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Florida Business Insurance 101

Florida Business Insurance

When you own a business, you have to make sure you know what your options are to protect yourself.  Florida business insurance is an important decision that you have to make, but there are many options available.  This article will explain the different types of coverage available to you as an owner so you can choose the best options for your needs.

Business Liability

A liability policy provides coverages that protect your business from financial losses if someone is injured or incur property damages as a result of your business or employees.  This type of Florida business coverage generally includes the following types of coverages:

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

Florida liability business insurance is not a requirement, but it does provide your organization with considerable protections in the event of an accident or injury that is caused by your employee or business practices.

Professional Liability

Professional liability coverage, which is also known as Errors and Omissions insurance is a type of coverage that protects your business in the event that a claim is made against you saying that you made an error or were negligent in providing your business services.  There are 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 that consist of only one location.  This type of coverage is usually provided for businesses that have common risks rather than those that can result from more specialized businesses.  A BOP is usually only available for companies that are 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, properties that are owned, and the property of any customer that is under the care of your company.
  • Liability Coverage – This provides protection 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 that can be added to your policy.

Commercial Vehicle Coverage

Another type of policy is Florida commercial vehicle insurance.  This provides protection for the vehicles that are owned and used by the company and its employees.  While there are different coverage limits and coverage options, but 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 one of your employees that results in an accident
  • Damages to, or complete loss of the cargo or business vehicles
  • Damages that are incurred to another person’s property or vehicles as a result of your employees’ actions
  • Damages that are incurred when there is an accident with an uninsured motorist

Employee Benefit Plans/Group Health Plans

There are a wide range of employee benefits plans available, including vision, dental, life, and group coverages.  These coverages vary depending on the size of your business, the number of employees you have, and the coverages that you plan to offer for your employees.

Business Interruption

Florida business insurance options can also include options to cover for interruption.  These policies provide you with protection in the event that your operation is unable to provide services as usual.   This type of coverage protects your business in the event of a fire or a covered natural disaster.  This coverage will generally compensate your business for lost income during these situations, providing that you can prove the amount of income your business would have generated if the event had not happened.

Worker’s Compensation

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

Commercial Property

Commercial property insurance provides you with protection for your buildings and any contents if they are damaged by theft, fire, or other types of hazards.  This type of insurance is similar to homeowner’s insurance, but it protects your actual business instead.

There are a wide range of coverage options available for Fyou.  All of these policies are an important part of protecting yourself, your income, and your business, so you need to make sure that you are familiar with the options available.

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