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The Basics of Business Insurance Every Small Business Owner Should Know

Business owners who work hard to build their companies should ensure they have insurance that works just as hard to protect it. There are a number of different types of business insurance policies designed to protect different assets. Most small businesses need more than one policy to protect everything and a broker who sells Business insurance Lakeland entrepreneurs and small business owners need can help them find the policy or policies right for each one.

Workers Compensation

Every company that hires staff needs workers compensation insurance. This type of insurance protects a company's assets if one of the employees gets injured on the job. Without this Commercial insurance Lakeland business owners could have to pay the costs of immediate and ongoing medical care, as well as an injured employee's salary, until they are able to return to work. A small business without workers compensation insurance could easily go out of business due to the costs associated with just one injured worker.


Business owners could be held responsible for damage caused by their products or services as well as any injuries customers incur while they are on company property. This type of insurance pays the injured party. Companies that buy best commercial insurance Lakeland has to offer can be sure their customers are protected whether they are using the products at home or visiting the showroom.

Crime Insurance

Any business owner could be a victim of crime. Most crimes against businesses are committed by employees. They could include inventory theft or theft of intellectual property. These types of crimes could seriously harm a company and the insurance helps reimburse the company for losses that are excluded from other commercial policies.

Business Income Insurance

Commercial insurance policies typically cover things like damage or loss due to injuries. Business income insurance pays the company if it has to shut down due to another covered loss. For example, if the building catches on fire or an employee steals company data, forcing the company to close, this kind of policy could keep the company in business until the owners are able to correct the problem and reopen the doors.

By purchasing small business insurance Lakeland business owners can protect their employees, customers and income if they suffer a loss. There's no reason to take unnecessary risks by operating a business without sufficient insurance. Business owners should talk to an experienced agent who works with companies in their industry to be sure they have all the coverage they need.