Owning a Limited Liability Company — or LLC — can provide an owner with ample protection and legal organization. One of the main reasons individuals become an LLC is to minimize the financial risks of business ownership from impacting their personal finances.
With this in mind, as an LLC owner, you’ll want to take every step possible to put in place a business insurance plan that further limits risks and puts your company in safe hands financially.
How Does Business Insurance Help LLCs?
It’s essential to have comprehensive business insurance regardless of company formation. When an incident occurs at your business, there will likely be an associated financial burden. It is very common for these incidents to lead to the closure of a company. Some businesses simply cannot weather this type of financial loss.
However, when a company — especially an LLC — has business insurance in place, the policy may cover the loss. This may eliminate direct risk to the company.
Customizing LLC Business Insurance
Companies should work closely with their insurance agent to create a customized insurance policy that offers protection for all of the risks that could impact their business. Here’s a closer look at a few examples.
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Does the business operate in a building it leases or owns? Property insurance becomes an important protection here. It should cover the building structure, along with equipment, inventory, and other onsite assets.
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Does the company have employees? If so, your LLC may need employment practices liability insurance (EPLI), workers’ compensation coverage, and much more.
There are many other types of insurance coverage available for businesses today. With the right level of financial protection, your company can recover from a loss without having to shut down. As an LLC, you likely already have protection in place for many claims made against your business. However, that does not eliminate other risks.
The only way to do ensure complete protection is to purchase a comprehensive business insurance plan that can meet each one of your needs. Work closely with your insurance agent to make this happen.
We have coverage to meet your needs. Call McKee Insurance Agency at 850-224-6055 for a free Florida business insurance quote.
Posted Wednesday, October 06 2021 1:10 PM
Tags : business insurance
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