Law Office of Yoel Molina, P.A.
  • Home Page for Business Attorney, Yoel Molina / Abogado Corporativo y de Negocios Yoel Molina
  • 10 tips to avoid bad business deals
  • Traffic Ticket blog/ Blog de Multa y Tickets
  • Business Law
  • Derecho empresarial
  • Corporate & Business
  • Corporaciones & Negocios
  • T.V. Appearances, Awards, Affiliations, and Miami, Fl. Community Involvement of Business Attorney Yoel Molina/ T.V. Apariciones, Premios, Afiliaciones y Miami, Fl. Participación Comunitaria del Abogado Comercial Yoel Molina
  • Garantia De Reembolso De Dinero.
  • Client Video Testimonials of Business Law Attorney Yoel Molina / Video del cliente Testimonios del Abogado de Derecho mercantil Yoel Molina
  • About The Law Office of Yoel Molina, P.A. Miami Law Office / Sobre la oficina de abogados de Yoel Molina P.A. Oficina de Derecho de Miami
  • Acerca de la Oficina de Derecho Empresarial y Corporativo de Yoel Molina / About the Business and Corporate Law Office of Yoel Molina
  • Miami Corporate and Business Client Services / Servicios para clientes corporativos y comerciales de Miami
  • Biografía del Abogado de Derecho Empresarial y Corporativo Yoel Molina
  • Contact Business and Corporate Law Attorney Yoel Molina / Contacte al Abogado de Derecho Comercial y Corporativo Yoel Molina
  • Blog / Who cannot contract?
  • Terms and Conditions of Legal Service Agreement
  • Spanish / Espanol Blog
  • Business Blog
  • General Counsel Landing Page
  • Business Law Subscription Plan Service
  • Nuestros Precios
  • Business Package / Landing Page. Spanish
  • Business Package / Landing Page. BILINGUAL
  • Business Package / Landing Page. English
  • Our Fees
  • Money Back Guarantee
  • Appointment Page
  • Free legal tips Ad
  • General Counsel Unlimited Advice Plan Interest Form
  • About The Law Office of Yoel Molina, P.A. Miami Law Office / Sobre la oficina de abogados de Yoel Molina P.A. Oficina de Derecho de Miami
  • Home Page for Business Attorney, Yoel Molina / Abogado Corporativo y de Negocios Yoel Molina
  • 10 tips to avoid bad business deals
  • Traffic Ticket blog/ Blog de Multa y Tickets
  • Business Law
  • Derecho empresarial
  • Corporate & Business
  • Corporaciones & Negocios
  • T.V. Appearances, Awards, Affiliations, and Miami, Fl. Community Involvement of Business Attorney Yoel Molina/ T.V. Apariciones, Premios, Afiliaciones y Miami, Fl. Participación Comunitaria del Abogado Comercial Yoel Molina
  • Garantia De Reembolso De Dinero.
  • Client Video Testimonials of Business Law Attorney Yoel Molina / Video del cliente Testimonios del Abogado de Derecho mercantil Yoel Molina
  • About The Law Office of Yoel Molina, P.A. Miami Law Office / Sobre la oficina de abogados de Yoel Molina P.A. Oficina de Derecho de Miami
  • Acerca de la Oficina de Derecho Empresarial y Corporativo de Yoel Molina / About the Business and Corporate Law Office of Yoel Molina
  • Miami Corporate and Business Client Services / Servicios para clientes corporativos y comerciales de Miami
  • Biografía del Abogado de Derecho Empresarial y Corporativo Yoel Molina
  • Contact Business and Corporate Law Attorney Yoel Molina / Contacte al Abogado de Derecho Comercial y Corporativo Yoel Molina
  • Blog / Who cannot contract?
  • Terms and Conditions of Legal Service Agreement
  • Spanish / Espanol Blog
  • Business Blog
  • General Counsel Landing Page
  • Business Law Subscription Plan Service
  • Nuestros Precios
  • Business Package / Landing Page. Spanish
  • Business Package / Landing Page. BILINGUAL
  • Business Package / Landing Page. English
  • Our Fees
  • Money Back Guarantee
  • Appointment Page
  • Free legal tips Ad
  • General Counsel Unlimited Advice Plan Interest Form
  • About The Law Office of Yoel Molina, P.A. Miami Law Office / Sobre la oficina de abogados de Yoel Molina P.A. Oficina de Derecho de Miami
Search by typing & pressing enter

YOUR CART

7/9/2022 0 Comments

Which insurance types do you need for your Small Business?

Picture
By The Law Office of Yoel Molina.
 
Unexpected disasters can strike a firm at any time, from fires to legal actions for personal injuries. While incorporation can safeguard your personal assets in the event that the business is damaged, insurance offers further security for both you and the firm. Certain insurance is required, while other insurance is optional but advised to lower the chance of catastrophe.
 
Business Insurance Types:
You have a wide range of insurance options to think about depending on the sort of business. Your options will rely on a variety of elements, such as:

-The rules of your state
- The standards for your profession, whether you have staff
- Whether you have a business car
- Whether you have a physical site that clients can visit.

There are a few fundamental types of insurance that most firms should take into account in light of these issues.

General Liability Insurance: If your company injures someone or damages property, general liability insurance will shield you from financial loss. This covers both on-site injuries as well as injuries brought on by your products or services.
Property Insurance: Property insurance covers the equipment, computers, and inventory of your company in the event of a theft, fire, or vandalism.
Commercial auto insurance: may be necessary if you own a car utilized for business purposes because it may not be covered by your personal policy.
Data Breach and Cyber Liability Insurance: In the event of a data security breach, this insurance provides coverage for expenses including court charges and settlement costs.
Disaster insurance: This type of insurance covers losses brought on by severe weather events like hurricanes, earthquakes, and tornadoes. You should be aware that some natural disasters may not be covered by your property insurance, therefore you must get this extra protection.
Business Owner's Policy: For more affordable premiums and your convenience, this policy combines many insurance coverages, including property and general liability, into one document.
Commercial Umbrella Insurance: If you must go above the limits of your liability insurance, umbrella insurance offers additional protection on top of your other insurance.
 
Required Insurance When You Have Employees:
It's possible that state law will mandate you to purchase additional coverage if you have a number of employees. In some areas, if you have less than three employees, you might not be needed to obtain this insurance, however, in other places, insurance is necessary even if you only have one part-time employee.
Your workers' compensation insurance should be taken into account initially because it will cover any medical expenses, rehabilitation costs, and missed wages if an employee is wounded while performing their duties. Depending on your state, you could need to acquire this from the government or you might be able to get it through a privately registered insurance provider.

Utility insurance is the second prerequisite. Employees who lose their jobs unjustifiably will receive compensation as a result. Due to the fact that payments are frequently provided to the state as a tax, unemployment insurance typically operates differently from other types of insurance.
 
Specialized Insurance:
You need to have supplementary insurance in order to practice some professions and obtain a state license. For instance, state laws may mandate malpractice insurance for lawyers and medical professionals. If you don't have this insurance, the state licensing organizations may fine you or revoke your right to practice in the state.

Professional insurance is not legally required for other professionals, such as bookkeepers and consultants, but it is nevertheless advised. This might also be known as mistakes and omissions insurance. It safeguards your business from lawsuits brought by clients who allegedly used your or any of your employees' expert counsel or services.
 
What Is the Price of Business Insurance?
Your insurance premium will be determined by a variety of criteria. By having a higher deductible—the sum of money you must pay out-of-pocket before the insurance kicks in—for instance, you might be able to negotiate a cheaper monthly cost. Similar to the above, your monthly premiums will probably decrease if your overall policy maximum is lower. To make sure you have the right coverage, it's crucial to take the time to examine the suggested coverage amounts for your industry and the value of your company's assets.

When determining a rate, insurance firms almost certainly take a number of things into account. The amount you will have to pay each month will depend on your business's location, length of operation, and whether or not you have had any prior claims.
​
Before buying insurance, keep in mind that you can compare quotations from various insurers and shop about. As your business expands after getting insurance, it's crucial to frequently assess your coverage.


If you have any questions about this article or similar matters, please contact our office, the Law Office of Yoel Molina, P.A., at fd@molawoffice.com or 305-548-5020, option 1
0 Comments



Leave a Reply.

    Author

    Write something about yourself. No need to be fancy, just an overview.

    Archives

    February 2023
    January 2023
    November 2022
    October 2022
    September 2022
    August 2022
    July 2022
    June 2022
    May 2022

    Categories

    All

    RSS Feed


​Attorney Molina's BIO

Contact 

Criminal
Blog


Business Blog


Copyright 2018
​All Rights Reserved

"Mr. Molina has always been there for us with timely, reliable and competent advice. He is an important and valuable part of our team."  Corporate Client Eric Delgado, President of American International Export, Inc., a worldwide importer and exporter of brand name appliance parts.
"Yoel has been responsive and attentive to our company’s best interests and needs.   He has been a valuable resource to our company.  Any company that enlists his services would be in good hands-- including our own clients.” Corporate Client Gibran Flynn - Co-Owner and Founder of Eleva Solutions, Inc., the South Florida leader of outsourced HR, Staffing, Training, and Loss Prevention.
"My name is Anastasia Yecke Gude and I am the owner of Healing Hands Therapeutic Massage LLC.  In the process of my company’s growth and expansion, I suddenly found myself a few weeks ago in need of a 1099 contractor agreement, and I needed it ASAP.  As in, the very next day!  I contacted the Law Office of Yoel Molina and his assistant put me in touch with Mo.  I sent him what I had drafted up and he replied within a few hours with suggested revisions and clarifications, as well as a few insights I had not even considered.  I was thoroughly impressed by the quality of work he provided, especially considering the time crunch I put him in (sorry, Mo!).  I definitely recommend his services to anyone in need of a good contract attorney, and I will be calling him again for future work…hopefully in less of a rush next time!"