Analyst, Health Insurance
Florida Business Insurance Basics
Posted on October 18, 2009 |
It is important to keep your business insured in case of injury, property damage, or natural disasters. In Florida, there are other requirements for businesses such as providing workers’ compensation. Learn about all aspects of health insurance basics.
Liability Insurance
Liability coverage will protect your business from a loss resulting from injury, death, or property damage caused by your business’ operations, employees or any of your products. In Florida, one type of liability insurance that is required is commercial automobile insurance. This insurance is required for any company or personal vehicles operated by employees while they are on the job.
Property Insurance
Property insurance will protect the value of the physical assets of your business. With “replacement cost” coverage, your insurance will pay to replace, repair, or rebuild buildings and other property as long as it is insured at its replacement value.
Windstorm Insurance
Windstorm insurance is a controversial issue when it comes to getting coverage for windstorm damage in Florida. Commercial/business properties may find it difficult to get coverage based on the type of construction in which the business is located, the size of the structure, proximity to water, and exact location in Florida. These factors also determine the cost and availability of windstorm insurance for your business.
If you find that you can’t get coverage from a private insurance company, you may qualify for coverage through the state-created insurance provider, Citizens Property Insurance Corp.
Flood Insurance
Flood insurance will give you coverage for damage from floodwaters from any type of body of water. Because property insurance won’t cover these damages, it is important that you get additional flood insurance if your business is in an area at risk.
Workers’ Compensation
It is required under Florida law to have workers’ compensation if your business has four or more, full or part-time employees. It is important to note that sole proprietors and partners are not considered employees in this count.
Additionally, the law is different for the construction industry. Workers’ compensation is required in the construction industry for businesses with one or more full or part-time employees.
Business Interruption
If your business experiences property loss to insured property, business interruption policies, such as “business income insurance,” can pay for ongoing expenses such as rent, utility and at least some of your payroll expenses.
Furthermore, “extra expense insurance,” will reimburse you for particular expenses that would help minimize your losses by re-opening your business.
An example of this would be if you need replacement equipment in order to re-open in a week, rather than a month, this insurance will cover express shipping charges for this equipment.
Directors’ and Officers’ Liability Insurance
If employees, shareholders, or others allege that a business has suffered financially due to mismanagement and the directors and officers are sued, this coverage will protect the company as well as individual executives.
Key Man Insurance
If your business’ success hinges on one or two individuals it is important to consider getting key man insurance. This insurance will protect your business in case of the death of the essential individual. If a company buys a key man policy, the death benefit goes to the company rather than the individual’s family.
Health Insurance
In Florida, health insurance is an ongoing concern for businesses. Employees value health insurance second to monetary compensation so it is a valuable asset for business owners to have. There are several options for Floridians when it comes to health insurance and it is important to do research before you choose the right plan for your business and employees.
If you are a business owner, ensure that you, your business and your employees are kept safe and insured. Getting insured can help you save money in case of a disaster or other complications that can arise while owning a business.
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