Three Essential Florida Small Business Insurance Policies You Need
As your small business grows, your insurance needs change. Having the right coverage at every stage of your growth will help protect you from loss and liability.
At Moran Insurance, we can assess your needs and present the most affordable and suitable small business insurance in Florida. Before you plan your next move, consider three of the most important coverage types that every business needs.
1: Property Insurance Business property insurance provides coverage for your physical buildings and their contents. This offers protection and a safety net for losses caused by fire, theft, and other unexpected events. It’s very similar to a homeowner’s insurance policy, with the difference being that it is intended specifically for businesses.
Examples of covered items and structures can include:
- A building that you own or lease for business purposes. Coverage can encompass permanent fixtures, the structure itself, and permanent machinery.
- Any non-permanent property and equipment that is on your premises, such as computers and other electronics, office furniture, and stock/inventory.
- Personal property that your business is responsible for. Examples include customer property being held for repair, service, and modification.
When choosing a policy, you have the option to specify coverage for different types of loss. Typical standard options are fire and theft; however, vandalism, flooding, and other specific scenarios can be implemented into your policy as well.
2: Professional Liability Insurance Also referred to as errors and omissions insurance, professional liability insurance provides safety if a third party takes legal action against you for alleged errors and negligence. This is one of the most critical forms of coverage for businesses.
It’s essential that this type of insurance policy is highly detailed, and different kinds of businesses have varying needs. While medical businesses need a form of malpractice insurance; accountants, tax preparers, and other financial firms need professional liability insurance for errors and omissions.
When you engage in any service industry, this insurance is an absolute must. Even technology companies require professional liability insurance.
The cost of professional liability coverage depends on your business. Key factors include:
- Nature of the business and services offered
- Company size (including revenue, employees, and clients)
- Age of the business and history of any claims brought against it
You are required to carry a similar form of insurance known as product liability insurance if you sell manufactured goods primarily or in addition to offering services.
3: Workers’ Compensation Insurance The Bureau of Labor and Statistics 2018 Economic New Release recorded 2.8 million nonfatal workplace illnesses and injuries for the previous calendar year. Because the potential for claims against employers is significant, insurance coverage is essential.
Workers’ comp insurance is designed to cover medical costs and wages for your employees that are injured or become ill while carrying out their work. Coverage can extend to rehabilitation, and death benefits are standard.
In Florida, employers are required to have an active workers’ comp policy. Without this, you open your business up to the risk of lawsuits, financial ruin, and fines from the state government.
Coverage requirements for the state of Florida mandate that companies in the following industries must have a workers’ comp policy when they pass an employee threshold:
- 1 Employee in the construction industry.
- 4 Employees in non-construction industries.
- 6 employees or 12 seasonal workers in the agricultural industry.
When you own a growing business and are ready to start hiring, contact our experts at Moran Insurance to plan for workers’ comp and other necessary forms of business insurance in Florida.
Comprehensive Business Owner’s Packages
While it’s possible to add, remove, and amend policies as your needs change, it’s often more convenient to purchase a comprehensive business owner’s package from Moran Insurance.
As leaders in the industry, we can design the best policy to cover all your needs today, with scalability for the future. A business owner’s package ensures you have all the essential coverage as well as any extras that you need for your unique business model. Our packages are flexible, focused on your needs, and we offer competitive rates for small business insurance in Florida.
Your business is not only your livelihood; it’s a vehicle for your future success. Ensure that you are protected by talking to Moran Insurance about Florida business insurance requirements today.