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Finding the right insurance for your Florida business is not always an easy task. Whether you are just opening up your doors, hiring new employees, or changing your business structure, there are a lot of things that go into determining the right insurance, including structure, business operations, location, and number of employees.
Types of Commercial Business Insurance:
Although commercial business insurance is not required by law, it is a smart business decision to have enough business insurance to protect your company against claims brought against your company, death of a partner, or even natural disaster.
It is often thought that since your company is structured as a corporation or an LLC that you have little need for business insurance. These types of structures do protect your personal assets, not your business assets. Can you imagine the time and money that you have put into your business, and it just disappears overnight?
Earlier it was said that business insurance is not required by law. That is only true in a few instances. State laws may require that your particular business be covered by some form of insurance. For example, if you or your employees use a vehicle for company use, your state may require that you purchase commercial auto insurance.
General Liability Insurance - This insurance broadly covers and provides protection against litigation costs associated with accidents, injuries, and claims of negligence.
Product Liability Insurance - If you manufacture, wholesale, distribute and retail a product, this insurance protects against financial loss as a result of a product defect that can cause injury.
Professional Liability Insurance - If your company provides a service to your clients, this insurance can protect against malpractice, errors, and negligence in the provision of those services to your customers. Some states require certain professions to carry such a policy.
Commercial Property Insurance - This covers everything related to the loss and damage of company property due to a wide range of events such as fire, smoke, weather, vandalism.
Types of Employers Insurance:
If your company hires employees, most states require you pay certain types of insurance.
Workers Compensation Insurance - Most states require that all companies that have more than 1 employee have proper Worker Comp Insurance. Workers Comp pays medical and loss wage benefits to employees that are injured on the job.
Unemployment Insurance Tax - If you have employees your state will require you to pay unemployment insurance taxes.
Disability Insurance - In the U.S., it is mandatory to purchase disability insurance only if your business is located in California, Hawaii, New Jersey, New York, Puerto Rico or Rhode Island.
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