Business Insurance in Orlando, FL
All businesses face various risks and exposures that could lead to costly incidents. Regardless of how experienced or diligent your business and employees are, avoiding all accidents and errors may not be possible, so you must prioritize loss control measures. A versatile business insurance portfolio should be considered a top priority for organizations of all sizes and sectors. It may be able to provide critical financial assistance during challenging times.
How Does Business Insurance Work?
As its name suggests, business insurance refers to coverage capable of insulating your company from financial losses. In many cases, business insurance may be composed of several separate policies that, when woven together, create a safety net across some of the top business risks and exposures, such as the following:
- Property damage
- Business interruption
- Injuries for which your business is at fault
- Professional errors
- Data breaches
By securing an adequate business insurance portfolio and maintaining coverage by paying your premiums, your insurer agrees to provide financial aid for covered losses.
What Does Business Insurance Cover?
Many businesses share common risks and exposures and face similar perils. Fortunately, several types of insurance address many of these concerns. When assembling your business insurance portfolio, consider including the following:
- General liability insurance—This coverage may help pay for third-party losses caused by your business, including bodily injuries, property damage and personal or advertising injuries (e.g., intentional copyright infringement, false advertising and slander).
- Commercial property insurance—This coverage may provide financial assistance for losses involving your company’s physical property, including buildings, equipment, inventory, signage and furniture.
- Workers’ compensation insurance—This coverage, often required by law, may render financial aid for employees’ medical bills, lost income and disability benefits following a workplace injury or illness. It may also help pay for your business’s legal costs if you are sued in connection with the incident.
- Business interruption insurance—This coverage may help pay for losses and expenses following a disruption of your normal operations, such as rent, lost revenue and employees’ wages.
- Employment practices liability insurance—This coverage may provide financial assistance for legal costs if you are sued for alleged improper workplace practices, including accusations of discrimination, harassment and wrongful termination.
- Cyber liability insurance—This coverage may help pay for losses resulting from data breaches or other cyber incidents, including ransomware payments, legal costs and enlisting the assistance of credit monitoring services or crisis management teams.
Additional coverages may be necessary depending on your organization’s unique circumstances and operational details. For example, if you provide professional services or advice to clients, errors and omissions insurance should be considered essential. Similarly, if you use motor vehicles for business purposes, commercial auto insurance may be necessary.
What Business Insurance Covers Theft?
Criminal activity can lead to significant financial losses. Commercial property insurance typically covers thefts perpetrated by outside parties, such as intruders, customers and visitors. However, responding to criminal acts committed by your own employees may require additional coverage. To protect your company financially from inside jobs, you may need commercial crime insurance, also known as business crime insurance. A qualified insurance agent, such as those at Florida Insurance Group, can help your company assess its crime-related risks and exposures, and ensure optimal coverage.
How Much Does Business Insurance Cost?
The cost of an adequate business insurance portfolio may vary significantly. Insurers must thoroughly analyze your company to identify risks and exposures before recommending coverage. This typically includes consideration of the following:
- Number of employees
- Assets and revenue
- Prior claims history
- Portfolio details (e.g., coverages needed, policy limits, endorsements and deductibles)
Get the Right Coverage
At Florida Insurance Group, our staff is dedicated to helping businesses, families and individuals acquire optimal coverage. With over 20 years of experience assessing and addressing our clients’ coverage needs, our agents are well-equipped to help you secure your company’s financial wellness and future prosperity. Contact us today to get started.