Types of Business Insurance/Commercial InsuranceThe amount of insurance a business needs largely depends on the type and size of the business. For example, it wouldn't make much sense for a bakery to have farm insurance, since that's completely unrelated to their day to day operations. However, business owners might not think that they need a separate form of insurance for their company car, but this is a special insurance consideration when starting a business. Businesses may need to plan for the unexpected by buying insurance that covers: Property insurance pays benefits if the policyholder's place of business is damaged by the specific events described within the policy, typically fires, natural disasters, and floods, if included. If your business is being run out of your home, you may have specific insurance considerations. See here for an overview of overlapping homeowners and business property insurance policies.
Casualty insurance can provide benefits if a business experiences economic loss due to things out of their control. For example, if business gets driven away because your city decides to start a 6-month construction project on the street on which your business is located, you may have a claim once your economic loss is measured.
Commercial vehicles, such as company cars, need to be insured on behalf of the business in order to avoid personal liability issues.
Workers compensation pays for the costs related to an employee's injury on the job during their employment.
Health, life, and disability policies may also be purchased and offered to employees as a benefit to working for their employer.
Is Commercial Insurance Required in Florida?Some forms of insurance may be required for certain businesses in Florida. Again, the requirements largely depend on the type and size of the business. Florida law only requires businesses to buy two forms of insurance if applicable: workers compensation and commercial automobile insurance. Workers' compensation insurance is required in Florida for non-construction businesses that have at least four employees. It is required for construction companies even if they have just one employee. Commercial auto coverage is required for any business that wants to own and operate a vehicle. Even though they are considered "optional coverages" according to the Florida Department of Financial Services , insurance against liability and loss of property may be required. If you plan on taking out a loan for your business's property, the lender may require that you secure property insurance before they issue the loan. Property insurance comes in three types, which include: Liability insurance is important for business owners who expect visitors, such as customers, regularly. If someone slips and falls in your place of business, they may hold you responsible for not maintaining a safe premises. These are called personal injury claims and they can be costly. In fact, a business could be financially devastated by a settlement if injuries and liability warrant such a result. Liability insurance may reduce the amount the business owner needs to pay if they are involved in an injury law suit.
Attorneys Working for Small Business Owners
Just like homeowners, business owners may be involved in a dispute with an insurance company during a traumatic time. If your business is trying to recover from damaged caused by a fire, hurricane, or burglary, you need to cooperate with the insurance company. The small business insurance lawyers at the Coye Law Firm understand that you can only compromise so much before you are in the midst of an insurance dispute. Call us today at 800-648-4941 for an evaluation of your claim. Our lawyers want to help you understand your rights.