Protect Your Assets
Property • Disaster Planning • Cybersecurity • Intellectual Property • Insuring People
Insuring People
Could your business operate without someone at the helm? Probably not. The following insurance types are available to cover losses involving bosses and/or employees:
Directors and Officers Liability Protects both the company and individual executives in the event that employees, shareholders, government agencies and others sue directors and officers over financial losses due to alleged company mismanagement.
Key Employee Protects a business in the event of the death of an individual considered vital to the firm’s success. The company buys and pays for a key-employee policy – similar to a life insurance policy – on a specific individual, and the death benefit goes to the company rather than to the individual’s family.
Workers’ Compensation Florida law requires employers with four or more full- or part-time employees to have workers’ compensation coverage for their employees. Sole proprietors and partners are not considered employees. Unless exempt, corporate officers are included in the definition of “employee.” (Employers in construction and agriculture are subject to different requirements.)
Choose Wisely
Confused about which individual insurance policies to buy? Consider a “business owner’s policy” (BOP) that combines property, general liability and business interruption insurance coverage in a single package. BOPs are typically available only to businesses with fewer than 100 employees and you may still need additional coverage for unique risks related to your specific situation.
For more handy tips on buying business insurance, visit www.sba.gov/content/buying insurance.
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