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Florida Business Insurance 101

When someone owns a business, they know the options to protect everyone. We must make Florida business insurance a crucial decision, but many options are available. This article will explain the different types of coverage known to an owner so choose the best options for everyone’s needs.

Business Liability

A liability policy provides coverages that protect the business from financial losses if someone is injured or incurs property damage from a company or employee. This type of Florida business coverage generally includes the following types of ranges:

  • Bodily Injury – This coverage pays for bodily injury that occurs to someone that is not an employee or damages resulting from actions at the client’s workplace or home.
  • Property Damage – Provides coverage for any damages to another person’s property.
  • Personal Injury – This type of coverage covers any damage caused to another person’s rights or reputation due to slander, libel, invasion of privacy, copyright infringement, false arrest, privacy, or other similar acts.
  • Advertising Injury – Covers any losses that occur due to advertising
  • Judgments and Legal Defense – Provides coverage for legal costs incurred due to decisions and lawsuits against the company, including frivolous suits. This coverage does not typically protect from willful misconduct or negligence costs.

Florida liability business insurance is not a requirement. Still, it provides the organization with many protections in an accident or injury caused by an employee or business practices.

Professional Liability

Professional liability coverage, also known as Errors and Omissions insurance, protects a business if a customer claims they made an error or were negligent in providing the business services. There is a wide range of options available for this type of coverage, with many of them addressing specific business types, including:

  • Accountants
  • Employment Practices
  • Dentists
  • Architects and Engineers
  • Not for Profits
  • Technology Services
  • Miscellaneous Errors and Omissions
  • and many others

Business Owners Policy

This policy is generally for small to medium-sized companies with only one location. Florida Insurance Quotes provides this type of coverage for businesses with common risks rather than those from more specialized companies. A BOP is generally only available for companies no more than 25,000 square feet, with sales that do not exceed $3 million annually. Most business owners’ policies consist of the following types of coverages:

  • Buildings and Personal Property Coverages – These coverages generally cover additions, permanent fixtures and equipment, owned properties, and any customer’s property under the company’s care.
  • Liability Coverage – This protects in the event of bodily injury, property damages, advertising injury, or personal injury.

There may also be other coverages that are included under these policies or added to a policy.

Commercial Vehicle Coverage

Another type of policy is Florida commercial vehicle insurance. Commercial insurance protects the vehicles owned and used by the company and its employees. While there are different coverage limits and coverage options, most policies do provide coverage for the following:

  • Injuries or death that occur in a collision that occurs while the employee is on the job
  • Injuries that are the result of the actions of employees that results in an accident
  • Damages to or complete loss of the cargo or business vehicles
  • Damages incurred to another person’s property or vehicles as a result of an employee’s actions
  • Injuries incurred when there is an accident with an uninsured motorist

Employee Benefit Plans and Group Health Plans

Many employee benefits plans are available, including vision, dental, life, and group coverages. These coverages vary depending on:

  • Size of the business
  • Number of employees
  • Offer various plans to employees.

Business Interruption

Florida business insurance options can also include opportunities to cover the interruption. These policies protect a Florida business if the operation cannot provide services as usual. For example, this type of coverage protects a business in the event of a fire or a covered natural disaster. In addition, this coverage will generally compensate businesses for lost income during these situations. Furthermore, they can prove the amount of income the industry would have generated if the event had not happened.

Worker’s Compensation

Worker’s compensation is an essential part of any policy. This type of policy ensures that any injured employees on the job can receive the medical care they need due to their injuries. In addition, this coverage protects the employer from litigation. Finally, it provides a means of controlling the actual amounts an employee can collect from an injury while working. This type of insurance is a requirement, and the company must carry this to comply with Florida business insurance laws.

Commercial Property

Commercial property insurance provides:

  • Protection for the buildings
  • Protection for all contents
  • Damage from theft
  • Fire
  • Other hazards

This type of insurance is similar to homeowner’s insurance but protects the actual business. There is a wide range of coverage options available for everyone. These policies are essential for protecting the industry, so shoppers need to be familiar with available options.

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