What Kind of Insurance Coverage Do I Need For My Small Business in Miami?
All businesses start small, but with the owner’s hard work, they can grow into companies with millions of dollars in revenue. How the owners delegate the work is not the only critical factor for the development of a business. Many aspects require attention, and one of them is insurance.
It is essential to have insurance for your business because it will protect you and will also help your development. In areas like Miami, where many new companies appear periodically, some of them tend to fail because of the lack of insurance, as they are not covered for unforeseen damages. For example, the Miami area is subject to harsh weather conditions that can damage the office, which is why hazard or property insurance is a must.
To emphasize the importance of insurance, below is a list of some of the most common and helpful types of insurance for small businesses. It is suggested that all business owners have at least 2-3 types of coverage to ensure their business can develop smoothly.
Business Liability Insurance
This is one of the most important types of insurance because many businesses work with customers. When customers visit the company, they could get injured, or their property might get damaged.
In some situations, customers feel entitled to sue the business if anything happens to them or their property while visiting the business. This is when liability insurance comes into play and will cover all the medical bills, repair of goods, lost wages, or other expenses caused by the accident. This type of insurance will also cover legal costs if the situation ends up in court.
Insurance for Commercial Property
Insurance for commercial property is crucial to ensure the safety of the space where the business operates. Usually, every business requires a physical place where they stock goods or employees work.
This insurance protects the location against damage caused by a fire, flood, theft, and more. It is a burden for small businesses to replace damaged furniture or equipment. However, the insurance company can cover all costs.
Errors and Omissions Insurance
All growing businesses will need employees, and since employees are human, mistakes will sometimes happen, which is natural. However, those mistakes can be costly for the business, but the insurance company can cover them.
Some of the situations the insurance covers are negligence or mistakes that cost the client, like providing wrong information or giving untrustworthy advice. For example, suppose an accounting business makes a mistake regarding numbers. In that case, the client will have to pay more and may even appear to have legal issues regarding paid taxes. In this situation, if the customer wants to sue the business, the insurance will cover the costs and compensate the customer.
Workers' Compensation Insurance
A business with at least one employee should have worker's compensation insurance. No matter the company's area of business, employees can get hurt at the workplace. Even a slip and fall scenario can lead to a broken arm or worse. The employee might have to miss work and suffer lost wages when something so unfortunate happens.
A large variety of medical issues can happen to employees, and this type of insurance is a must to take care of them and the business. This insurance will cover their missed wages and medical costs. This insurance will also increase employees' trust when they notice that the business cares for them, increasing productivity and revenue.