Florida businesses are not required to have commercial liability insurance. Although there is a movement for tort reform in Florida, the state has a reputation for being litigious, and the courts are known for awarding large judgments in favor of plaintiffs. If you own property or other valuable assets, you would be wise to invest in sufficient commercial general liability coverage for your Florida business to limit your risk exposure. Every situation is different, but you should consider the type of Florida company you run or the products you make to determine how much Florida commercial general liability insurance you will need. A good rule of thumb for most small businesses is between $500,000 and $1 million. You should consider increasing your coverage if you have a high-risk or high-volume business dealing with the public like a building trades business. Note that your homeowner's or renter's insurance has limited coverage for business liability and loss if you operate out of your home.
Florida commercial general liability insurance can prevent major financial losses if your business is sued or held legally responsible in the event of bodily injury or damage. With the right policy, you can get most medical expenses, legal fees, settlements, or reimbursements covered. As a business owner, it is your responsibility to ensure that an insurance policy covers the people working under you. For example, if someone is hurt on the job, their lawyer can pursue any person involved in the project. A lawsuit is more likely to succeed if there are many people involved. Florida's commercial general liability insurance covers small-business owners against claims for injury, property damage and negligence arising from their business activities. The indemnity provided by a liability insurance policy helps your business owner cover the costs of mounting a legal defense. Provides coverage for medical expenses if someone is injured on your premises or by your products.
Even if no one outside your company visits your office, someone could still hold your business liable for damages. For example, businesses that run advertising campaigns or post on social media could face a lawsuit if they post content that doesn't belong to them or make a false claim about a competitor. When someone sues your business - even if it's a frivolous lawsuit - you'll have to pay legal defense costs, such as the cost of hiring an attorney. If you lose the suit, you could end up paying a fortune in a court-ordered judgment or a settlement. Florida commercial general liability insurance covers all of these costs, which could save your business from bankruptcy. Small businesses and contractors typically pay a low monthly premium because the premium is determined by your risk level. You can pay your general liability premium in either monthly or annual installments. While it might seem tempting to pay a lower monthly payment, you should consider fully compensating.
