If you’re starting a new business, you’ll want to follow the traditional steps – write a business plan, obtain financing, and take care of legalities like getting a tax identification number and business license.
You’ll also want to buy commercial insurance to protect your business. Only two types of insurance are required under Florida law: Workers’ Compensation insurance for non-construction businesses with four or more employees and for construction businesses with at least one employee. Workers’ Compensation protects your employees and you, as a business owner, if an employee is injured on the job. Also a businesses that own, lease or operate one or more motor vehicles must purchase commercial automobile insurance.
The commercial insurance professionals at Florida Insurance Group recommend that you purchase additional coverage to protect yourself, your property and your assets. The two most important types of optional commercial insurance are property insurance, which covers your building, equipment and inventory; and general liability insurance, which protects your business from financial losses resulting from injuries, death, property damage, libel and slander.
Depending on your business type, you may also choose to purchase other optional policies, including product liability and fidelity insurance and consider group health in order attract quality employees.
You may be able to run your new business from your home, but don’t assume that your homeowner’s insurance will cover your business. We can help you decide if you can simply add a rider to your homeowner’s policy or if you need a separate, more comprehensive, commercial policy.
Different businesses have different insurance needs. For instance, professional liability insurance is a must for doctors, lawyers, accountants, agents, architectures and other professionals.