Commercial insurance is something that all business owners can benefit from having but is it required by law?
For those in the Oviedo, FL area, the agents with Karla Salmon Insurance can help you determine if you have to have a commercial policy or if you can get by covering your business with another type of insurance.
For starters, it is a good idea to learn what commercial insurance is. Commercial policies are taken out to protect business owners from theft, destruction of property, disasters, employee injury, lawsuits, and more. This type of policy can only be taken out on businesses and cannot be used to cover other things. If you have a business, it is always a good idea to make sure it is covered in some way or other by an insurance policy. In some cases, your company may be covered by your property insurance, your homeowner’s insurance if it is a home-based business and more.
Generally, the only time you would be required to have an insurance policy on a business is if you owe money on the property. If you owe on the building that the business is housed in or if you have taken out a loan to pay for the goods to stock the store, you are likely going to be required by your lender to have some insurance in place to protect the investors. Also, this is to help make back the initial loan amount should something happen to your business. If you own a business outright, you are not required to have insurance, but it is always smarter to have a policy and not need to use it than it is to go without a policy and need one.
For those in the Oviedo, FL area, the agents with Karla Salmon Insurance can help you find the right policy.