Every Florida small business owner should assess their risk level and select insurance policies that address these concerns. Every policy carries a premium and a deductible, the premium being the price paid for the insurance. While premiums vary widely among insurance companies and depend on a number of risk factors, including the location of the business, building type, even distance from local fire protection services, the amount of small business insurance in Florida that is purchased is vital. You can determine the number of your premiums based on the amount of the deductible that you agree upon.
Factors to consider when purchasing a policy
You need to understand that agreeing to take on a higher deductible means taking on some additional financial risks. As a businessperson, it’s important to assess any risks associated with the business you are operating before shopping for coverage. The National Federation of Independent Businesses (NFIB) provides information for choosing insurance to help companies assess their own risks and also to make sure owners insure every aspect of their business.
For example, when running a bakery you may want to enlist an agent that can aid you in finding policies that specifically cover services and products related to your business. A broker that specializes in this industry can help to get the best coverage along with the best rates. The extent and costs of coverage varies from insurer to insurer and some brokers may be better at insuring specific types of businesses.
A Business Owner’s Policy (BOP) may offer a solution
Insurance can be purchased separately or in a package called a BOP. Purchasing separate policies from different insurers can often result in higher total premiums, while a BOP combines typical coverage options into a standard package. Typically, BOPs consist of covering property, general liability, vehicles, business interruption and other types of coverage common to most types of businesses.
BOPs simplify the insurance buying process and can save you money. It’s important to note that the extent of coverage in any BOP must also be considered. Not every type of small business insurance in Florida is included in a BOP. A business facing unique risks will often require additional coverage. Speak to an agent about any questions or concerns.