Which insurance coverage is the most important one for businesses?
Every business should protect his investment by having all bases covered by insurance but the coverage which is an absolute must the Commercial General Liability. This type of insurance protects the business and its owner(s) from lawsuits…… In our litigatious society every business has a 90% chance to be at one point sued by either a dissatisfied customer or a disgruntled employee or a third party. Besides in a dispute between an individual and a business most of judges and most juries are consciously or subconsciously biased against the business and individuals win most of their cases in the court of law. General Liability coverage is therefore an absolute necessity for every business enterprise.
Is Workers Compensation Insurance mandatory?
Workers Compensation insurance protects the business and its owner(s) from having to pay for medical expenses and loss of wages for employees who got hurt while performing their job. In the State of Florida and most other states Workers Comp is mandatory from the first employee on in the Construction industry. In non-construction fields Workers Comp is mandatory only if the business employs more than 3 employees. However, the employer is still liable for on-the-job injuries to his workers even if there is no Workers Comp policy in place. We therefore recommend that every business secures Workers Comp coverage the moment it hires its first employee…..
How important is Flood Insurance?
Very important. All Homeowners and Business insurance policies exclude damages caused by flood. All homeowners should therefore have an active Flood Insurance policy. The same applied to Businessowners, especially those whose premises are located on ground floor.