Most states have some requirements for commercial insurance. It isn’t about protecting your business, however, it is about protecting other people from your business. It is up to you to decide on your own without being required to if you could benefit from some sort of protection. At B & G Insurance in Miami, FL, we have 40 years of combined experience. We will make sure that your business is in compliance with the commercial insurance requirements of the state of Florida.
In the state of Florida, two types of commercial insurance are required: workers’ compensation and commercial auto insurance. If your business has 4 or more full or part-time employees, you must have workers’ compensation coverage. If your business owns any type of vehicle, you must have the basic amount of commercial auto insurance. The basic amount is $10,000 for property coverage and $10,000 for personal injury protection.
Just because the state doesn’t mandate other types of commercial insurance coverage, it doesn’t mean that it is a good idea not to carry it. One in 12 businesses closes every year and some of them could survive if they had commercial insurance.
Somewhere between 35 and 53 percent of businesses are sued in any given year. When your business gets sued, if you lose the case, you may have a large judgment against you and legal fees in addition to that. It may be enough to bankrupt your business and you will have to close your doors. Commercial liability insurance can protect you against this scenario.
If your location is hit by a major theft, fire, or tornado, you could lose all your equipment, your inventory, your office equipment, and lots more. With commercial property insurance, you will be able to replace what was lost.
At B & G Insurance in Miami, FL, we are a full-service independent insurance agency and we work for our customers. Contact us to get a free quote.