Nurturing a business from startup to a successful multinational isn’t an easy job. Running a business comes with a wide variety of inherent risks. A disaster can strike anytime, and you stand to lose lots money. That is why your firm in Tampa or Fort Lauderdale, FL needs a commercial insurance policy from Coastal Wealth Insurance, LLC to safeguard it from unforeseen damage.
Here are some of the reasons why every business needs a commercial insurance policy.
It’s a Legal Requirement
Florida state law requires all commercial enterprises with employees to provide specific types of insurance including but not limited to unemployment and disability and employee compensation. Some of these policies are obtained under a comprehensive commercial insurance policy. Failure to acquire the legally required insurance policy could lead to hefty fines, exclusion from the public contracts orders, and other criminal penalties.
Protects Your Workers
Most of the business owners think that their most valuable asset is the products, equipment, and services offered. However, as a business owner, you should know that your employees are the most important asset you have and it pays to cover them in the event of unforeseen circumstances such as accidents occurring.
Your employees make sure that your customers are well served and maintain a friendly environment for your business to thrive. Have you ever asked yourself what might happen if your most skilled employee is injured? Commercial insurance will safeguard you from such uncertainties and guarantee business continuity even when the worst happens.
Having a Commercial Insurance Policy Makes Your Business Look Credible
This might be surprising but having a commercial insurance policy will make your enterprise look authentic and credible since it shows your prospective and existing clients that you are a safe bet. If anything goes wrong with the products or services that you offer, there is a way they can be compensated. This is the primary reason why all businesses tend to carry the label of "insured" on their signage. Commercial insurance helps build trust and attracts more clients to your business.
Do you own a business in Tampa or Fort Lauderdale, FL? Contact Coastal Wealth Insurance, LLC today for comprehensive commercial insurance and to speak with an agent about getting started.