Wise business owners protect their business investments with insurance to protect themselves from all types of calamities which can threaten the viability of a business and to protect the owner from personal claims or claims against the business . The types of insurance needed depend partly on what is the type of business: but generally every business must protect themselves from liability claims, damage to their assets and business interruption.
Liability Claims – If you’re business injures someone or causes damage, you may be liable, even personally for the damages caused. For example, if your company vehicle damages another vehicle or injures another motorist, your business may be liable. If a customer comes into your store and slips on a wet floor; likewise you may be liable. General liability insurance protects your business from a wide range of damage claims.
Damage to business assets – If your business assets ; like your vehicles, building structure or equipment are damaged by unforeseen events like fire, flood, tornado or vandalism; then your business must have the cash reserves to immediately repair or replace the damaged assets to continue functioning and making money. Maybe a large amount of inventory was lost and needs to be immediately replaced. Most businesses do not adequate cash reserves and so insurance policies that cover your most important assets from damages are paramount to allowing your business to rebuild and continue after a catastrophic event. .
Business Interruption – If your ability to perform your business is interrupted due to calamity, then your cash-flow is interrupted and we all know how imporant cash flow is to a businesses survival. Business Interruption insurance allows you to make your regular obligations like rent, car payments or pay suppliers while your business recovers.
When a claim occurs, there may be a dispute between the insured and the carrier on the value of the damaged assets or cost of repairs needed to bring a building or structure back to the undamaged state and this is where the services of an experience public claims adjustor would be instrumental in protecting the interests of a business owner. An experienced public adjustor knows what types of documentation are required and in what manner to properly demonstrate the true cost of your business damage or the true amount of cash flow being interrupted by a calamity. How many business owners can take the time to research or learn these methods when struggling to survive after a calamity?
Claims adjustors are regulated by the State of Florida and must abide by the mandated educational and license requirements to legally represent homeowners and business owner claims. Claims adjusters provide a needed public service to Floridians through their training and expertise in estimating property damages and properly documenting insurance claims.