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 must know the law’s Florida small business insurance requirements. 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 Florida trim business insurance options.
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 for 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 carry. 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. However, these policies generally only cover claims’ during the policy’s life, which means they will not protect if the policy ends. Furthermore, carriers will settle work claims done during an operational procedure. Therefore, when choosing professional liability small business insurance in Florida, they will want to look for coverages that protect specific issues related to the business. In addition, different Florida small business policies offer additional protections.
Employment Liability For Florida Small Business Insurance
This insurance coverage protects a business and employees against job-related charges. These coverages safeguard against discrimination, wrongful termination, sexual harassment, negligent hiring, promotion, or compensation practices, mental anguish or emotional distress, improper handling of employee benefits, and breach of employment contracts.
These policies protect certain employees, such as officers and directors, while others protect management and employees. Therefore, they must verify which carrier employees cover under specific guidelines. Verification is to make sure that they purchase the best coverages.
When customers buy small business insurance in Florida, these coverages can protect them well beyond those required by law. In addition, many insurance companies will provide packages that combine these coverages. As a result, significant discounts on Florida small business insurance exist.