There is no such thing as a business insurance policy. The commercial insurance market is made up of numerous policy options that are each designed to insure different aspects of your operations. They will work together to protect you in case an unexpected challenge ever arises and negatively impacts your operations. They can also provide financial assistance during your recovery.

A fire could break out in your store. Someone might sue you because they fell in a puddle of water on your bathroom floor. One of your employees could wreck one of your company vehicles, causing harm to both themselves and others. There are insurance benefits available to help you cover the financial ramifications of costs like these, and they’re a mandatory investment for any business owner who wants to see their company succeed.

Getting the right business insurance benefits for you, you will often need to invest in several policies. Coverage that most businesses need includes:

- Property Insurance: If something damages physical property – such as your building or possessions - then this coverage can help you repair or replace them. 
- General Liability Insurance: This covers the business in the event it causes property damage or bodily injuries to another party, like a client or vendor. 
- Business Interruption Insurance: This helps you pay the bills if you must temporarily close after a damaging accident. 
- Commercial Auto Insurance: When the company owns vehicles, this coverage will provide the requisite physical damage, liability and other benefits to help the company afford the costs of wrecks or other vehicle hazards. 
- Workers Compensation Insurance: If an employee gets hurt on the job, they are often eligible for workers compensation coverage. It will provide them supplementary income during their recovery. 
- Errors & Omissions Insurance: Professional advice or mistakes could cause clients a financial loss. This coverage can compensate them on behalf of the business. 
- Surety Bonds: If you are contractually obligated to certain clients, then bonds will guarantee them that you will repay them if you cannot meet your obligations.

There are many other unique policy options on the market, including many that are industry specific. Ask one of our agents to help you integrate the following benefits into your portfolio:

- Inland Marine Insurance 
- Employment Practices Liability Insurance (EPLI) 
- Products/Completed Operations Liability Insurance 
- Cyber Liability Insurance 
- Umbrella Liability Insurance 
- Hired/Non-Owned Auto Liability Coverage

Based on local regulations impacting your community, you might be required to purchase numerous types of commercial benefits:

- Any business that owns or operates vehicles is required to have commercial auto insurance.
- Florida law requires most businesses to carry workers compensation insurance. Depending on your industry, you might have to have a certain number of employees before this requirement kicks in. However, you should invest in this coverage regardless of whether you are subject to any coverage mandate.
- If you plan to engage in contract work of any kind, you will often find that prospective clients will require you to carry surety bonds before you are eligible to bid on the project.

Check your local statutes to learn more about your commercial insurance requirements, but don’t hesitate to work with one of our agents to customize your benefits above and beyond any mandatory limits. The more coverage you have, the better the protection you will have for unforeseen issues.