In Florida, there are two commercial insurance types that are required for many businesses in the state. These two commercial insurance policies can help to protect your business, but they aren’t the only insurance policies that could be useful to your business. There are many other insurance types, including cyber insurance and general liability insurance, that you should look into before you get your commercial insurance. To get started, call us at Martin Insurance Team in Ft Meyers, FL.
Workers’ Compensation Insurance
This type of commercial insurance is required in Florida for businesses that have at least four employees. If you have four or more, it doesn’t matter if they are part-time or full-time- workers’ comp insurance is required. If your business is in the construction industry, however, there is a different standard. All construction companies must have workers’ compensation insurance if they have even just one employee. This insurance pays the expenses due when an employee has an accident and becomes injured at work. This includes paying their medical bills and any lost wages due to the accident.
Commercial Auto Insurance
If your Florida business owns a vehicle, that vehicle has to have a commercial auto insurance policy. This coverage must include at least the minimum required amount for personal injury protection and for property damage liability. In Florida, personal injury protection coverage pays for your own medical bills. This lessens the incentive to sue someone for medical bills after an accident. If you want better coverage than the bare minimum, there are other coverage types that you can add to your policy. This includes collision insurance to cover your vehicle if you cause an accident and comprehensive insurance that covers off-road problems.
Get Your Commercial Insurance Coverage
If you own a Florida business, make sure you know which commercial policies you need. Give us a call at Martin Insurance Team in Ft Meyers, FL to find out more.