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Finding the best insurance plan to protect your business is one of the many important decisions a small business owner makes. To determine your business insurance needs, you should review your potential risks. Your property may consist of the building, its contents used for business purposes, business equipment and the inventory. You must also consider the potential liability risks that result in injuries or death of others from your premises, operations or even your completed operations. You may also be responsible for injuries of your employees.
Types of Business Insurance
Workers’ Compensation or Employer’s Liability Coverage -
Florida law requires business owners to purchase workers’ compensation insurance. This insurance is required for any non-construction business employing four or more people and any construction business with at least one employee. However, you may be held liable for injuries of employees whether or not you are required by law to purchase workers’ compensation insurance.
Commercial Auto Coverage -
Commercial auto coverage is required for any vehicle being operated for any business-related purposes. The limits of liability required vary depending upon the type of business.
City, State and County Requirements -
While workers’ compensation and commercial automobile coverage may be the only coverage required by Florida law, the city or county you operate in may have additional requirements. Call the occupational license office in your county or city to find out if you need additional insurance. Also, if you hold a license through the Department of Business and Professional Regulation or the Department of Agriculture, additional insurance may be required.
Banks or Lending Institutions -
Though not required by law, your bank or lending institution may require you to purchase insurance coverage if you borrow money to pay for buildings, equipment, inventory or other items used in your business. If the lender is listed as an insured party, this protects their interest in any outstanding balance owed. It also allows you to repair, replace or pay off balances for items that are damaged or destroyed. Leased equipment or property also could have insurance requirements.
Optional Coverage -
Even if the law does not require your business to carry insurance, you may want to purchase some coverage to protect you, your property and your assets. A business-owners’ policy, commonly referred to as a BOP, is sold as a package policy that includes several types of insurance. For example: Property, liability and automobile coverage could all be included in a BOP. Different businesses have different needs.