Essential Types of Business Insurance in Florida
If you are planning on opening a business in Florida, there are some insurance requirements that you need to be aware of. Additionally, beyond the required insurance, it can be a good idea to have additional business insurance to cover yourself in case problems arise. Stay with us to learn more about business insurance requirements in Florida as well as additional business insurance coverage you may want to consider.
Business Insurance Requirements in Florida
Florida has a couple of basic business insurance requirements, which we have listed for you right here. You want to be sure you have these types of insurance for your business.
- Workers Compensation Insurance– Florida requires any business with at least four employees to carry this type of insurance. Workers compensation insurance covers disability and medical treatment if an employee is injured on the job.
- Commercial Vehicle Insurance – Another Florida business insurance requirement is commercial vehicle insurance. If your company uses vehicles as a part of everyday business activities, you are required to carry a vehicle insurance policy. Auto insurance is required for individuals in Florida as well as for businesses.
While these two types of business insurance are required, there are some other insurance coverages that you may want to have depending on your type of business.
Other Business Insurance Coverage to Consider
The type of business you have will influence the type of insurance coverage you want and need. Check out additional insurance options that may be beneficial to your business below.
- Commercial Liability Insurance– This type of insurance is also known as business liability insurance or general liability insurance. It covers your business from claims of injury or damage like property damage, personal injury, and bodily injury. This type of insurance is not mandatory in Florida, but it can be something you want to have if you own valuable assets associated with your business.
- Commercial Property Insurance– If your business occupies a physical space, you need some sort of commercial property insurance. This type of insurance covers your building, equipment, and inventory in the event of damage or theft.
- Professional Liability or E&O Insurance– Professional liability insurance protects professionals and their business if someone tries to sue them. While many people think of this as insurance for medical professionals, it can be for many other professions as well.
- Product Liability Insurance – This type of insurance is something you want to have if you manufacture products as a part of your business. Product liability insurance protects you from lawsuits because of a negative product impact or poor product quality. Even if you have policies in place to make sure your products are safe, it is a good idea to carry this type of insurance. Accidents and oversights can happen in any business that does product manufacturing, and this type of insurance can save you from financial strain if something bad were to happen.
Whether your business is small or big, insurance is of vital importance. Many things go wrong in businesses every day, and those things can be costly to your business’s future. Insurance protects you when things go wrong. Different types of insurance protect you for different things that may happen to your business, so it is crucial to be knowledgeable about the type of coverage your business has. Ensuring you have the proper coverage can keep your business running even when the unexpected happens.Are you looking to add or to upgrade your business insurance plan? Follow these steps to update your insurance and get the best policy for your needs. First, do your research. Read up on insurance requirements, but also, research additional coverage options that could benefit your business. After you do your own research, consult an expert. Talk to a few different insurance agents and ask them questions. This can help you find a business insurance policy that is right for you. Contact us at Moran Insurance to see how we can help you get a Florida business insurance plan that is right for you.