Are you looking to start your own business in Florida state– or you have been running your business in Florida for a long time now? Do you have the Florida business insurance? Do business owners need any kind of business insurance? How can I get right insurance for my business? To answer all these questions, keep reading the entire post and learn more about Florida business insurance in detail. For many entrepreneurs, to start a new business can be an exciting affair. Being your own boss means things will be done in your way, and what you say will be final.
Purpose of Business Insurance
Being a business owner in Florida, your business faces several risks daily. So, primary purpose of the insurance is helping to protect your business in Florida from such risks. The insurance helps to protect your financial assets, physical and intellectual property from:
- Injuries & illnesses
- Income loss
There are different types of business insurance that you can take that will you help protect the business, some of them are:
- Commercial property
- Commercial liability
- Workers’ compensation
- Commercial auto
Business Insurance Coverage
There are many factors that will help to determine the kind of business insurance that your business requires, which includes:
- Industry you are working in
- Number of workers
- Risk exposure
Businesses in Florida generally buy general liability and professional liability (called as errors & omissions) as well as commercial auto insurance. Most of the businesses have the workers’ compensation coverage that will help to cover the medical costs & lost wages after the workplace accident. This is important by the Florida law in case you have more than four employees in your company.
How much does business insurance cost?
Cost of Florida business insurance generally depends on various factors that include your business’s size, coverage requirements, and location. For instance, the business located on a coast close to Miami may have the different rate compared to the business near Gainesville. One influential factor is a type of work you do. The professions are generally rated on exposures, which are different and unique to their particular industry. Businesses considered very high-risk generally have to pay a little more for the coverage. Even though you do not need insurance legally, but it is cost-effective & simple to start with the general liability.