Whether you are going to start a new business or running an existing business, having the best insurance coverage is must for all Florida based business owners. When it comes to the Florida business insurance coverage, first of all you should need to clearly understand the types of insurance required by Florida, and their related omissions, errors, professional liability, fees, and everything.
Types of Florida insurance:
According to the Florida law, it requires each and every business owner need to spend in two various types of insurance policies. The companies or firms that don’t effort in construction should have the labour comp insurance if they have four or more numbers of employees. The companies which do work in construction should need to get the workman’s comp insurance if they have even 1 employee. When you own, operates, or leases a vehicle for your business, the law also needs you to buy the commercial auto insurance. If you are using your personal vehicle to access all your business related activities, such activities are probably not covered under your personal auto insurance policy. If your workers are making any sales calls or giving deliveries in their own vehicle, it is must for you to get the commercial auto insurance. Otherwise, your firm will be liable if you or your workers get into an accident. It is absolutely rare to find the small commercial owner who doesn’t use her or his vehicle to do their business activities at least any part of the time. So, getting commercial insurance is the best part of fearlessness for most of the Florida based companies.
Least business auto insurance limits in Florida:
When you own a company vehicle, you should need to ensure that you have the proper vehicle insurance requirements to legally drive. The following are the minimum commercial auto insurance limits in Florida. They include,
- 25,000 dollars property damage liability per accident
- 50,000 dollars bodily injury as per accident
- 25,000 bodily injury liability per person
Based on the Florida business insurance laws, the minimum limits of the state are not sufficient to defend your company virtually for every Florida small business. In order to cover the property or the people when you have any unexpected accident, it is crucial to have the high sufficient limits to cover up all such damages. Then, you can be taken into the legal action for providing the extra costs and need to spend from your pocket.
