Opening your own business in Florida can be a very stressful experience. With licensing, hiring and planning, one of the things that often get overlooked is insurance. All business owners must have various forms of liability insurance. Even more, depending on the type of business you own, obtaining a surety or similar bond could also help to protect you if a customer is unsatisfied or demands recompense. Certain states actually require some businesses to be fully bonded and insured.
Every state has its own requirements for the minimum insurance amount a business owner can have and be fully covered. However, this does not mean you cannot (or often should not) have more than this required amount. Actually, a majority of business owners in Florida choose to purchase more coverage than required by state law. This additional coverage can come in a wide variety of forms. The most effective way to learn about and understand these types of coverage is to talk with your Florida insurance agent at https://floridainsurancequotes.net/. However, there are a few steps to follow while shopping for business coverage.
Know Your State Requirements
If you are not opening your business in Florida, be careful to research your independent state’s insurance requirements for businesses. Usually, certain businesses may need to purchase specific types of insurance and bonds. If you have trouble locating your state’s requirements, the best way to be sure you are covered is to contact the Secretary of State for a full list of possible bonds and insurance policies your business may need to obtain.
Go through a trusted company
One of the leading insurers in Florida for commercial insurance is Granada Insurance Company. Granada Insurance has been working with business owners in Florida for over 25 years and have experienced and professional agents that can help you deal with every aspect of insuring your new or existing business. Granada insurance has developed a vast network of independent agents that enables the company to allocate their many policy options across many licensed agents who work to ensure service and guidance to their clients.
Be sure to contact Granada Insurance for a quote. As a rule of thumb, business owners should always purchase more than enough insurance protections to cover at least the total net worth of their company. Furthermore, if a business has employees, insurance to cover them should also be included in a company’s coverage plan. If you find yourself uncertain about exactly how much insurance you should obtain, your agent should be able to give you a much more in-depth insurance plan.
Know what you are buying
It’s very important to obtain the right bond for your business. Often, when someone refers to a bond, what they are referencing is a financial implement that will provide monetary reparation in the event a business owner violates a contract they have entered into with a customer. Businesses that often perform their services where their will customers pay in advance should obtain this type of bond.