As an entrepreneur or business owner, there is a need for you to gain a basic understanding of different types of commercial insurance coverages. It is the only way you can fully cover all your assets, reputation, as well as personnel. Express insurance provides a number of choices in deductibles, billing, as well as coverage.
1. Business Insurance—What Is It?
Commercial or business insurance mainly comprises of four coverage options. They include:
- Umbrella insurance
- Property insurance
- Commercial auto insurance
- General liability
2. Why Do You Require Commercial Insurance in Longwood, FL?
Through the coverage options listed above, you get to protect business equipment and premises against damages as well as theft. Express insurance enables you to indemnify the business and yourself against damages in the event that your property is damaged or a person gets injured on your property. Additionally, you also get to insure your company vehicles as well as their drivers. The umbrella policy makes it possible for you to cover yourself against larger losses as well as any other threats that may arise.
3. What are the Premiums?
The premiums for each coverage option will vary. An insurer will decide the premiums that you ought to pay after looking at the kind of risks faced by your business. Smaller businesses will often pay lower premiums compared to larger conglomerates.
4. Is Commercial Insurance a Deductible?
Yes, business insurance is absolutely deductible. You can deduct it from your business expenses if it covers your trade or business operations. But, you cannot deduct it when it only covers a self-insurance reserve fund or loss of business earnings.
5. Is Business Insurance Required by Law?
There are situations where commercial insurance is required. Certain businesses are required to carry worker’s compensation, disability, and/or unemployment insurance. Certain professions such as law and medicine practitioners may also be required to have professional liability covers.
You can call, visit, or email our Longwood, FL offices for a detailed consultation on all your commercial insurance needs. Our agents are always ready to address any questions or queries that you may have.