Naples is a city of 21,653 (2007 estimates) and 314,649 in the greater metropolitan area. The city in the U.S. state of Florida thrives on tourism and it therefore follows that there are many business establishments here. You should take on business insurance because this will help you get back on your feet should you lose your investment. Insuring your employees against death and physical injury in the workplace is mandatory under Florida law. There are several insurance policies that you can take to protect your business. Note that your business can hold more than one insurance policy.
Liability insurance is the most popular business insurance policy in Florida. The insurance covers you against ‘slip-and-fall’ lawsuits and lawsuits involving any other type of injury while at the workplace. The insurance will cover the legal expenses you incur if you are sued and it covers payouts to the injured parties and for damaged properties. It covers the medical expenses for the injured parties as well as investigation expenses if investigations are required to determine liability. This policy is mandatory under Florida and Federal law.
Property insurance is the other common business insurance. The policy, as the name suggests, covers property, including business premises and the equipment used in the business premises. The property is covered against damage resulting from such things as fire or tornados and it covers property against theft.
If your business has commercial vehicles, go for commercial auto cover. Under Florida law, a standard auto insurance policy will not cover commercial vehicles. This policy covers your business’s vehicles against damage resulting from collision, whether or not the driver is at fault. It will also cover the vehicles against theft, whether or not they are stolen by your employees. In case of an accident, the occupants of the vehicle will be compensated if they are injured or they die.
The other common and helpful business insurance policy is the business interruption insurance policy. The policy covers your business against financial shocks resulting from diminished cash flow, losses or reduced profits. The insurance company makes a payout that facilitates the smooth function of the business.
You could take on excess liability insurance (umbrella liability insurance) if you want additional coverage on top of any of your underlying policies. Yet important business insurance is key person insurance. As the name suggests, this policy protects your business in case a person vital for the success of the business dies or leaves the business. Other business insurance options are health insurance, which covers employees in case they get sick, and life and disability insurance for you and employees. Most unions will insist on health and disability insurance and you could use them as an incentive to attract employees.
