What Coverage Is Essential for Florida Small Businesses?

Opening a small business in Florida is exciting, but unexpected events can threaten your financial stability. The right insurance coverage protects your assets, employees, and future from unforeseen circumstances. There are several types of small business insurance.

The legal requirements for small businesses depend on the specific industry and the business’s assets. If you have employees, workers’ compensation is almost certainly mandatory. It covers medical expenses and lost wages if someone gets hurt on the job. Commercial auto insurance is also essential if you use vehicles for business. 

The state requires minimum coverage for accidents, but a policy can also cover damage to your vehicle and protect you from lawsuits. Property insurance might also be mandated by your landlord or lender. It shields your business from financial loss due to fire, theft, or other covered events. Consider the value of your equipment, inventory, and furniture to determine the right amount of coverage.

Several additional policies aren’t mandatory but offer necessary protection for small businesses. General liability insurance acts as your first line of defense against lawsuits. If a customer gets injured on your property or a vendor claims damage caused by your business, GL can cover medical bills, legal fees, and property damage claims. 

Professional liability is important for service-based businesses. If your work leads to a client’s financial loss due to negligence, this policy safeguards your business from lawsuits and settlements. Finally, business interruption insurance protects your income stream in case of unforeseen events like natural disasters. This policy reimburses lost income and operating expenses, including payroll, rent, and utilities, if you’re forced to close temporarily.

Getting the right kind of insurance can protect your business’s future. If you’re confused about the different options, speak to an insurance agent. Call us at DTRT Insurance Group in Coral Springs, FL. We can help you decide what policies to purchase and then provide you with the most cost-effective options in your area.