss of a key employee's involvement.

5. Umbrella Policies An umbrella liability policy offers coverage that extends beyond a business's other liability policies. It is designed to safeguard against exceptionally high losses and provides protection when the coverage limits of underlying policies have been exhausted. For a typical business, an umbrella policy would offer additional protection beyond general liability and auto liability policies. Furthermore, if a company has employment practices liability insurance, directors and officers liability insurance, or other types of liability insurance, the umbrella policy can provide coverage beyond the limits of those policies as well.

As your business grows your exposure grows. Being entangled in litigation or experiencing a property loss can cripple your business. Finding the right coverage demands that you select a professional which can evaluate your exposures. You took the risk of going into business, however, insuring your business properly should never be a risk you that you are willing to take.

Since 1993, Triton’s agents have navigated the Insurance market making relationships with the finest state and national carriers. Unlike most local agents and online carriers, Triton’s rich carrier relationships allow us to offer you hundreds of quotes. Our slogan “More Options, More Savings” means that you get the best coverage combination for the best price available in the market. As a Triton client, you get a personalized quote from a licensed professional. We believe that your investment, your assets, your American Dream realized deserves more than “15 minutes or less,” You deserve our time, knowledge and expertise.