Small Business Insurance Requirements

What is Inland Marine Insurance
June 25, 2018

Owning a small business means knowing what types of insurance you need as well as having the right amount of coverage to fully protect your investment. Small business insurance requirements will differ from company to company so it’s important to know where your greatest risks are and cover yourself accordingly.

Small Business Insurance Packages

Small Business Insurance Packages can contain many different types of policies. A few of the most common include:

  • General liability
  • Property
  • Employee benefits (health, disability, etc.)
  • Worker’s Compensation
  • Professional Liability
  • Crime (theft, vandalism, embezzlement, etc.)

Some businesses will benefit from having many different types of policies, but a sole proprietorship generally won’t need the employee benefits or Worker’s Compensation if there are no employees other than the owner. General and professional liability are often considered “must-haves” to prevent financial loss due to an accident or defect in workmanship.

Northeast Florida companies also run the risk of damage from hurricane and other weather-related events. While it’s your choice to consider this type of policy, it may be in your best interest, especially if you are near to the coast or in a floodplain.  Small business packages can be written to your business’s exact needs. If you are unsure about what you need, talk to your agent and ask for an insurance audit. They will review your business’s goals, assets, and overall risk to determine what type of policies would be most beneficial and what amounts are needed to fully protect your business’s future

The Importance of Umbrella Coverage

Many people overlook umbrella coverage because of the cost or because they are unsure of what it is. An umbrella policy basically provides you with additional coverage in the event that your liability insurance is maxed out due to a specific claim. For example, if someone is injured on your property and they file a claim that exceeds the amount of your general or professional liability coverage, your umbrella policy will then kick in and cover the overage. This prevents your business from bearing the financial brunt of the cost.

At Bates Hewitt & Floyd, agents are specially trained to help local businesses in Northeast Florida find the insurance coverage they need. Your business is your livelihood and you work every day to achieve success. Having the right policies in place protect your interest and work to secure the future of your business. While you may understand your business, you may not understand everything about what the right types of insurance an do for you. Call the agents at Bates Hewitt & Floyd today and ask for an insurance audit. They will review your existing policies and provide you with detailed information on what policies are most beneficial for your business. Take steps today to protect your business with the insurance you need to remain financially sound!


About Bates Hewett & Floyd

When you think about an independent insurance agency in Northeast Florida, you probably think of a small to medium size office run by a family or a few employees. If you have never visited or been inside Bates Hewett & Floyd, you have not experienced the big picture. With 30 employed professionals (currently seeking additional candidates to join the team) we are one big family (some blood, most not) that spans three offices and are spread throughout the many facets of insurance that Bates Hewett & Floyd.

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