Florida has one of the largest economies in the United States. Therefore, that makes it a great place to start a small business. First, however, companies will need to make sure that they know the Florida small business insurance requirements in law. Furthermore, they may want to consider additional coverages when opening the business.
Most companies provide packages designed to address the requirements stated by law and additional coverages that provide protections unique to Florida. The following are some of the most common options for small business insurance in Florida.
General Liability Florida Small Business Insurance
These coverages protect the business from lawsuits or legal action. Therefore, they are covered if someone claims against the company due to injury, property damage, slander, libel, or other reasons. In addition, this coverage will assist with the costs associated with legal defenses, judgments, settlements, and lost income due to these claims.
Workers’ Compensation Packages
While Florida requires workers’ compensation, additional coverage options are available. These include increased liability coverages for legal expenses, protection for employees working in other states, and illness and injury protection. Carriers do not have all diseases and damages under the required amounts, so they must verify what the business should be carrying. There are also optional workers’ compensation coverages that provide financial support and funeral expense provisions for the families of those seriously hurt or killed while on the job.
Professional Liability Coverage
Companies design professional liability coverage to protect the business against financial loss claims due to a product or service. These policies generally only cover claims’ during the policy’s life, […]