If you’re starting a business, the first step you need to take in setting up your company is to obtain commercial liability insurance. Or, if you already have an existing business but do not have general liability insurance, do so immediately. Being an entrepreneur and running your own company can be quit rewarding, but it does not come without plenty of risks. That’s where the important of liability insurance lies. But what does that mean? What protection does it afford? How do you determine your coverage needs?
Liability insurance protects a company’s assets and pays for obligations, including medical costs, property damages or injuries caused by you or your employees. Liability insurance also covers the cost of your legal defense and any settlement or award should you be successfully sued. Typically these include compensatory damages, non monetary losses suffered by the injured party, and punitive damages.
The coverage you need depends on the type of business you are in and the perceived risk associated with it. For example, a building contractor will need more coverage than a web designer. Even if you feel you are unlikely to face a claim against your business, getting insurance is a wise investment that doesn’t cost much, with annual premiums ranging from $750 to $2,000 depending on your line of business and coverage needs.
To learn more about coverage options, contact your Florida commercial liability insurance company, Zellner Insurance Agency.
The coverage you need depends on the type of business you are in and the perceived risk associated with it. For example, a building contractor will need more coverage than a web designer. Even if you feel you are unlikely to face a claim against your business, getting insurance is a wise investment that doesn’t cost much, with annual premiums ranging from $750 to $2,000 depending on your line of business and coverage needs.
To learn more about coverage options, contact your Florida commercial liability insurance company, Zellner Insurance Agency.
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