Business Insurance
What You Need to Know About Florida Business Insurance
Florida business owners simply can’t go on without proper small business insurance or commercial insurance. It’s a sound decision, and the sooner you make it, the better. Many different incidents can threaten your business at any moment, so your bases should be covered.
When it comes to business insurance, there are many different types of policies that will fulfill different needs. In Florida, the non-construction industries, employers with 4 or more employees, are required to obtain workers’ compensation insurance. Another type is commercial auto insurance, which protects the vehicle fleet in your small business, but that’s not where business insurance ends.
Here at Manchester Insurance, we offer the coverage your business could need! We combine our know-how with a powerful network to help you get business insurance policies at competitive prices.
To help you even further, today we want to explore the different types of business insurance in Florida so you can make an informed decision. Once you find the right product, you can focus a lot more on running your business and a lot less on the risks your business might be exposed to.
Types of Business Insurance in Florida That Every Business Should Consider:
Commercial Insurance in Florida
Commercial property insurance is a must whether you own or lease your place of business. Either way, it needs to be protected. Commercial insurance in Florida can cover computers, such as equipment, gear, and tools. It’s similar to the property coverage your homeowner’s policy provides, except this one protects your business real estate and contents.
Commercial insurance coverage extends to named perils such as burglary, vandalism, storms, and fire. However, it doesn’t cover normal wear and tears. If you need additional coverage due to the type of business property or additional risks, you can get endorsements or additional policies to customize however you see fit.
If your business property is damaged or stolen, your commercial property insurance can cover the cost of repair or replacement. Small businesses in particular benefit greatly from this because it helps business owners from the financial burden of replacing expensive equipment or making expensive repairs to the business property.
Commercial insurance in Florida is not only a must because it can protect you from named perils, such as fire, theft, and wind damage. Furthermore, it is also something most landlords require from their tenants. Lenders also often ask for commercial insurance during the duration of the mortgage for a commercial property.
General Liability Insurance in Florida
When it comes to business insurance, protecting your property is only half of it. You may also want to consider liability insurance, which protects your business from claims and lawsuits relating to personal injury, bodily injury, property damage, and much more. Additionally, it may protect you from libel and claims of false advertising.
If a customer gets injured at your place of business, an employee gets injured at the workplace, or an employee damages a customer’s property, that can harm your business in numerous ways. General liability insurance can protect you from all that, so most business owners consider that it is a must. Especially for small businesses in Florida.
General liability insurance in Florida is defined by certain factors, such as job type, the number of employees, location, expected sales total, payroll, and subcontractor costs. The kind of work you do is one of the most important factors; the higher the potential risk of injury or damage, the higher the liability rating.
The cost of business liability insurance will depend on the type of business, company size, and more, we have found it to be one of the most important insurances for entrepreneurs. Small business insurance in Florida is not complete without general liability, and the same goes for large businesses. No matter the business size, this type of insurance provides a vital layer of protection.
Professional Liability Insurance in Florida
Also known as Errors and Omissions (E&O) insurance, this is a type of liability insurance that protects professionals and companies and can help cover expenses when dealing with a negligent or misconduct claim from an outside party.
Experts in certain fields can benefit greatly from professional liability because it can cover incidents that other business insurance policies do not. If you provide services or any kind of professional advice, you should consider having the protection this policy provides.
Since professional liability covers claims of negligence, whether actual or alleged, it can also cover the costs of defense and damages up to a certain limit that is within the policy. The majority of these policies depend on claims made, meaning that you only get coverage if there are any claims made against you during the period of the policy.
If there’s a covered incident before the coverage of the policy begins, there’s the option of adding a retroactive date. It’s important to note that this type of policy won’t cover claims related to injury or property damage. That’s what general liability insurance is for!
Directors and Officers Insurance in Florida
Directors’ and officers’ insurance is the type of policy that protects the individuals who serve as business directors or officers in case they are personally sued for the performance of their duties within the company. Directors and officers can be held liable for things the company does, so we highly recommend being protected.
The policy may provide financial protection and it usually includes Employment Practices Liability, which involves discrimination and harassment lawsuits, which is where most of the exposure is. This type of insurance can also include Fiduciary Liability in certain cases.
D&O insurance is often mistaken for Errors and Omissions liability, but they’re not synonymous. The latter focuses on failures in the performance of a service or negligence, while D&O focuses on failures in the performance and duties of a management position.
This type of coverage is frequently a requirement when you’re assembling a board of directors. Investors and venture capitalists often will ask to see that D&O insurance is included in the conditions of the company’s funding. That is because they will not want to risk their personal assets being exposed, no matter how favorable a company may seem.
Workers’ Compensation Insurance in Florida
Within Florida, the non-construction industries, and employers with 4 or more employees, worker’s compensation insurance is not optional for businesses and it’s designed to cover medical costs and lost income of a worker if they receive work-related injuries and illnesses. Small business insurance in Florida should be complemented by workers’ compensation insurance.
Medical expenses can be quite expensive and even if you have sturdy safety policies in place, accidents can happen, so it’s better to be prepared.
Additionally, workers’ compensation insurance is the remedy in the event an employee wants to sue you for being hurt on the job. In short, workers’ compensation insurance protects your business and its employees, saving you both from inconvenient situations.
Without this type of insurance, your business would have to cover medical bills, lost wages, and legal fees. That could be particularly detrimental for small businesses.
Commercial Auto Insurance in Florida
Finally, commercial auto insurance is the type of policy that can protect vehicles you use for business. This may include cars, vans, trucks, and more. Commercial vehicles require a separate policy that has nothing to do with your personal vehicle insurance.
That’s because commercial vehicles are exposed to potentially more risk. However, the commercial auto insurance policy is very similar to your personal auto insurance, in that it provides coverage for liability, comprehensive medical payments, collisions, and uninsured motorists.
As you can imagine, this type of commercial insurance policy offers protection for damage your business vehicles suffer as well as bodily injuries as a result of an accident. If you or your employees cause an accident in which another person was injured or their property was damaged, this policy can provide protection as well.
To make things a bit clearer, here is the different types of coverage a commercial vehicle insurance policy offers:
Liability coverage. As discussed before, this kind of coverage can pay for any expenses related to bodily injury or property damage suffered by another party as a result of the accident. Additionally, it may cover legal costs in case of a lawsuit.
Personal injury coverage. This will pay for medical bills from injuries suffered in the accident.
Collision coverage. As its name suggests, this will provide the funds to cover damages that the insured commercial vehicle suffered as a result of the collision.
Comprehensive coverage. This will cover damages suffered by insured commercial vehicles as a result of non-collision perils such as theft, vandalism, fire, or weather damage.
Uninsured motorist coverage. Lastly, this important type of coverage will pay for bodily injury or property damage you or any of your passengers suffer in an accident caused by an uninsured or underinsured driver.
Some commercial insurance in Florida is mandated by law, but others are entirely optional. For example, workers’ compensation insurance and commercial car insurance are both mandated by law, with some exceptions. Especially workers’ compensation, which allows you to protect your employees if they ever become injured or ill in the workplace and it also protects your business from an employee trying to sue the business.
Now, even if you’re not legally required to have other types of insurance, we highly recommend that you consider it as added protection. You want your coverage to be as complete as possible, so you need to consider your needs and all the different policies to determine the kind of coverage that will protect you the most.
If you need help determining how to choose the best coverage for your needs, we can help with that! You can easily get a quote or get in touch with us and we will provide all the information you need.
What Is the Cost of Business Insurance in Florida?
Whether you’re shopping for small business insurance in Florida or you need coverage for a large company, the cost of insurance is one of the most important factors to consider. How much you spend on insurance will depend on many different things, such as the size of your business, its location, and your coverage needs.
For instance, it is possible that a business located close to Miami won’t invest the same in insurance as a business located around Gainesville. However, the most important factor when it comes to cost is the type of work you do and the potential to inherit risks. Each profession has unique exposures based on the industry they belong to.
That means certain businesses are at higher risk than others, so they will spend more on coverage. Don’t worry, though! We can help you find all the coverage you need at competitive prices. Here at Manchester Insurance, we are very familiar with the ins and outs of the insurance industry. Additionally, we have an extensive network of carriers that we put to good use to help you find the best business insurance fit.
Why Choose Manchester Insurance?
The world of business insurance can be quite complex. There are many different policies for different needs, so navigating the options is not always easy. Manchester Insurance can help you cut through the noise and find the right fit without too much effort.
We make it very easy for you to get a quote! Whether you need a single business insurance policy in Florida or a combination of different policies, we can help you. All you have to do is contact us or fill out our form and we will call you. It doesn’t get as convenient as that.
Additionally, you will be assisted by experts in Florida business insurance. We are more than capable of helping you cover all your business needs and get the level of protection your business deserves. It’s an instant relief to know that your bases are covered.
Manchester Insurance provides options and flexibility! Our agents are very easy to work with and we have perfected the art of matching clients with the right level of coverage. Your business simply can’t go on without proper coverage, so don’t wait any longer.