When owners start their new business, there are some insurance coverages that they should consider adding to their policies. While not all ranges are required, everyone should have the top 9 Florida business insurance types.
This business insurance in Florida protects the business property and assets, including any buildings, equipment, computers, and other assets. These policies also include additional protections against earning losses due to business interruption.
In Florida, this required business insurance covers the business against third-party property damage. In addition, it covers bodily injury caused by services, products, or employees.
In addition, the state also requires commercial auto insurance for Florida businesses. Therefore, this insurance covers all vehicles businesses use—company cars, trucks, SUVs, and vans. For example, suppose employees use their cars for work purposes. In that case, drivers should consider non-owned liability coverage if they do not have insurance.
This type of business insurance in Florida provides all state-required coverages in a single package. As a result, these policies can be tailored to specific business needs, resulting in significant savings over purchasing each policy individually.
Worker’s Compensation Insurance
Workers’ compensation, or workman’s comp, requires business insurance in Florida. This coverage provides medical benefits and partial wage replacement for employees injured. However, when employees agree to accept these benefits, they forfeit their right to sue for those injuries later.
Officer and Director Insurance
This insurance protects the business against monetary loss or damages from an officer or director’s actions. In addition, if these actions result in a lawsuit, the coverage will help with legal defenses.
Professional Liability Insurance
Another important consideration for business insurance in Florida is professional liability insurance. This coverage protects the business against damages while providing services or products. This coverage will also assist with a legal defense if a lawsuit arises.
Data Breach Insurance
Any business that stores private personal information can be liable for damages. However, only if that information is leaked or stolen by an outside source. Data breach insurance protects against these damages and potential lawsuits.
A business owner will want to protect their family and loved ones from financial burdens that could occur due to their death. Unfortunately, this type of coverage is not necessarily business insurance in Florida. However, it will help alleviate the stress associated with burial expenses. In addition, it can assist with personal living expenses. Furthermore, help with money that the business may owe at death.
The top 9 Florida business insurance types protect against disaster.
Suppose they want to protect personal and business assets from financial disaster while running the business. In that case, they must find policies that provide coverage options as soon as possible. Now that everyone fully understands the top 9 Florida business insurance types, they can get a quote from Florida Insurance Quotes today.