Owning a business is unlike any other job you will ever take on because it requires having a complete commitment to the success of your business. Your business becomes your life. But, there is great satisfaction in having self-sufficiency, putting your ideas into practice, building and sustaining a business where every decision is crucial to your own success and well-being.
It’s important to understand the value of liability insurance, and why it should be an integral part of any business plan.
- If, your business gets sued, not having liability coverage can threaten the existence of your business; it could make the difference between the life and death of what you have worked so hard to build.
- It can save your business, and protect your cash flow when an unexpected accident occurs.
- Having coverage is crucial for the financial well-being of any business.
Here are different types of business insurance coverages that are available for almost every conceivable risk your business might face:
General Liability Insurance
General liability insurance can cover legal claims due to accident, injuries and claims of negligence. It protects against payments as the result of bodily injury, property damage, medical expenses, libel, slander, and the cost of defending a lawsuit.
Professional Liability Insurance
Business owners providing services should consider having professional liability insurance. This type of liability insurance coverage is for professionals such as doctors, lawyers and company managers against loss, damage or expenses as a result of error or negligence alleged to have been committed by the insured in performing professional services.
The coverage may include economic losses suffered by third parties, and is claims-made policies. This type of liability coverage could protect your business against malpractice, errors, and negligence in provision of services to your customers.
Commercial Property Insurance
Commercial property insurance can cover almost everything related to the loss and damage of company property due to a wide-variety of events such as fire, smoke, wind and hail storms, and vandalism. The definition of “property” can also include lost income, business interruption, buildings, and computers.
Property insurance policies come in two basic forms: (1) all-risk policies covering a wide-range of incidents and perils except those noted in the policy; (2) peril-specific policies that cover losses from only those perils listed in the policy.
All-risk policies usually cover risks faced by the average small business, whereas peril-specific policies are usually purchased when there is high risk of threat in a certain area.
Examples of peril-specific policies include: fire, flood, and crime and business interruption insurance.
If you would like to discuss your specific business risks, the types of liability insurance available or need advice on the exact types of business insurance you should consider purchasing. Contact the Pettineo Insurance Agency at 954.493.9424 or visit our website, Pettineo.com we can help you determine what liability insurance is best suited for your business.
Pettineo Insurance Agency Inc. provides general liability insurance in Fort Lauderdale, Lauderdale-By-The-Sea, North Lauderdale, Pompano Beach, Oakland Park, Boca Raton, Deerfield Beach, Hollywood, Sunrise, Coral Springs, Pembroke Pines, Sunrise, Tamarac, Plantation, Lighthouse Point and all of Florida.
