How To Know When To Get Your Business Insured

How To Know When To Get Your Business Insured

Starting a business can be great fun, but it can also be very expensive if you are not sure what you are doing. There are more than 13 types of insurance that a business owner needs to take into account as they launch their business. Even if the business is already up and running, there comes a point when you need to evaluate your business and get it insured.

Getting your business insured is one way of safeguarding and protecting it in the event that the business suffers a loss. Most people try to operate their businesses without business insurance in a bid to cut down operating costs. This is not wise and at some point, the business owner needs to accept that they do need to get their business insured.

So, when is it the right time to purchase business insurance?

If You Operate a Medical Practice - Prior to Facing a Lawsuit

Dissatisfied customers and clients can and sometimes will file lawsuits against businesses for what they deem malpractice. This is often true in private medical clinics and even larger medical facilities. Operating businesses such as these ones run a high risk and so requires business insurance almost immediately when you open your doors for business.

If You Work in a Natural Hazard Area – Prior to Natural Disasters Happening

Many areas in Florida are prone to flooding and hurricanes. Fear of losing one’s business because of these natural disasters shouldn’t stop you from starting a business. With the right kind of insurance, you can get back onto your feet should disaster strike. Florida business insurance will make sure that you and your business will be able to recover in the aftermath of a flood or any other unforeseen natural disaster.

If It Is A Legal Requirement

Another type of business insurance to consider is that of your workers. Not all states require that businesses be insured. However, in six states, it is mandatory that the business carries disability insurance. In some states, this is also extended to your employees and you must ensure that each employee is covered by the worker’s compensation coverage which may be purchased through the state or from any of the numerous Florida business insurance agents around.

After Your Risk-Management Audit Shows That Your Business Has High Potential Liabilities

In the onset of setting up your business and you are not quite sure what you need in terms of insurance. Getting a risk-management audit done on your company can go a long way in showing you what potential liabilities you may be faced with in the future. This gives you a heads-up so you can start to plan accordingly. Selecting a licensed Florida business insurance agent will also help you get familiar with all the risks you will need to prepare for as your company takes off.

Conclusion

The best time to get business insurance is now. The nature of a business is never 100% certain; hence knowing that you are protected can help give you peace of mind because you are aware that should a disaster strike, at least you won’t lose everything.