Owning a business in Florida is not without risk, but one of the best ways to protect your livelihood and drive growth is with commercial insurance. Like other states, Florida requires that businesses carry both workers’ compensation and commercial auto insurance policies. Specific to Florida, any business that employs four or more employees - regardless of whether they are full-time or part-time - is required to offer workers’ compensation insurance, which helps cover medical costs associated with a workplace injury or illness. If your business is in the construction industry, then even just one employee means that you must provide workers’ compensation insurance. Additionally, if you have any business-owned vehicles, then they must be covered by a commercial auto insurance policy with a minimum of $10,000 for both property damage liability per accident and personal injury protection.
In addition to the two required types of insurance, business owners can also opt for additional coverage. For example, cyber liability insurance helps pay for the damages and legal costs associated with being the victim of a data breach or cyber-attack. In contrast, professional liability insurance covers client lawsuits related to missed deadlines and breach of contract. Other commercial insurance policies that you may want to consider include general liability insurance, which helps pay for any injuries sustained by a customer on your property and slander/libel court cases. Knowing how much commercial insurance to purchase and what type of coverage you need can be a time consuming and exhausting task. Luckily, the friendly and professional team at Blackford Business Solutions LLC in Florida is ready to help. Our talented insurance experts will ask you questions about your business, gather important details, and make personalized recommendations on the best policy for your needs. Give us a call today to learn more.