Florida is an incredible place to own and operate a business. For a small business, the warm, sunny climate and tourist-friendly atmosphere mean great foot traffic and the state’s lack of income tax means launching a business is easier here than perhaps anywhere else. Protecting the investment that you make in your business is important, though. Understanding Florida small business insurance will help you do exactly that.
Protecting Your Property from Disaster
Florida small business insurance has a lot more to contend with when it comes to property protection than policies in other areas of the country. This is because Florida, while it is beautiful on its best days, is also rife with natural disasters. Hurricanes, tornadoes, tropical storms and flood are all common, as is wind, water, and lightning damage during these storms. To make sure that your company can weather these storms – and the ones that are a little less disastrous in nature – it’s important to have adequate small business insurance in Florida.
Types of Coverage to Consider
There are several types of Florida small business insurance that might be of interest to owners and managers. Here are a few of the most popular, along with information about each:
- Commercial property insurance – Because of the many types of natural crisis and disaster that Florida is prone to, commercial property insurance is one of the most important types of small business insurance a Florida business owner can have. It protects the structure of your building against loss from damage caused by natural disasters, vandalism and more. It also includes storage facilities, grounds and may be extended to cover the business-related contents of your building as well.
- General liability insurance – This type of insurance is important if you are going to have clients or customers on your property. It protects you from personal financial responsibility in the event of negligent acts, omissions, and more. Should someone be injured on your property, you will not be personally responsible for paying their hospital bills – or covering your own legal costs.
- BOP – The BOP or business owner’s policy is the most common type of small business insurance policy in Florida. It is also one that is considered the most wide-ranging in coverage. It includes not only property insurance but general liability insurance as well. These policies cover damages to property, equipment, and legal liabilities, making them a great, well-rounded choice for those looking to keep the number of policies their business holds to a minimum. In addition, claims related to income loss, loss of valuable documents, equipment malfunction and more can be made through this type of policy.
- Worker’s compensation – If you have staff members, you need worker’s compensation insurance. This type of insurance covers costs associated with injuries or illness sustained by your employees while on the job. These expenses can be extensive, especially if you’re also facing possible legal action because of an occurrence on your grounds. This insurance helps you cover all those costs – and can keep a sick or injured employee from tanking your business.
Additional Concerns that Might Require Coverage
As a small business owner, it is important to be prepared for whatever life throws at you. The varieties of Florida small business insurance mentioned above don’t always cover everything you might need them to.
- Umbrella insurance – This is a type of insurance that works alongside those we’ve already examined. Anything that general liability, property or business owner’s policies don’t cover, you can count on umbrella insurance policies to pick up.
- Employment practices liability insurance – If you have faced or are concerned you might face accusations of poor employment practices, this insurance will protect you and your business. It covers everything from legal fees associated with wrongful termination suits to defamation and discrimination cases.
- Commercial auto insurance – If your company uses automobiles, you may want to invest in commercial auto insurance rather than just private automobile insurance. It provides additional coverage that can be helpful in the event of damage since that sort of occurrence can cause a loss of income for you or your employees if you don’t have this coverage.
- Errors and omissions insurance – This insurance will protect you from accusations of everything from poor service or inadequate work to dissatisfaction on the part of the consumer. It is comparable to malpractice insurance held by lawyers or medical professionals.
As you can see, there is a type of Florida small business insurance for every company. If you’re still wondering which sort would be best for you, contact your local insurance agency and ask for more details.