Business insurance, like personal insurance, can be the difference between disaster and riding out challenging times.

Boca insurance agency Seeman Holtz Property & Casualty believes that with the right plan, “your business will be covered from top to bottom,” freeing you to run your business. Whether that business is big, small, or somewhere in between, experts at the Boca insurance agency have you covered.

There are a few things you should know about commercial insurance.

What is business insurance and why do you need it?

Business insurance is a broad term, covering all the forms of coverage you and your business will need.

Kara Cleary of Barnes & Thornburgh LLP has the following rundown:

“Commercial general liability, products liability, property, directors & officers, professional liability, employment practices liability, crime and cyber, to name a few. A company should work closely with its broker to identify the types and limits of coverage it should consider obtaining and then re-evaluate every year based on changes within the company and claims history. Watch out for the exclusions in your policies to make sure you have the type of coverage you think you have and understand how the limits and sublimits work.”

But do you need business insurance? The answer is likely yes. Michelle Fabio, writing in Legalzoom, points out:

“Even if you don’t think your business has enough assets to be sued, or if you believe because your business in incorporated, you’re shielded from personal liability through the so-called “corporate veil,” you still need business insurance. Why?

“Because absolutely anyone can be sued, judgments can be collected through wage garnishments and bank account seizures, and even corporate veils can be pierced under certain circumstances; indeed, the smaller your business is, the more likely that you can be held personally liable for debts through your personal assets.

“Your business needs business insurance because of the many risks and potential threats to its successful and continued operation; good, tailored business insurance policies can help protect you and your venture as much as possible.”

Boca insurance company Seeman Holtz Property & Casualty Insurance has the experts who can help you choose exactly what’s right for your business.

Types of business insurance

As we pointed out above, there are a dizzying array of choices to make when it comes to the types of business insurance, and some are important enough that they need more explanation. Among them:

General liability insurance — Even if you have a home-based business, you need liability insurance. Why? “The policy provides both defense and damages if you, your employees or your products or services cause or are alleged to have caused Bodily Injury or Property Damage to a third party,” writes Newtek in Forbes.

Property insurance — If you own your own building, or have business personal property, you need to consider property insurance. Newtek writes: “If you own your building or have business personal property, including office equipment, computers, inventory or tools you should consider purchasing a policy that will protect you if you have a fire, vandalism, theft, smoke damage etc. You may also want to consider business interruption/loss of earning insurance as part of the policy to protect your earnings if the business is unable to operate.”

Business owner’s policy — A business owner’s policy folds several other types of insurance into one policy. As Newtek points out: “A business owner policy packages all required coverage a business owner would need. Often, BOP’s will include business interruption insurance, property insurance, vehicle coverage, liability insurance, and crime insurance . Based on your company’s specific needs, you can alter what is included in a BOP. Typically, a business owner will save money by choosing a BOP because the bundle of services often costs less than the total cost of all the individual coverages.”

Worker’s compensation — If you have employees, it’s likely you’ll have to carry worker’s compensation insurance. Here’s Newtek: “This type of insurance provides wage replacement and medical benefits to those who are injured while working. In exchange for these benefits, the employee gives up his rights to sue his employer for the incident. As a business owner, it is very important to have worker’s compensation insurance because it protects yourself and your company from legal complications. State laws will vary, but all require you to have workers compensation if you have W2 employees. Penalties for non-compliance can be very stiff.”

Data Breach — The rise of the Internet and the digital economy more broadly has been a blessing for many businesses. But it can be a mixed blessing. As Newtek points out, “If the business stores sensitive or non-public information about employees or clients on their computers, servers or in paper files they are responsible for protecting that information. If a breach occurs either electronically or from a paper file a Data Breach policy will provide protection against the loss.”

How Boca insurance agency Seeman Holtz approaches business insurance

These are just a few of the insurance issues you should be looking at if you run a business. Choosing the right coverage is where Boca insurance company Seeman Holtz Property & Casualty Insurance comes in.

As the Boca insurance company says on its website:

“With the right business insurance plan, your business will be covered from top to bottom. Our experienced commercial insurance advisors work directly with owners and their executive teams to understand a company’s operations and objectives. We will perform a comprehensive management assessment and risk analysis, and then negotiate the best terms and conditions to help protect your business against any loss.

“Whether your business is small, mid-sized, or a multi-million-dollar corporation, you need an insurance broker with the expertise and resources to effectively manage it. This includes property & casualty for business owners, workers compensation, commercial general liability, fidelity & crime, boiler & machinery, employment practices liability, professional & fiduciary liability and umbrella liability. No matter what business you are in, each workday is dedicated to doing your job well and providing your customers with the best service possible.”

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