Three Things to Consider When Buying Commercial Insurance

From locating a property for your business to investing in equipment and products, starting a brand-new business can be quite the endeavor that you take on. Although your plate may be full at the moment, you won’t want to overlook the importance of investing in commercial insurance. There are several different things that Oakland Park, FL business owners should take into consideration when purchasing commercial insurance, and the team at eAdvisorPro Property & Casualty LLC have taken the liberty of putting today a brief guide for you.

Legal Requirements

Depending on your exact location, you may be bound by law to obtain a specified amount of insurance coverage. This is specifically true for workers’ compensation insurance, as you may be required to obtain this type of coverage if you have a certain number of employees. We can help you determine what type of coverage is required by law for your Florida business.

Products and Services Offered

Whether you are a plumber or a lawyer, small businesses that offer a product, service, or advice to individuals or other businesses will require general liability insurance coverage. This type of coverage offers protection for your clients from financial loss in the event of property damage, third-party injuries, and even advertising-related injuries.

Professional liability insurance can also provide coverage in the event that a lawsuit comes up as a result of oversight, a mistake, or negligence. Product liability coverage should be considered if you sell products or food to consumers, as this will provide protection for you in the event a customer suffers an injury or becomes ill as a result of one of your products.

Insurance Coverage Needs

It can be tempting to select the business insurance policy that has the least expensive premiums in order to save money. After all, owning a business isn’t cheap. However, if you choose a policy that doesn’t offer sufficient coverage for your business, you may find that you’re paying significantly more in the event someone is injured on the premises, you make a mistake that injuries a client, or the property of a customer is damaged. We can help in determining the best amount of insurance coverage needed for your business while staying as close to your budget as possible.

If you’re ready to get commercial insurance for your Oakland Park, FL business, or if you have any questions, give us a call today at eAdvisorPro Property & Casualty LLC so we can help you protect your business from potential risks.