Owning your own business can be a rewarding venture, not only financially, but also for the satisfaction of being your own boss. But, unfortunately, it’s not all good times and glamor. There are a lot of things to keep track of. Things like regulations, state and federal laws, requirements and financial reporting. Knowing the ins and outs of Florida business insurance will not only help keep you on the right side of the law, it will also offer your it the protection it needs to survive and prosper.
What Your Florida Small Business Insurance Should Cover
In the state of FL some small businesses are required to carry liability coverage for one of the following scenarios:
- Liability to cover any person injured at your place of work.
- Liability to cover any damages or injuries as a result of the use of your products.
- Coverage for company automobiles. This is required by the state and covers vehicles and even employees’ vehicles if driven for work purposes. It can also protect you if anyone driving a company vehicle is involved in an accident not caused by them, but where the other driver may not have enough coverage to pay all of your losses.
In addition, you’ll need to consider Florida workers’ compensation coverage depending on the size and type of company you run. YourForidaInsuranceQuotes.com will be able to discuss the requirements to make sure you are in compliance with Florida laws concerning workers’ compensation.
And finally, don’t forget about those nasty hurricanes. Since Florida is the state that gets the most hurricanes in the entire country, you need to have coverage for your property. Don’t forget to get coverage for the contents of your operation including office equipment. And don’t forget to get flood coverage since it’s not usually included in general coverage policies.
Choosing the Right Insurance
When you are choosing FL small business insurance you need to know exactly what is and what is not covered. Too many owners think that the mere act of buying coverage means they are covered for any and all circumstances. Be sure to take a thorough look at any policy you’re considering purchasing and see what things may be excluded. You don’t want to put your assets in jeopardy by finding out after a claim has been filed against you that you don’t have the proper coverage.
You may want to check into Florida commercial umbrella coverage that will go beyond typical limits on liability coverage. Again, your qualified agent should be well versed on suggesting the amount of coverage you should purchase and the various situations you’ll need coverage for.
Coverage is relatively affordable compared to the risk you would be taking without coverage. One lawsuit against your company could wipe you out and force you to close your doors permanently. It’s hard to come back from such a financial setback for many small businesses, so that’s another good reason for you to purchase a policy today.