Florida is well-known for its warm weather, sandy beaches, and extraordinary theme parks, which draws in a great number of tourists each year. However, with the increase in tourism in The Sunshine State come associated risks for businesses operating in this southeastern state. Thanks to the dense population of Florida coupled with the high tourist traffic you may be fortunate to have a quite lucrative small business in this coastal state. However, how protected are you and your business you worked so hard for from potential risks? It is important to reduce risks of income loss and financial burden by giving the following types of business insurance in Florida your consideration:
General Liability / Property
General liability and property insurance coverage is an important part of protecting your Florida-based business. This comprehensive insurance policy protects you from financial loss due to various risks associated with operating a business in Florida, including damage to your property from the potentially harsh weather conditions in Florida like hurricanes or customer bodily injury resulting from an accident. General liability insurance also provides coverage for unforeseen events like theft, fire, or flood. For these reasons alone, business insurance Florida is a valid concern, and general liability and property insurance can help provide protection.
Commercial Auto Insurance
If you use a vehicle for business-related tasks, like picking up and dropping off supplies or moving equipment into your business dwelling, you are in need of commercial auto insurance. Commercial auto provides coverage for damage that can occur to your business vehicle, from an accident, theft, or structural damage. As one of the most densely populated states in the country, Florida has a high level of congestion on highways and city streets. This makes commercial auto insurance an important policy to have in order to cover costs of damage to your vehicle as well as bodily injury if you or an employee is harmed in an accident.
Workers’ Compensation
Businesses in Florida with at least one employee are required to carry workers compensation insurance. This type of policy protects your employees from work-related injury or illness that has occurred during the course of business operations. For example, if you operate a business outdoors — such as a food stand by the beach — your employee has a heightened risk of damage from sun exposure due to the high heat and humidity levels in Florida. If your employee receives a bad burn or heat exhaustion while working, workers compensation insurance will cover the medical bills for your employee as well as providing financial assistance if they are unable to work for a certain period of time.
Umbrella Insurance
General liability insurance and other insurance policies usually have limitations on how much they will cover. After you reach that maximum coverage amount, the remainder of the costs will be out-of-pocket expenses. This can cause a rather large burden on your business assets. Umbrella insurance helps to fill the gap between what you owe and what your other insurance policies will cover.
Operating a business in Florida can be highly successful, but it’s not without its risks. Business insurance in Florida is an important part of ensuring that you are giving your business the best possible protection available.
