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Is Commercial Insurance Required in Florida?

There is no one-size-fits-all commercial insurance policy for your business in Jacksonville, FL. Still, some parts of commercial insurance will be required if you want to operate a business in the state of Florida. There are two types of commercial insurance required in the state, but an agent at 925 Partners can help you determine which coverage is best for your business, even if it isn’t required. 

If you want to operate a business in Florida and have four or more employees, whether part-time or full time, then you will need to have workers compensation insurance. If you run a business in the construction industry, then you must have this type of commercial insurance, even if you have only one employee. Workers’ compensation covers medical bills for any work-related illnesses or injuries. If you have business-owned vehicles in the state, then you will also need to have a commercial auto insurance policy. The policy should have $10,000 for liability for bodily injury and $10,000 for property damage liability. Just like personal auto insurance, it covers property damage and injuries after accidents. Keep in mind that a personal auto policy will generally exclude you if you are using your car for commercial purposes.

Even if it is not required, it’s still best for businesses to have some added liability protection. General liability can be needed to cover common risks, such as customer injuries and property damage. Professional liability insurance can be used to protect you if your work depends on the expertise and includes things such as client lawsuits. Depending on the size of your business, you may be able to get a business owner’s policy to help you bundle general liability insurance and property insurance and protect your company against a variety of different business risks.

Contact 925 Partners in Jacksonville, FL to get a quote on commercial insurance.

3 Commercial Insurance Tips for Jacksonville Area Business Owners

Commercial insurance can make the difference between overcoming a catastrophe and having to close one’s business. 925 Partners is here to help guide business owners in the greater Jacksonville, FL area during the commercial insurance selection process. These three tips can help you find a policy that provides the appropriate coverage and the right level to help keep your business protected.

3 Tips for Choosing a Commercial Insurance Policy

  • Calculate your inventory when it is at its highest level — Inventory can be a significant asset that can be difficult to value as it fluctuates throughout the year. Make sure that your protection level is equal to the highest level of value.
  • Your commercial fleet or other vehicles that are used for business purposes — If your business relies on your fleet to get the job done, it can be devastating to have those vehicles off the road. Make sure that you have coverage that will protect you during those downtimes. The same holds true if your employees are using their own vehicles for business. Make sure that your policy provides all of the coverage you need. 
  • Make sure that your liability protection is adequate — Slip and fall accidents and other liability situations can cause some severe headaches for business owners. If you are in an industry that experiences a high level of liability risk, be sure that your commercial policy provides adequate coverage. Working with a local agent to determine the right coverage can make all the difference.

Ready to learn more about how the right commercial insurance policy can help keep your Jacksonville, FL area business protected? Contact the team at 925 Partners today and let us help you with all of your insurance needs.

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