When you start your business, here are a lot of different things to consider. Once you decide on a business structure and formation, you should purchase commercial business insurance. In Boca Raton, FL, Coastal Premier Insurance Group can help you find the right insurance to protect your business.

BizFilings suggests that there are two main types of commercial/business insurance: Liability and Property.

Liability Insurance

Liability insurance can help with protecting you and your business in the event there are damages you are held liable for, including personal injuries to you or someone else and in or around your property, as well as advertising claims. Each type carries different coverage amounts, and you should evaluate each section based on your company and how it runs. A qualified insurance agent can help you figure out exactly how much coverage you need, and what kind of assets need to be included in your liability insurance policy to ensure your personal assets are safe. There are general liability insurance policies, and professional liability insurance policies – ensure you are aware of which you need and how it will cover your assets.

Property and/or Product Liability Insurance

General liability insurance protects your personal and corporate assets, but what about damage to your property? The Balance details how small businesses (and large ones, too) who are manufacturing or selling products need to be protected with product liability insurance should a person sustain an injury in relation to using your product. Ensure your business’ property is covered in the event of damage, and that you and your business’ assets are protected in the event injuries occur and you are held liable.     

Recommendation: Ensure you have adequate comprehensive liability and property insurance policies for your business. If possible, a specialized form of coverage, such as fidelity and/or umbrella coverage, could also benefit you and your business and help safeguard your assets.

In Boca Raton, FL, Coastal Premier Insurance Group is your resource to protect your personal assets and your business assets from lawsuits. Contact us today to review your options. Remember, if you’re not insured, you’re leaving your personal assets, like your car, home, and personal bank accounts, liable for garnishment or seizure.