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Small Business Insurance

Florida Business Brokers, LLC is now offering insurance for all your small business insurance needs. Contact us today for more information.

Business Insurance is the equitable transfer of the risk of a loss, from one entity to another in exchange for payment. It is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss.

An insurer, or insurance carrier, is a company selling the insurance; the insured, or policyholder, is the person or entity buying the insurance policy. The amount of money to be charged for a certain amount of insurance coverage is called the premium. Risk management, the practice of appraising and controlling risk, has evolved as a discrete field of study and practice.

The transaction involves the insured assuming a guaranteed and known relatively small loss in the form of payment to the insurer in exchange for the insurer’s promise to compensate (indemnify) the insured in the case of a financial (personal) loss. The insured receives a contract, called the insurance policy, which details the conditions and circumstances under which the insured will be financially compensated.

Learn more about small business insurance types and plans

Business Insurance

Your business insurance policy: A recorded contract that protect a local business against operational damages. The sort of damages that are protected by a local business insurance coverage hinges on a few variables, such as the insurance agency, the wording used within insurance policy and local area restrictions.

Usual Types of Business Insurance Policy Protection

There are multiple kinds of protection with a local small business insurance policy, each one possessing their own limitations, terms and regulations.

Here are the most basic sorts of local small business insurance policy protection:

Essential Individual Insurance Policy: An Essential Individual, in most cases is a business owner or partial business owner, somebody so significant to the agency that the loss of that individual can result in substantial damage to the business’s economic future. Funds are paid to the business if the Essential Individual becomes too impaired to work or passes away. The continuing principle partners or business owners are permitted to utilize the funds for valid business expenses only, like acquiring the Essential individual’s shares in the business or for hiring a replacement. An Essential Individual Insurance policy is also called a Key Person Policy or Buy/Sell Contract.

Basic Liability Insurance policy: Basic liability business insurance guards the business enterprise against damage lawsuits, negligence, production or workforce wrongdoing, physical accident and equipment breakage. Protection of legal charges is usually included in this sort of insurance plan.

Equipment/Product Damage: Protection guards against malfunctioning goods and breakage, incident, or loss of life from use of the malfunctioning products.

What is Workers’ Comp Insurance policy?

Workers’ comp insurance policy gives protection for a worker who has endured an incident or sickness occurring from occupational functions. Protection consists of healthcare and treatment expenses and missed paychecks for staff members injured at work. This insurance policy may be attained from a certified insurance policy provider. The legislation in most regions calls for some type of workers’ comp insurance policy for 4 or more workers. However, employees can renounce their civil rights to protection by filing an exemption.