Owning a business is not without risk, but one of the best ways to protect your livelihood and drive growth is with customized commercial insurance!
Like other states, having Workers' Compensation coverage is the law in Florida if you have 4 or more employees (some industries require it with more than one employee). If you don't have the coverage, you face state fines and penalties - even if you never file a claim. You could also get stuck with unexpected costs you have to pay out of your own pocket.
Additionally, Business Auto is another coverage that businesses are required to have if the business has vehicles in Florida.
Like Workers' Compensation and Business Auto, most businesses in Florida are also required to carry General Liability to help protect third parties.
Beyond the insurance coverages required by the state of Florida, there are many other coverages that business owners can elect to help protect themselves and their businesses.
Professional Liability Insurance: Protects your business from mistakes or oversights with your services that a client feels caused economic damage.
Errors & Omissions Insurance (E&O): Protects you in the event a client accuses your business of making a mistake or error, or for failure to follow through on agreed upon terms - even if the claim proves to be unfounded.
Cyber Liability Insurance: Coverage to help pay for the damages and legal costs associated with being the victim of a data breach or cyber-attack.
Property Insurance: Coverage for any property you own or rent, as well as the contents of the property should there be a covered loss.
Umbrella Insurance: Protects you should you have a claim that exceeds the limits of your current policy providing extra coverage to protect your assets.
Knowing how much commercial insurance to purchase and what type of coverage you need to protect you and your business can be a time consuming and exhausting task. Luckily, professionals at Blackford Business Solutions are knowledgable and ready to help! Our insurance experts will do a comprehensive review of your business and your current insurance products before making personalized policy recommendations based on your specific needs and the needs of your business.