When starting a new small business or deciding if the insurance protection for the business is adequate, there are quite a few considerations about the different types of commercial insurance for a business owner to think about. Work with your agent at Coastal Wealth Insurance LLC, serving Fort Lauderdale, FL, and the surrounding area to get guidance about commercial insurance coverage.
Workers’ compensation insurance is a state-mandated program that covers workers for on-the-job injuries or death. In the state of Florida, all businesses in construction, with one or more employees, need workers’ compensations insurance. For non-construction businesses, the requirement for workers’ compensation insurance is four or more employees. For the farming business, it is six or more full-time employees or 12 or more temporary agricultural workers.
Small professional services businesses such as hair salons, accountants, lawyers, doctors, dentists and so forth need to have professional liability insurance. Manufacturers that make products, and the wholesalers or retailers that sell them, need product liability insurance. Any company that uses vehicles for commercial purposes needs to have commercial vehicle insurance.
Most businesses need property & casualty insurance to protect property, inventory, and equipment. Even home-based businesses need commercial insurance, especially if there are clients/customers that visit the home. Other things to consider are business interruption insurance that covers catastrophic events that stop the business from operating and umbrella insurance protection. Umbrella insurance may extend commercial insurance policy limits and may offer protection for things not covered by other policies such as libel and slander lawsuits.
Another contemporary commercial insurance category that most businesses now need is cyber security insurance. Retailers that process credit cards, online sales companies, and businesses that handle digital records of customers’ personal information are especially vulnerable to damage from cyber attacks.
Make an appointment with your agent at Coastal Wealth Insurance LLC in Fort Lauderdale, FL to discuss all your commercial insurance needs and make sure your coverage is adequate.