Running your own business comes with some inherent risks: Employee can get injured on their job; natural disaster can destroy your property; and client can file a suit, alleging the contractual breach. For some of these and various other reasons, it’s very important that you protect your business and assets, both personal and business. The best way out is ensuring your business is rightly insured. Many small businesses buy multiple types of insurance, although it isn’t the legal requirement. Let us go ahead and check out more on Florida business insurance.
Workers’ comp insurance
The state of Florida law needs businesses with more than four employees to carry out the workers’ compensation insurance plan. In a construction industry, the businesses with more than one employee should offer workers’ comp. The policy covers the medical expenses for any work related injuries or illnesses.
Commercial auto insurance
The business-owned vehicles should be covered by the commercial auto insurance. The state of Florida needs over $10,000 liability per accident & $10,000 injury protection. Although it is not needed, the personal vehicles that are driven for any work purposes must be covered by the hired or non-owned car insurance, as personal policies generally exclude the business use. It is added to the general liability insurance and business owner’s policy.
Why’s Workers’ Comp Insurance Needed?
Workers’ compensation insurance protects your employees that are injured working on your job (become ill because of conditions at your workplace), and protects employers of the injured employees from the personal injury lawsuits or from other liability for the personal injuries that are sustained at the workplace.
You might also require commercial auto coverage. Suppose your business has got company vehicles, then business owner should buy commercial auto insurance for the vehicles. Your personal insurance policy doesn’t offer coverage to the vehicle used mainly for the business purpose.
What’s Covered – Florida business commercial insurance protects the assets in many ways:
Covered commercial liability coverage will insure the legal obligations, which arise from the accident, which includes lawsuits and associated costs. Limits you buy must be very high to handle any potentially injuries as well as loss of earnings that victim will sustain.
Uninsured & underinsured motorist coverage’s will protect you whenever you’re involved in the accident that is caused by the driver who has got no insurance and insurance with the low limits. So, limits you choose for the coverage must be same as the liability limits.