Is Worker’s Compensation Insurance Mandatory for Small Businesses?

Running a small business is a great way of becoming more independent. You can set your own hours, choose who you work with, and even hire others to work for you. However, you have to take out the right kinds of Florida insurance policies to protect yourself and your employees. Read on to find out more about mandatory insurance for small business.

Is Workers’ Compensation Insurance Mandatory for Small Businesses?

Workers’ compensation insurance is mandatory for all small businesses with employees. It is designed to protect companies when workers make a personal injury claim because they get injured or became ill on the job. This type of insurance pays for injured employees’ lost wages, medical bills, and rehabilitation costs. It also pays death benefits if someone is killed while at work.

What Other Florida Insurance Requirements Are There?  

Aside from workers’ compensation insurance, businesses have to have commercial auto insurance if they have a car, truck, or van. Companies that manufacture, sell, or serve alcohol also have to get liquor liability insurance.

Although general liability insurance isn’t mandatory, it’s highly recommended because it protects companies from expensive lawsuits filed by customers or members of the public. It also pays for the associated legal fees. Additionally, some businesses might require professional liability insurance and cyber insurance.  

How to Find Insurance for Small Business

In Florida, insurance can be very expensive, so it’s important to shop around. Small businesses can find great quotes by partnering with independent insurance agencies. At DTRT, we analyze each company’s situation and find the best insurers. That way, business owners can be sure that they are getting a lot of value for the money spent.

Workers’ compensation, commercial auto insurance, and liquor liability insurance are mandatory for small companies. Many business owners also take out general and professional liability insurance. Call or message us at DTRT Insurance to find out more about the various policies and to get affordable quotes.