Everyone knows that running a business comes with a lot of responsibility. You might have employees, a large customer base, equipment, or other assets, which could mean high liability. Even if you just provide a service and don’t require inventory or assets, such as People, Property, and Equipment (PP&E), this doesn’t mean that your business isn’t subject to liability. There are a lot of ways you’re liable.

It can be stressful.

So, let’s lower that stress, and let’s lower your risk. To mitigate operational and legal risks, you have business insurance. But is it worth it? Let’s look at a few options.

• Professional Liability Insurance – Let’s start with a common type of business insurance: professional liability. This is a great option for any business that provides a product or service to customers. This protects you if you are sued because of damages to your customers caused by your service or product. It’s great to have no matter what kind of company you run.
• Commercial Auto Insurance – If your business owns a vehicle – whether for service or sales – then commercial auto insurance is important. In the state of Florida, you have to have it. Commercial auto insurance protects you, your employees, and drivers as well as the vehicles themselves in accidents. If you have one, or you have a fleet, you’ll want this.
• Workers’ Compensation Insurance – If you have employees, you want workers’ compensation insurance. Depending on your business, workers’ compensation insurance may be required in the state of Florida. If your business is in a high-risk trade, such as construction or HVAC, workers’ compensation may be a necessity.
• Commercial Property Insurance – Whether you’re business is ran in a retail store, restaurant, or other commercial space, it is important to protect your work space. This isn’t required in Florida, however it is a wise idea for business owners to fully protect themselves in case of a lawsuit.

If one of your employees is harmed on the job, then they can sue you for lost wages, medical expenses, and even pain and suffering. If you don’t have workers’ compensation, you could be liable.

Why You Need Small Business Insurance

Let’s face it, you’re always thinking about your costs. Sometimes, businesses try to avoid purchasing business insurance so they can avoid paying high premiums as well as keep their costs low. This can end up costing you more overall if there is a lawsuit with an employee or even a customer. These can be so damaging, that your business may be forced to shut its doors.

At the end of the day, small business insurance is a small price to pay to ensure that you’re protected. It’s common sense.

How Synergy Insurance Can Help with Small Business Insurance Quotes

If you want to learn more about small business insurance and how it can help you and your business, contact Synergy Insurance. We help businesses with commercial liability, commercial auto, and commercial property in addition to workers’ compensation. Call us today for business insurance quotes to get the insurance that your business needs to ensure that you stay in business for years to come.

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