Three Essential Insurances for Small Businesses

Three Essential Insurances for Small Businesses. Small businesses are the backbone of the American economy. They employ 47.1% of the country’s workforce, which is about 60.6 million people. In Florida alone, there are over 2.7 million small businesses registered.

So, if you have decided to start your own business, you are not alone in this endeavor. Here are some recommendations to protect your company.

There are three basic insurances that you should include in your policy when starting out:

Workers’ Compensation Insurance:

If you are going to hire employees in your company, you are required by law to have Workers’ Compensation Insurance. This covers employees who suffer work-related accidents. It will help you pay their medical bills and lost wages after the accident.

General Liability Insurance:

This policy protects your company and its assets from third-party claims. It covers a wide range of claims for property damage or injuries. Without this protection, the company would have to bear the legal costs of any lawsuit and the compensation amounts arising from it.

Business Owner Policy (BOP):

This is a flexible plan that combines different coverages, such as Business Interruption Insurance, which covers the loss of business income due to a fire or catastrophe, Data Breach Coverage, or Property Insurance, which protects the property where the business is located, equipment, inventory, and related documents.

When someone ventures into the business world, whether as an electrician, barber, store owner, or accountant, it is essential to have good insurance against fortuitous events that may jeopardize the continuity of the company.

Call Univista Insurance and get one of the cheapest and most efficient insurances on the market. Three essential insurances for small businesses.

Call us today for a full qualification! 305-728-2088.