Business owners in Orlando generally experience pleasant weather throughout the year. But there are dangers other than weather-related issues that can turn a company on its ear. No one wants to be sued, but without Orlando insurance that protects your company from lawsuits things can quickly turn into a nightmare. Just imagine, one claim from a disgruntled employee and you could wind up losing more than just sleep.
You would rather be focusing on the opportunities that provide your company with growth and making profits but instead, without the proper insurance, you’ll be focused on recouping the money you’ll likely lose, including the expense of legal costs and any other potential repercussions to your business. Having business insurance is something you simply cannot do without, because it’s designed to protect you in case there’s ever a problem.
Different types of insurance to secure
In addition to employee complaints, for example harassment, discrimination and other unfair business practices (which are all covered under an employment practices liability policy), you have other risks and exposures to consider. There are several policies that any smart business owner purchases in order to protect both, the company and his or her personal assets, including:
- Commercial General Liability (CGL) which provides you with security protection against claims of errors and omissions, product liability claims, and employee liability claims. Depending on the type of business you run, your needed coverage will vary.
- Business Interruption (BI) coverage will come in handy if, for whatever reason, your business goes offline, in which case there’s going to be more than just damages and repairs you’ll need to worry about, including the loss of income you’re experiencing. Business income insurance can help you to create income even while your business is out of commission.
- Worker’s Compensation (WC), which you know is required by Florida law if you have employees, but can also be customized to the fit specific needs of your company.
In addition, you should look into property insurance (to cover equipment and furniture), equipment breakdown, and business auto, just to name a few common exposures. Orlando insurance is the cornerstone of many successful businesses. Remove some of the major risks of business, and speak to a reputable agent about all of your business insurance needs.