The thrill of starting a new business is undeniable, but do not let insurance matters fall by the wayside amidst the whirlwind of planning and preparation.
While Florida boasts fewer mandatory insurance requirements than many other states, this does not equate to a free pass. You still need to obtain business insurance – for legal reasons and to protect against potentially devastating loss.
What policies are mandatory?
There are only two in Florida. Businesses must ensure all company vehicles have auto accident coverage. Employers with four or more employees must obtain workers’ compensation coverage to protect their staff members.
What other policies should you consider?
Professional liability insurance can do much to protect you and your company if a dissatisfied customer or a business partner files a lawsuit against you. Essentially, these policies shield against litigation, providing peace of mind and the resources to navigate legal challenges.
A cyber attack or data breach can shatter customer trust and compromise your business interests. However, a cyber insurance policy protects against financial loss through a data breach. It can protect you against the worry and stress of running a business in the tech-savvy world.
Florida has a fair share of inclement weather and natural disasters. Commercial property insurance can help in the face of damage and loss due to nature, theft or vandalism. A commercial umbrella policy also offers benefits, such as boosting your current business insurance coverage.
Addressing potential risks through insurance coverage means you can launch your operations confidently. Speaking to someone familiar with the local business environment and associated laws can help you with other critical steps.
