Four Decisions About Florida Business Owners Insurance

There are four decisions that any business owner must make about Florida business owners insurance. These decisions apply to the largest of operations and are equally important to a home based business. The choices about insurance must be made prior to beginning operation of your business.

1) The mandated insurance

You have no choice here. The state of Florida requires that all businesses provide workers compensation insurance. If your business involves the operation of a company vehicle for any reason you must have commercial auto insurance. Businesses that have four or fewer employees are not required to have workers compensation insurance unless the business is involved in construction.

You might view the costs of these laws as an unnecessary burden but the advantage of these types of insurance is protection against lawsuits if an employee, another person, or property is injured or damaged by your business.

2) Health insurance

You are not required to provide health insurance for employees in Florida. Offering health insurance makes your business more attractive as an employer especially for workers who have families.

You need to decide on the company, type of coverage, and the cost split between your business and the employee before you offer health insurance.

3) Additional insurance

You need to decide on any additional insurance that is needed by your business. Many of the options for additional protection are specific to a particular type of business or certain equipment.

Most businesses can benefit from Florida business owners insurance that covers loss of income due to business interruption, property insurance, restoration coverage that covers extra expenses caused by a natural disaster, flood insurance, and insurance that protects you from losses due to employee fraud.

Legal expense insurance can protect you from the costs of litigation.

Liability insurance is the Florida business owners insurance that is most often needed. The coverage protects your business and in some instances your home and savings from legal actions that result from death, injuries, or property damage caused by your products or services.

4) Special coverage

These types of coverage are specific to a profession or a type of business.

Any business involved in the transport of goods needs cargo insurance to cover the losses that may occur due to accident, weather, or mishandling.

Insurance people, lawyers, and medical practitioners need errors and omissions insurance to cover the costs of repairing the damage caused by an honest and unavoidable mistake. This insurance does not cover blatant fraud or misrepresentation.

Your business is your life and livelihood. The Florida business owners insurance decisions that you make before you begin operating your business can keep your business intact as well as attract the best employees. Some protection is legally required and some is specific to certain fields of business and professions. The coverage that you need is in some terms based on how your company is legally established.