When it comes to small business liabilities, commercial insurance covers all of your needs. Because, as Murphy’s Law states, whatever can go wrong, will go wrong; which is why commercial insurance is a must. Good commercial insurance will protect your company from severe financial loss and can be the difference between going under and staying afloat in the case of damages or a lawsuit.
Benefits – Commercial insurance is crucial for small businesses. It protects you from commonly experienced losses such as property damage, theft, liability, and employee injury.
Types of Insurance – The three main types of commercial insurance are liability insurance, property insurance and workers’ compensation insurance. Liability insurance protects you from damages that your company inflicts on any third parties. Property insurance covers damages to property within your place of business, such as fire or flood damage. Workers’ compensation insurance protects you in case employees are injured on the job.
Risk – You must consider how much risk you and your employees’ face on a daily basis when deciding the appropriate level of coverage. For example, do you have a fleet of vehicles that travel? Or, do your employees work around heavy equipment daily? In these cases a higher premium would be beneficial to your company. It’s best to work with an insurance company in Lakeland, FL who has extensive experience in commercial coverage to help you decide what level of coverage is best for your business needs.
As a business owner you’re required by law to carry workers’ compensation insurance coverage. Naturally, you strive to keep your workplace as safe as possible, but accidents sometimes happen nonetheless. When they do, workers’ compensation insurance provides coverage and protection.
Workers’ compensation insurance serves two purposes: First, it assures that injured workers get the proper medical care and monetary compensation for a portion of the income they lose while they are unable to work. Second, workers’ comp insurance can protect you, the employer, from lawsuits by workers injured while on the job. Worst case scenario, for an accident that ends in the death of an employee, workers’ compensation insurance provides death benefits for the worker’s dependents.
Any injury, large or small, that an employee sustains on the workplace premises or anywhere else while they are acting under the scope of employment is covered under an employer’s workers’ comp insurance. For example, if an employee was driving a delivery vehicle and was injured in a car accident, workers’ compensation benefits would cover their claim.
Each state within the United States has its own workers’ compensation laws, the circumstances under which workers’ compensation is available to workers, the amount of benefits that a worker may receive, and the duration of the benefits paid to an injured worker, vary by state. Fearnow Insurance Inc., team of independent insurance agents are fully abreast of the ins and outs and can help you understand the details. For commercial insurance in Wesley Chapel, FL, contact us today for more details.