For a small business purchasing the correct level of insurance can be a daunting task. There are many coverages to choose from and each can vary vastly depending on what you do. For instance, a dog groomer won’t need any sort of watercraft insurance and a restaurant may not need any auto insurance, but both will need workers’ compensation and commercial auto coverage because those policies are mandated by Florida Law. Likely they will also need both will need certain levels of property insurance. If you’re curious at where to get started, you’ve come to the right place. Here are the basic coverages you’re likely to need when starting a business.

Workers Compensation Insurance — Workers’ compensation insurance provides coverage for employees who are injured on the job as well as partial wage replacement. This coverage also provides protection to the busineness owner should the employee file a civil lawsuit because of the injury. Depending on the type of business you own, you will need varying degrees of worker’s compensation. If your operation is mainly office-focused you will probably pay less than a construction company.

Commercial Auto Insurance – Commercial auto insurance is required by law if your business operates, owns, or leases automobiles as a business operation. This includes company cars, service vehicles and any other auto used for company purposes. This protection is just like any other auto policy and can be purchased at varying levels depending on what your company needs. It will pay for damages done to the company car or others in the event of an accident and will pay medical expenses of those who were injured.

Property Insurance – Property insurance is often required by banks or lenders who you have borrowed money, or are leasing equipment from. This insurance protects the property you’ve purchased, allowing you to make repairs or purchase replacements if if anything is damaged or destroyed.

These three basic types of insurance are just the tip of the iceberg. Each business is unique and having the skilled eye of an experienced independent insurance agent to look at every facet of your business to help you choose the best levels of coverage for your business can save you money. Not only can it save you money, but the insurance you purchase will prove itself to be valuable beyond measure if something should be damaged, or if someone is injured.

If you have any questions about  what insurance your small business cannot or should not go without, give your insurance agent at Wayne Anthony Insurance a call today.