It's important to have business insurance because the financial consequences of a potential mishap could easily wipe out the assets of a small business. Insurance provides protection in case customers or passersby experience harm at the hands of your company, or if your company is harmed by an incident such as a fire.
In addition to protecting yourself, it's also important to have business insurance so you can protect others. If you own a food business and a customer becomes ill after eating one of your products or if you own a delivery business and one of your vehicles hits a pedestrian, you need to be able to pay for the damage you've caused.
It's also important to have business insurance because such insurance can be a requirement for certain types of business activities. Some contracts require in their terms that you be insured, and some types of insurance, such as workman's compensation, are required for all businesses in most states (including in the State of Florida.)
Business liability insurance pays the parties that are harmed by your business activities. Although customers are most likely to experience harm if your products malfunction, you need to know that innocent bystanders can also be affected. For example, if your business is using a propane tank, and it suddenly explodes. Fire and hazard insurance for businesses to protect your company's assets in case of damaging and unpredictable circumstances.
Some types of business insurance are required by your state or local government, such as workman's compensation insurance, which protects your workers if they're hurt on the job, and unemployment insurance, which helps workers make ends meet if they are laid off.
You can find business insurance by searching online, but it's a better idea to talk to people in your industry and ask for recommendations, especially if you work in an industry such as construction or food, where insurance is extremely important. Rates can vary, and if you find an Agent who specializes in your specific field, you're more likely to get the appropriate coverage at an advantageous rate. An Agent who specializes in your industry will also understand the nuances and details of what you'll need in an insurance policy.