An easy example of how insurance works is to look at your car expenses. Legally, you are required to have a certain amount of insurance but it is wise to have more than the state minimums. As anyone can tell you that has ever been in an accident, the insurance policy doesn’t cover much if you only have the minimum. So when considering Business Insurance Fort Myers FL ask an agent what the basics are but plan to buy more coverage.
According to the law, a small business owner does not have to carry commercial business insurance but an employer must have worker’s compensation, unemployment insurance tax and disability insurance. For worker’s compensation you can either carry it on a self-insured basis or through your state’s worker’s compensation office. The unemployment insurance tax is a federal program and you will be given specific directions for carrying insurance when you register your company.
Lastly, there is a disability insurance that a small business owner may carry for their employees. If you are not in the states of California, Hawaii, New Jersey, Rhode Island or New York you my elect to carry this insurance. For these particular states, and Puerto Rico is also considered in this federal mandate, you must carry disability insurance. Outside of these states it can be added to your benefits package.
Then there are the insurance policies that should be written into a professional business plan when starting up a business. A simple litigation against a start-up company can bankrupt a company before it gets off the ground. General, product and professional liability insurance will help you in the case of any injuries on the job, any injuries associated with a product malfunction, or negligence on the part of employees in your business.
Lastly, in terms of optional insurance, commercial property insurance can help in case of major damage or loss to your business or equipment. Property can stand for computers as well as machinery for a business expense. If your business is a home-based business, specific insurance is always recommended to protect your home from business related damages or litigation. Talk to your agent about Tropical Insurance Of Bonita Springs for specific insurance to protect your small business from special weather conditions.