Owning a business is one of the most rewarding things you can do in life. Small businesses are the backbone of the American economy. There are roughly 30 million small businesses in the United States, and that number is constantly growing.
If you’re a small business owner then you will know just how exciting it can be to make decisions and truly innovate in your niche. You will also know the responsibility that comes with being an entrepreneur.
One of the biggest responsibilities of all is protecting the future growth of your business. One way you can do this is with business insurance Florida.
With the new year here, it’s time to review your existing policy. Rather than rolling over with the same terms, it pays to take the time to evaluate your insurance needs and consider a more efficient or comprehensive policy for 2020.
Here’s what you need to consider as you start the process…
Has the Size of Your Organization Changed?
As your business grows, its operational nature will change. If you have hired full-time employees in the last year, then you may need worker’s compensation insurance to remain compliant with Florida state law.
Worker’s comp is one of the most important types of business insurance Florida. It creates a safety net for your employees, ensuring that they have financial coverage in case they are injured at work or while acting on behalf of the company.
If you hired recently and now have four or more employees, you’ll need to find an affordable worker’s comp solution. Independent agents for business insurance Florida can help you to determine your risk, and find a policy that suits your needs.
Do You Need Auto Insurance This Year?
With new employees, your auto insurance needs may have changed. Company cars need to be insured. If you don’t have coverage, you will have to shoulder the cost of repairs, third party damages, and medical costs. If you are sued in relation to an accident, you will take on all the legal costs.
Lawsuits can be crippling for small businesses. Make sure that the unexpected doesn’t bring your entire organization crashing down.
Other Things to Review When Buying Business Insurance Florida in 2020
Even if you think your insurance needs are unchanged compared to the previous year, you should still take the time to review your policy options with an independent business insurance Florida expert. In addition to discovering gaps in your existing policy, an agent will be able to find alternative insurers that are potentially more affordable than the one you’re currently with.
Saving money on your insurance could increase your bottom line. You could even find that there are comparably priced insurance options that give better coverage. When it comes to your financial safety net, more is always better.
Key points to look over are:
- Any limitations on your general liability insurance.
- The coverage limits of your commercial property insurance.
- Business interruption insurance could be purchased to cover you in the event that you need to temporarily halt operations.
- Cyber liability insurance is worth considering if you primarily do business online.
- Directors &officers insurance is worth exploring if your company has grown to a size where a few key people are making important decisions.
A basic small business insurance policy can serve its use, but, as you grow, you’ll likely find that it no longer gives you peace of mind. Click here to learn more about customized business insurance Florida, and get the coverage you need for 2020.