When you own a business in Florida, there are some types of commercial insurance that you may be required to have. It’s important to know about the required commercial insurance policies in Florida so that you know whether you need one to keep operating legally. When you need any type of commercial insurance, call us at Atlantis Insurance Inc. in West Palm Beach, FL to find out more.
Required Commercial Insurance
Workers’ Compensation Insurance
In Florida, it is required that businesses with at least four employees must have workers’ compensation insurance. This is required for part-time as well as full-time workers. If your business is a construction business, you must have this insurance for all employees, even if you have only one. This type of insurance policy will pay for the medical bills that are due after a worker has an injury while working or contracts a work-related illness. This can save your company a lot of money in medical bills, and it often means that there is no reason for an employee to sue for their injuries.
Commercial Auto Insurance
If your business owns a vehicle, state law requires that you have a commercial auto insurance policy on it. This will cover any costs associated with accidents that happen with that vehicle. There are minimum amounts of coverage that you have to have with these policies. There is an amount that is required for property damage liability for an accident and another amount required for personal injury protection. PIP pays for your medical costs after an accident. The amounts required are very low when compared to other states, and it’s generally recommended that you get more coverage than the minimum required amount.
Cover Your Business
When you need commercial insurance for your business, call us at Atlantis Insurance Inc. in West Palm Beach, FL.