Regardless of what business you own or where you operate in the Sunshine State, there are common risks that need to be addressed and planned for. This is usually done through a risk management strategy, and one part of that plan is to carry comprehensive Florida business insurance. You should plan to carry several key lines of coverage.
Common Policy Options
The size and scope of your business impact how much insurance coverage you should have, but having too little is just as bad as not having any at all. These areas present the most common liabilities for all businesses, but there are many more.
- Workers’ compensation: In most states, this coverage is required to address employees who are injured while on the job.
- Property insurance: Should your company suffer damage from hail, fire, vandalism, wind or other covered events, the policy would pay for the repair or rebuilding of the physical structures.
- General liability: This policy addresses the lawsuit that could arise from personal injury or property damage that may be caused by your business operations.
- Commercial auto: For companies that own a fleet of vehicles, this policy handles the costs of resolving auto accidents where bodily injury or property damage has occurred.
Meeting with a broker will help you outline your specific business risks. This will ensure you are carrying enough coverage to protect your business.