Does Your Business Really Need Liability Insurance?
As a new business owner, you may question whether you need insurance. Perhaps you are wondering if you can skimp on coverage as a cost-cutting measure. The fact is bypassing coverage is not an option in the sunshine state. Florida liability insurance is a requirement for businesses. It is a safety net that protects your company’s assets and guards against other financial risks.
What Is Liability Insurance?
The coverage protects your business against unforeseen risks that can cost you money and eat away at your profits. For example, if a third party suffers bodily injury as a result of your service, products or employees, you can be held financially responsible. Examples of Florida liability insurance coverage include:
- Personal injury
- Property damage
- Legal fees
- Medical costs
- Contractual liability
- Liquor liability
- Advertising injury
How Much Coverage Does Your Business Need?
Commercial insurance is not a once-size-fits-all policy. Several factors determine the amount of coverage you need, such as the type of business you own. Every company has its own level of risk. Typically, the higher risk enterprises require more coverage.
Florida liability insurance is a state requirement. It is a worthwhile business investment that minimizes risks and protects your bottom line. When shopping for coverage options, consult with a licensed insurance broker.