Commercial insurance has two main components: workers’ compensation and commercial auto coverage. In Florida, businesses are required to carry at least state-mandated minimum coverage in both types of policies. For those not in the know, workers’ compensation is required for any Florida business that has four or more employees – regardless of whether they are full-time or part-time. Additionally, if your business is in the construction industry then even one employee means that you must have workers’ compensation insurance. In short, this policy helps pay for any medical bills associated with an employee’s workplace injury or illness. Next, any vehicle that is owned by the commercial enterprise must have commercial auto insurance to the tune of $10,000 property damage liability per accident and $10,000 personal injury protection. Although it is not a state requirement, if you require employees to use their personal vehicles for work purposes then be sure to inquire about hired and non-owned auto insurance because the vast majority of personal auto policies exclude business use.
In addition to workers’ compensation and commercial auto coverage, there are additional insurance types that you may want to consider purchasing if they’ll benefit your business. Examples include cyber liability insurance which helps pay for the damages associated with a data breach or cyberattack, professional liability insurance that provides coverage for client lawsuits because of a mistake or omission, and much more. By working with a trusted company like Pro America Insurance in Naples, FL you’ll have access to a plethora of options and a team of professionals that know the insurance industry like the back of their hands. For help in choosing the perfect policy for your business, give us a call today to schedule a no-obligation consultation.