Common Types of Commercial Insurance in Florida:
1. General Liability Insurance
- Covers third-party bodily injury, property damage, and legal fees.
- Example: A customer slips and falls in your store.
2. Commercial Property Insurance
- Covers damage to your building, equipment, or inventory from things like fire, theft, hurricanes, etc.
- Especially important in hurricane-prone areas like Florida.
3. Commercial Auto Insurance
- Covers vehicles used for business purposes.
- Required if your business owns vehicles or if employees drive for work.
4. Workers’ Compensation Insurance
- Required by Florida law if you have a certain number of employees.
- Construction: 1+ employees
- Other industries: 4+ employees
- Covers medical expenses and lost wages if employees get hurt on the job.
5. Professional Liability (Errors & Omissions)
- For businesses that provide advice or professional services (e.g., consultants, real estate agents).
- Covers lawsuits from mistakes or negligence.
6. Business Owner’s Policy (BOP)
- Bundles general liability and property insurance.
- Great for small to mid-sized businesses.
7. Flood Insurance
- NOT covered under standard commercial property insurance.
- Important in Florida, where flooding is common.
Florida-Specific Regulations:
- The Florida Office of Insurance Regulation (FLOIR) oversees commercial insurance.
- Businesses must comply with state laws about workers’ comp, auto insurance, and licensing.
- Hurricane and windstorm coverage is often handled separately or with higher deductibles.
Who Needs Commercial Insurance in Florida?
- Retailers
- Contractors
- Restaurants and food services
- Medical and legal professionals
- Tech companies
- Landlords
- Home-based businesses
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