Commercial Insurance Solutions for your Business
Every business that operates in the United States needs some sort of insurance. Some types of commercial insurance are required by State law; an example would be the Florida statute requiring non-construction companies with 4 or more employees, and construction companies with 1 or more employees to have workers compensation insurance. Other types of insurance are required by contractual obligation, an example of this is when a bank requires commercial property insurance and commercial flood insurance when they are the mortgagee on a property. Another example of this is when a landlord requires general liability insurance as per conditions of their lease agreement. And another example of this is when a company requires proof of professional liability insurance, general liability insurance, workers compensation insurance and/or crime insurance when a vendor or subcontractor does work for them. Usually in these instances the requiring company will asked to be named as additional insured on the policy, and may require a waiver of subrogation.
That being said, commercial insurance should be considered an integral part of a company’s business plan and strategy. There are many types of insurance available to protect businesses from the risks they face. However, budget constraints for small businesses require them to do a cost benefit analysis in choosing the insurance that best protects them. What type of insurance you need most depends on a variety of variables. These variables include industry, location, size, assets and specific business operations. The way to best determine your risks are to contact a professional commercial insurance agent that can discuss their risks with you like the agents at ALC Risk Solutions, inc.
Most small to mid-sized businesses should have, at a minimum certain insurance policies including: commercial property insurance, commercial general liability insurance and workers compensation insurance. Many industries have insurance specific to them which they should consider in order to be properly insured.