When you are starting out with your new business, there are some insurance coverages that you should consider adding to your policies. While not all of these coverages are required, they will provide the business insurance in Florida that will best protect you and your business.
Business Property Insurance
This business insurance in Florida protects your business property and assets, including any buildings, equipment, computers, and other assets. Some of these policies also include additional protections against earning losses due to business interruption.
General Liability Insurance
This required business insurance in Florida covers your business against third party property damage or bodily injury that is caused by your services, products, or employees.
Commercial Auto Insurance
Commercial auto insurance is also required for Florida businesses. This insurance covers all vehicles used by your business, including company cars, trucks, SUVs, and vans in the event of an accident. If your employees use their own vehicles for work purposes, you should consider non-owned liability coverage in case the employee does not have insurance.
Business Owner’s Policy
This type of business insurance in Florida provides all state required coverages in a single package. These policies can be tailored to your specific business needs, and can result in significant savings over purchasing each policy individually.
Worker’s Compensation Insurance
Workers’ compensation, also known as workman’s comp, is also a required business insurance in Florida. This coverage provides medical benefits and partial wage replacement for employees who are injured on the job. Additionally, when employees agree to accept these benefits, they forfeit their right to sue for those injuries at a later date.
Officer and Director Insurance
This type of insurance protects your business against monetary loss or damages that occur due to an officer or director’s actions. If these actions result in a lawsuit, the coverage will also help with legal defenses.
Professional Liability Insurance
Another important consideration for business insurance in Florida is professional liability insurance. This coverage protects your business against damages that occur in the process of providing services or products. This coverage will also assist with legal defense if a lawsuit occurs.
Data Breach Insurance
Any business that stores private personal information can be liable for damages if that information is leaked or stolen by an outside source. Data breach insurance provides protection against these damages and potential lawsuits.
Life Insurance
As a business owner, you will want to protect your family and loved ones from financial burdens that could occur due to your death. This type of coverage is not necessarily business insurance in Florida, but it will help alleviate the stress associated with your burial expenses, personal living expenses, and any monies that your business may currently owe at the time of your death.
If you want to make sure that your personal and business assets are protected from financial disaster while running your business, you will need to find policies that provide these business insurance in Florida coverage options as soon as possible.
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