Orlando Business Liability Insurance

Orlando business liability insurance will provide necessary protection for your small business. It will protect you from third-party claims related to property damage, advertising injury and personal injury. However, Orlando business liability insurance will not protect you from claims regarding a product you make. You may need product Florida liability insurance if you're producing or selling something.

Your Orlando business liability insurance will protect you from third-party claims, but it won't protect you from employee claims. So, if an employee sues you for wrongful termination or harassment, you need to have what's called employment practices liability insurance or EPLI. Even if you have very good employees, you never know where an unexpected lawsuit is going to come from.

Product Liability Insurance

Unless you put an add-on in your Orlando business liability insurance policy, it doesn't include product coverage. So, if someone makes a claim regarding something you've manufactured or sold to them, you're not covered. You need to have a special policy for such claims.

Luckily, if you're manufacturing something like teddy bears, product liability insurance will be pretty inexpensive. However, if your are selling or producing something more dangerous, like ovens, this policy will be more expensive. Still, no matter what you're producing, it's absolutely essential that you have this coverage. People will sue for all kinds of reasons.

Of course, while your product liability insurance will protect you from claims made about your product, it won't protect the product itself. So, you need additional coverage to protect your assets. If you own a fancy antique store with lots of expensive furniture, for example, you need to make sure you insure all of your inventory.

You can insure your assets for replacement value or cash value. If you insure them for cash value, you will simply get reimbursed with the market value of your product. If you insure for replacement value, on the other hand, your insurer will pay to replace the items in your inventory.

Obviously, if you own expensive equipment that will be very difficult to replace, insuring for replacement value is probably the best option for your Orlando, FL business. However, replacement value is more expensive than cash value, so you'll need to consider whether or not it's worth it and compare liability insurance estimates to see how it can fit into your budget.

Employment Practices Liability Insurance (EPLI)

EPLI is important if you have employees. Your Orlando business liability insurance policy won't protect you if an employee tries to sue your Florida business. So, if you have employees at your Orlando, FL company, having this kind of coverage is really important. Employees often make unexpected claims.

Typically speaking, Orlando business liability insurance doesn't cover your Florida company for intentional wrongdoing. EPLI is the same way. If you lie, cheat or act dishonestly, this policy won't protect you. However, there is one exception. If your employee does something wrong and your Orlando, Florida company is unaware of the behavior, EPLI may protect you.

So, if you have in Orlando, FL employee who's embezzling money, your EPLI may protect you if there's a lawsuit. Or, if your employee does something else wrong and your Orlando business doesn't know about it, EPLI may cover you if a case is brought against your employee. It may also cover you if an employee sues your company.

Of course, there are exceptions. If you violate certain laws, such as the Fair Labor Standards Act, your EPLI won't cover you. Or if you intentionally hurt an employee: then you're not covered. As with Orlando business liability insurance, EPLI is mainly meant for accidents.

Working With an Agent

You may want to find an Orlando business liability insurance agent to help you protect your company. An agent can make insuring your Orlando company much easier. If you find an agent who knows your industry, for example, he or she can anticipate your risks and help you find the appropriate policy.

Also, an experienced agent knows the reputation of different insurers well. He or she can do the hard work researching quotes and finding the appropriate rates. It will save you a lot of time! Plus, working with an agent shouldn't cost you anything, as they tend to work on commission. You may want to check and make sure your agent is non-bias, for that reason, but most likely it won't be an issue.

Insuring a business isn't as easy as insuring a person or a car. It's much more complicated, as there are so many different factors, and every business has different requirements and potential risks. Having an experienced agent can make finding a good Orlando business liability insurance company a lot easier for you. It's much more difficult to insure a company on your own, without any previous experience. So, go find an agent you can trust and the process will be much, much easier for you.

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