There are so many reasons we can tell you here at Reinas Insurance Agency why having business insurance is so important. First and foremost, you protect your business and your employees. This goes for potential lawsuits and even injured employees. These are things that can potentially jeopardize your business if you do not have it. We serve businesses in Florida.
Business Insurance Laws
Commercial insurance is not required in Florida. However, worker’s compensation is required for any businesses that have four or more employees whether full time or part-time. Businesses within the construction industry that have at least one employee must also carry worker’s comp insurance. This policy works for both illnesses and injuries on the job.
It is also a state law for businesses with any business-owned vehicles to carry commercial auto insurance. The state requires that you must at least carry $10,000 in property damage coverage for each accident and at least $10,000 in coverage for personal injury protection.
Business Insurance Additional Coverage
You can also take advantage of any of the following commercial insurance coverage options:
- General liability coverage- This policy is vital for Florida businesses to have because it will cover customer property damage as well as injuries. There are many leases that will require businesses to obtain this coverage.
- Professional liability- This policy is also good to have because it will cover missed deadlines and lawsuits.
- Cyber liability coverage- This policy will protect against data breaches and cyberattacks.
- Business owner’s policy coverage- This policy combines both general liability protection and property insurance in one policy. It is one of the most commonly purchased policy types for commercial businesses.
These are additional policies and are not required unless you sign a commercial lease that requires any of the above.
If you own a business in Florida and are in need of commercial insurance, please contact us today or visit our Reinas Insurance Agency website for a quote.