Small Business Owners—What Insurance Might You Need?

Staff | 03/26/2023

Owning a small business is challenging and exciting, and there are so many decisions to be made. Safeguarding your personal and professional assets with the right Business Insurance coverage should be one of your top priorities. It might be hard to figure out what protection is necessary vs optional. Fortunately, Massey, Clark, Fischer has an experienced team, who will help you identify your Insurance needs and customize a plan to suit you.

What Insurance Might You NEED?

As a Small Business Owner in Florida, it’s essential for you to understand the requirements that come with it. Browse this guide to Small Business Owners’ Insurance in Florida. Worker’s Compensation and Commercial Auto coverage (for any vehicle being operated for any business-related purposes) are generally must-haves for business operations, unless an exception applies. Depending on the city/county where you’re based, there may also be additional regulations that apply. If you took out a small business loan, your bank or lending institution may require you to purchase insurance coverage for buildings, equipment, inventory or other items.

Workers' Compensation Insurance can cover you for:

  • Medical Bills
  • Missed Wages
  • Illness
  • Repetitive Injury
  • Disability 

If you have any vehicles that are used to conduct business, transport goods or customers, you may very likely need to have a Commercial Auto Policy. Depending on your plan, this policy should cover:

  • Bodily Injury
  • Property Damage
  • Personal Injury
  • Uninsured Motorist Coverage
  • Physical Damage Coverage

What Insurance is Optional?

All businesses have unique needs. While some types of insurance are not required, the extra protection they offer could save you a lot of time and money in the event of a disaster. If you have people visiting your business property, you should consider Commercial General Liability Insurance. This can safeguard your company with coverage for bodily injury and property damage that occurs onsite. In some cases you may want to consider Professional Liability Insurance which pays liability claims arising from wrongful practice by physicians, attorneys or other professionals. But that's not all – there are many more examples to explore today. Here are some other insurance policies you’ll want to consider:

  • Commercial Property Insurance
  • Product Liability
  • Cyber Insurance or Data Breach Insurance
  • Commercial Umbrella Insurance
  • Group Health Insurance

Whether you have one employee or 10, Massey, Clark, Fischer can help small business owners secure group health policies for them and their employees. 

What About Home-Based Businesses or One-Person Businesses?

Protecting yourself, your property and health should be a priority. It's important to know that homeowners' or renters’ insurance may not cover professional equipment in the home or provide sufficient liability coverage – so don't make assumptions! Home-based Business Insurance or a Business Owner’s Policy can provide valuable protection by combining all of the typical coverage options into one bundle. 

Understanding all types of Commercial Insurance and selecting the right coverage isn’t easy. With Massey, Clark, Fisher, you never have to tackle these decisions alone! We make it easy for you to understand how best to protect your business and save money in the process. We’re an Independent Agency, working with 70+ carriers. We can find the match for you. Contact us


Disclaimer: The above description provides a brief overview of the terms and phrases used within the insurance industry. These definitions are not applicable in all states or for all insurance and financial products. This is not an insurance contract. Other terms, conditions and exclusions apply. Please read your official policy for full details about coverages. These definitions do not alter or modify the terms of any insurance contract. If there is any conflict between these definitions and the provisions of the applicable insurance policy, the terms of the policy control.

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