RUSKIN, FLA - Do you own a business in the Ruskin area? Do you have business insurance? Do you know why it’s important to have business insurance?

“Businesses need business insurance because it helps cover the costs associated with property damage and liability claims. Without business insurance, business owners may have to pay out-of-pocket for costly damages and legal claims against their company.” (The Hartford, “Do I Need Business Insurance”). 

When shopping for business insurance, there are 4 major coverages that need to be scheduled on your policy. Property insurance covers a business if there is damage to property (like fire or theft) as well as that business’s personal property, like computers and office inventory. Liability insurance is needed to pay for damage in which the business is responsible. If a business is being sued, liability insurance will not only cover what the business is liable for but will also cover attorney’s expenses and any other defense fees. Business Auto insurance is a given, as many businesses provide transportation for their employees to get from A to B, but this is also true if you the business-owner uses company cars. For example if you’re a real estate agent traveling to and from clients’ homes, you need to insure your automobile that’s being used for business especially if client’s are being transported by your vehicle. Workers compensation insurance is required for every Florida business to carry. If an employee is injured on the job, a business owner needs to ensure that he’s able to cover the costs of any medical expenses as well as lost wages to the employed. 

Reasons Why You Need Business Insurance:

1. It’s required by law: Businesses could be fined for not carrying proper insurance for their company. 

2. You might get sued: People are sue happy and we live in a litigious nation. Without proper coverage, your business could be gone with one lawsuit.

3. Your business will be kept up and running: Business Owners Insurance (BOP) can help businesses stay afloat due to loss of income. Business owners would need this in case of a natural disaster or storm that prevented that business from conducting day-to-day activities. 

4. Gives you ‘gravitas’ (credibility): Clients will classify your business as dependable and honest by knowing they’ll be compensated in case anything happens.

5. Keep your workers safe: It’s best to always have your employees protected in the event of an accident. Worker’s compensation is however required for all Florida businesses.

6. Acts of God will be covered: This pertains to anything that happens not due to human error (floods, tornadoes, hurricanes, fires, etc.)

7. If you’re OUT, your business is still IN: If you, the business owner, suffer from death or disability the income you would have normally generated will be covered. 

8. Helps Attract and Keep Employees: For potential employees, knowing they’d be covered in the event of an accident or natural disaster is a plus when searching for a job. For current employees, it’s a definite plus!

9. If you’re under contract, you’ll probably need insurance: If you rent the space where your business resides, your landlord might require insurance.

10. Anything can happen: Life is pretty unpredictable at times and carrying insurance for your business and its assets will ensure you’re covered.

Each business is different, and there are specific needs for each business. What’s most important in your business, should definitely be covered. Always keep in mind the type of work you do, the physical premises of your business, the property and equipment you own, your intellectual property, and your employees and customers. As your business continues to grow, you’ll need to make sure you have proper coverage. Finding the right agent can be challenging, but at Clifton and Lewis Insurance we’re dedicated to helping business owners find the best coverage. Let your business be our business, and you worry about the rest!