Florida Business Insurance

Why Get Business Insurance in Florida
The state of Florida is commonly known as the most hurricane-prone state in the country. In fact, the damages caused by Hurricane Andrew alone reached $25 billion. This is a fact which any Florida business owner can ill afford to ignore. Without sufficient business insurance coverage, one big storm could wipe out the business which you worked so hard to build. You should be aware that given Florida’s history of hurricanes and the resulting damage, a standard property insurance policy which includes wind damage can be expensive. But it’s a small price to pay considering the alternative. You will want to thoroughly review your insurance policy to make sure you include the proper coverage amounts for damages caused by wind, rain, or flooding. In addition, business owners need to purchase a separate policy from the Federal National Flood Insurance Program if they want to be covered for both the building and all of its contents.

Worker’s Compensation in Florida
In order to operate a business legally in Florida, business owners must include worker’s compensation as part of their business insurance policy. Worker’s compensation must be purchased as part of Florida business insurance if and when the company has the following number of employees:

  • At least four employees (part-time or full-time) – for non-construction businesses
  • One part-time or full-time employee – for businesses engaged in the construction industry
  • At least 12 seasonal employees who worked for at least 30 days and five regular employees – for businesses engaged in the agricultural industry

It is important to note that business partners and sole proprietors are not counted as employees.

Coverage for Florida Business InsuranceAn important part of having a successful business is protecting yourself and your investments from lawsuits. You can accomplish this by purchasing different types of coverage in Florida. Florida law requires all businesses to carry at least one or more of the following policies:

  • Products and completed operations – when a product offered by your company injures an individual.
  • Premises and operations – also known as general liability insurance which covers you when someone is injured on your business property.
  • Commercial automobile insurance – this protects you when a company-owned vehicle driven by an employee for work purposes causes an accident with damages. This coverage is required by the state.
  • Advertising injury – this protects you if an advertisement you run causes financial damage to another company.
  • Employers’ liability – will cover issues such as discrepancies in dealing with number of working hours and wages.
  • Professional liability – this type of coverage is what professionals such as lawyers, physicians, creative companies, and advertising businesses depend on to protect them when someone is injured due to the professional services provided.

Entrepreneurs should remember that quite often general insurance protection offers very limited coverage. To avoid gaps in coverage, it is smart to add on other types of coverage to fully protect yourself and your business.