Do you run a small business in Florida? Then this article can help you to understand a few common policies that are available to protect your small business. Commercial insurance helps to protect the business and personal assets from the lawsuits or settlements that will reach in the millions. Let us look at some important points when looking for Florida business insurance.
Workers Compensation Laws Of Florida
Florida is a state that needs employers with more than four employees, part-time or full-time, to provide the workers comp insurance to the employees. As per National Federation of the Independent Businesses:-
- Construction businesses with more than one employee or non-construction business employers with more than four employees must carry the right coverage.
- Agricultural businesses with more than six employees or more than 12 seasonal employees working for over 30 days should carry the coverage.
- Sub-contractors also are responsible to offer coverage for the workers, however primary contractors will be responsible to ensure the subcontractor is rightly covered.
- Any out-of-state business employers should immediately notify the carrier of having their employees working, carrying the Florida workers comp policy.
As per the source, the corporate officers and the members of LLC will be considered as the corporate officers and employees; however they will exempt themselves from the coverage. The sole owners & partners of the companies not in the construction business aren’t considered as employees till they like to be. The approved businesses will have to self-insure themselves.
Business Insurance To Consider
Most of the business insurance is optional, and certain kinds of coverage are suitable only for the particular types of businesses. Even though Florida law doesn’t need it, nevertheless it is very important for each business owner to buy the property and the casualty policy. Suppose you rent out space for business, then property insurance will be needed by the landlord.
The property & casualty coverage protects physical location and real estate that the business owns and products, equipment, or anything else of any value to the business. Before buying any insurance plan for your business, make sure you know what that policy covers. For instance, Florida business owners may require coverage for the hurricane damage that the business owners in Montana or Kansas might not need.
Final Words
Most of the states need business with the employees to offer unemployment & workers’ comp insurance. In a few states, these businesses might also have to provide disability insurance.