Securing the right insurance policy is crucial for Florida property owners to protect what matters most. That’s why it’s so important to understand the difference between insurance products, such as property and liability policies. Insureon.com explains these differences, so you can make sure your current policy offers the protections you need (which will prevent denied claims when the time comes).
Protections Offered by Property Insurance
Property policies protect a whole lot more than just physical structures. These policies can also be applied to merchandise kept on the premises, essential equipment and machinery, and any other supplies you need to operate. Additionally, property policies can cover many different sorts of perils, from destructive fires to vandalism. You can expand protections even further by adding business interruption insurance. This insurance supplements your income until your business is operational again.
What to Expect From Liability Coverage
Legal fees can be quite costly and if a business owner is found to be at fault he or she may have to pay damages (which can be exorbitant depending on the situation). Liability coverage takes care of these fees, whether you’re in need of funding to pay lawyers or you decide to settle with the claimant. Along with general liability, there are other types of coverage that are useful. For instance, workers’ compensation is a type of liability insurance that pays for costs related to injured workers and their medical needs.
Why You Should Have Both Types of Coverage
Some business owners may believe that having a property policy in place is enough to protect their business. However, the risk of a lawsuit can impact nearly every commercial operation even if it ultimately seems unlikely you’ll be sued. Consider what would happen if someone was injured at your business. You may be held accountable for the circumstances leading up to the injury, leaving you responsible for the financial aspects of the lawsuit.