At Fuqua Insurance Agency in Tallahassee, FL, we’ve seen firsthand the effects of not having adequate commercial insurance coverage. In many cases, business owners make the mistake of assuming that their personal insurance policy will cover their business-related activities. However, that’s almost never the case.
Here are three of the most common mistakes people make when buying commercial insurance:
1. Not Purchasing Adequate Coverage
One of the most common mistakes people make when buying commercial insurance is not purchasing adequate coverage. It’s important to remember that your commercial insurance policy is designed to protect your business, not your personal assets. As such, you need to ensure that your policy provides enough coverage to protect your business in case of a liability claim or lawsuit.
2. Not Shopping Around for the Best Rate
Another common mistake people make when buying commercial insurance is not shopping around for the best rate. There are a number of factors that go into determining your premium, so it’s important to compare rates from several different insurers before making a decision. You could save hundreds or even thousands of dollars on your premium by shopping around.
3. Not Reviewing Your Policy on a Regular Basis
Your business is likely to change over time, which means your insurance needs will also change. It’s important to review your policy at least once per year to make sure that it still meets your needs and provides adequate coverage for your business.
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If you have any questions about commercial insurance or if you’d like to get a quote, please contact us today at Fuqua Insurance Agency in Tallahassee, FL. We’re here to help you find the right policy for your business.
Different enterprises have different insurance needs. This usually leaves many business owners scratching their heads, trying to figure out what type of business coverage would be best for their enterprises. Fuqua Insurance Agency offers this guide in navigating commercial insurance. Here is a breakdown of the policies you should get for your business in Tallahassee, FL.
Which Type Of Commercial Insurance Is Right For Your Business?
1. General Liability Insurance
General liability insurance is a must-have commercial coverage no matter what business you operate. This policy will protect you and your company against being liable for delivery people, customers, and other non-employees who get injured or have their property damaged while on your premises. General liability insurance will cover court costs, lawyer’s fees, settlements, and judgments.
2. Professional Liability Insurance
If you run an enterprise that provides professional services, you need professional liability insurance. This policy will protect you from customer complaints about work mistakes that result in injury and financial losses. For example, if you are an electrical services company and you do wiring in a client’s home, and after some days, your wiring work causes a fire that damages the house, your professional liability coverage will take care of that.
3. Workers Compensation Insurance
Many business owners don’t think they need workers compensation insurance because they believe they are in a safer industry. This coverage takes care of liability for current employees who experience on-the-job injuries and work-related ailments. At Fuqua Insurance Agency, we recommend all enterprises get this coverage no matter what they do. Even if you only have office employees, an office chair might break under an employee’s weight. In case they sustain hip, pelvic or back injuries, your workers compensation insurance will save you and your business from massive liability. This coverage will pay for missed wages, medical bills, and even death benefits.
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Do you need tailored commercial insurance for your business in Tallahassee, FL? Contact Fuqua Insurance Agency today for unbeatable business insurance assistance and deals.