Florida has one of the largest economies in the United States, which makes it a great place to start a small business. However, you will need to make sure that you are aware of the insurance requirements that are in place, as well as the additional coverages that you may want to consider when opening your business.
Most small business insurance companies provide packages that are designed to address both the requirements stated by law, and additional coverages that provide protections that are unique to Florida. The following are some of the most common options for small business insurance in Florida.
General Liability Insurance
These coverages protect you and your business from lawsuits or legal action that is brought against your company due to claims of loss, injury, property damage, slander, libel, or other reasons. This coverage will assist with the costs associated with legal defenses, judgments, settlements, and lost income due to these claims.
Workers’ Compensation Packages
While workers’ compensation coverages are required for small business insurance in Florida, there are additional coverage options available. These include increased liability coverages for legal expenses, protection for employees working in other states, and illness and injury protection. Not all illnesses and injuries are included under the required amounts of small business insurance in Florida, so you will need to verify what your business should be carrying. There are also optional workers’ compensation coverages that provide financial support and funeral expense provisions for the families of those who are seriously hurt or killed while on the job.
Professional Liability Coverage
Professional liability coverage is designed to protect your business against claims of financial loss that occurs due to use of your product or services. These policies generally only cover claims that are made during the life of the policy, which means they will not provide protection if the policy ends, even on work that was done while the policy was in effect. When choosing professional liability small business insurance in Florida, you will want to look for coverages that provide protection against specific issues that are actually related to your business, as different policies offer different protections.
Employment Practices Liability
This insurance coverage protects your business and employees against job-related charges. These coverages generally protect against claims of 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.
Some of these policies only protect certain employees, such as officers and directors, while others protect management and employees. You will need to verify which employees are actually covered under specific policies to make sure that you purchase the best coverages for your business.
When you are buying small business insurance in Florida, these coverages can protect you well beyond just those that are required by law. Many insurance companies will provide packages that combine these coverages, which can result in significant discounts on your small business insurance expenses and provisions.