Owning your own business comes with an immense amount of risk. The failure rate for businesses is high, and to give yourself the best possible chance of success, you need to be able to mitigate some of the more severe dangers. At Singh Insurance and Financial Services LLC in Clermont, FL, our team is here to help you determine the types of insurance you may need to protect your business.
Commercial liability insurance
Given the business failure rate, it is even more critical than ever to cover all the potential ways a business can fail. When your business gets sued, it can be tough to recover. If you don’t have commercial liability insurance, your business will have to pay any judgment and legal fees. Many businesses can’t survive this.
Commercial property insurance
It is hard to operate your business if you don’t have the things you need to work on. Depending on the type of business you have, this can be store fixtures, factory machinery, office equipment, electronics, raw materials, and inventory. These are all things that commercial property insurance can help you repair or replace. If you own the building and it is damaged, this insurance can also help. Still, if you hesitate to have this coverage because you are a renter, you must consider the other things it covers beyond the physical structure.
Most states require employers to cover their employees with workers’ compensation insurance. This protects employees who are injured while performing their duties, and it also helps employers who want to not only keep their employees and who could be sued if not for this insurance.
Contact Singh Insurance and Financial Services LLC in Clermont, FL to get the information you need to keep your business thriving for years to come.