Does Your Company Have the Right Orlando Business Insurance Coverage?
Earlier in 2014, we discussed how your Orlando business insurance coverage gaps could be leaving your company vulnerable to losses. As we mentioned, many companies assume that their standard Orlando general liability insurance coverage includes any and all liability your company faces. However, risks that are commonly forgotten include employee practices, business auto liability, and property damage.
Orlando Employment Practices Liability insurance is a must, no matter what type of business you run or how small your company is. Employee-related lawsuits range from wage and hour disputes to sexual harassment claims, to wrongful termination claims. These types of lawsuits have been on the rise in recent years, but with the right insurance coverage, you can protect your business financially from any damages that may be awarded to the employee, legal defense costs, and court fees.
Another policy that is an absolute must as part of your Orlando business insurance package is Orlando Property Insurance. Being located in Central Florida, your company is susceptible to many weather related damages. While you may be covered for any damage done to the outside of your building if you are renting a space, this does not automatically mean that your property inside is protected. This may include technological equipment such as computers, or it could be the products that you sell if you are a retail establishment.
One last policy that is recommended to many Orlando companies is business auto insurance. This type of insurance policy is necessary if anyone in your company uses a vehicle for company purposes. This can include making deliveries, transporting goods, transporting people, or traveling from work to a meeting or job site.
The Hartford recently released a “Business Insurance Coverage Checkup” that consumers are encouraged to use in order to check if they have the right amount of insurance to protect their business. It’s important to note that your coverage needs may change if you’ve added or eliminated locations, hired more employees, changed the types of products and services you offer, or signed new contracts. These are just a few of the reasons that your coverage needs may have changed.
It’s important as a business owner for you to understand just what coverages you have, and what you may need. You should speak to your insurance agent today to determine if you are appropriately covered. At Newman Crane, our specialists will create an Orlando business insurance package tailored to the specific needs of your company. Please contact us today to learn more at (407) 859-3691.