Business Liability Insurance FL. The Small Business Administration identifies three types of business liability insurance for the average small business. These include general business liability insurance, product liability insurance and professional liability insurance. Each of these have their own purpose and, depending on your business type, may or may not be of benefit to you. Of greatest benefit to almost all businesses is a general business liability insurance FL policy. This policy acts as the first line of defense against many liability claims against your business.
General business liability insurance FL comes into play if a claim is made against your business by a third party. This could be for an incident such as property damage or bodily injury as a result of an action of an employee or contractor. The general business liability insurance usually covers legal fees in defense of the company and has a maximum settlement or court award value that the insurance will cover. Though not required by Florida law, most Florida businesses choose to protect themselves from financial loss and maintain a general business liability insurance policy. A typical policy may include bodily injury and property damage, personal injury liability and legal defense and judgement.
Business liablity insurance FL protects your company from lawsuits with rates as low as $57/mo. Get a fast quote and your certificate of insurance now.
Currently, the Pacific Research Institute ranks Florida among the worst states when considering the legal climate for business liability. A state constitutional ban exists barring the legislature from setting certain limits in business liability lawsuits, leaving businesses open to financial ruin. It is advisable for all Florida businesses to strongly consider commercial general liability insurance. It is your first line of defense against frivolous and legitimate claims and lawsuits.
The bodily injury and property damage liability portion of the general business liability insurance FL policy generally covers physical injury to a person other than an employee at your place of business.
It also covers physical injury caused by you or your employee in the course of business on another person's property. Medical payments for such injury are often part of the settlement. Also the coverage includes damage caused by you or an employee to another person or entity's property.
The general business liability insurance FL policy also includes coverage for libel, slander and copyright infringement by employees acting on behalf of the business. It also covers the invasion of property or privacy and wrongful eviction and losses caused by your advertising. These instances involve damage that is alleged to be caused by you or an employee against an individual or another.
Lastly, the typical business liability insurance FL coverage provides protection for legal defense and judgement which generally includes costs of defense against lawsuits and judgement limited to coverage liabilities. This part of the policy can be invaluable when settling lawsuits. Legal representation to handle the matter provides a sense of security in dealing with these matters.
The business liability insurance FL can help protect businesses by covering legal claims. Policies can be tailored to meet the specific needs of the business by adjusting coverage amounts, deductibles and varying the dollar limits of the coverage. By adjusting deductibles and coverage amounts you will find a policy to meet your needs while staying within your budget.
Each claim can result in a devastating financial cost to a small business. Customer slip and fall claims have the highest rate of occurrence in business liability. Some estimates have the average payout for these types of claims at well over $30,000. These happen more often than you can imagine. The injured party generally has to show that the business was negligent, but sometimes that is not the case. An employee mops the floor and forgets to put the "wet floor" sign up and a customer slips and gets injured. Another example is a customer tripping over a sidewalk crack outside the business.
One such slip and fall accident in Florida resulted in a $250,000 pre-trial settlement to the claimant for an injury in small grocery store. The individual walked down the aisle of the store and slipped on some spilled liquid laundry detergent. This resulted in a significant injury to the claimant, requiring medical attention and loss of work.
Ranked next is a customer injury and damage claim which often costs the business in excess of $40,000. Very similar to slip and fall, the customer has been injured through an act either through an action or through negligence. Recently in Florida, a female was awarded $300,000 after she was injured during a robbery. It was determined that the business was negligent in the provision of security in a high crime area and that they were liable for the customer's ideuries.
Reputational harm claims are also among the most frequent business liability insurance claims in Florida with an average settlement of $50,000. In this internet age, reputational harm cases are on the rise. The unauthorized use of a picture that can negatively impact a person or business reputation is an example of this. A negative, hostile online reaction by an employee to a review or blog could be another example. In cases where a lawsuit is filed, the average can run up to $100,000 with legal fees and court costs. In Florida, jury awards can be even higher due to the legal atmosphere. Though most defamation cases have historically centered on the media, claims against employers have been made with significant awards made to former employees. Former employees proving that employers make false statements that negatively impact their earning potential are among these cases.
Insurance rates can be highly competitive and vary by area, coverage type, deductibles, limits and other variables. This is true for general business liability insurance FL. In addition to providing you the best coverage, a commercial insurance professional work with you to understand your business needs and develop a plan to manage your unique risks.
If you are thinking about starting up a business in the state of Florida, it's important to understand the economic standing of the state before you set up shop. Furthermore, you should understand the rules and regulations regarding FL commercial insurance.
With this information, you will be able to determine if Florida is the right place for your business, and if so, what type of insurance you will need to carry to protect yourself, your employees, and the people that you serve.
Florida is known as the sunshine state, and the economic outlook for this state is just as bright as the weather. It is estimated that the economy in Florida will reach $1 trillion by the end of the 2019 calendar year. However, while financially, the economy is expected to boom, it is forecasted that job growth will decline.
The reason for the economic boom? While businesses do certainly contribute to the economy, industry isn't the reason why Florida's economy is expected to soar; the residents that move to the state are largely responsible for its economic growth. Approximately 898 people move to Florida every day, and those new residents bring a tremendous amount of income for the state.
In terms of job growth, the rate of new jobs has been its highest since 2007; however, it is forecasted to slow during 2018. Approximately 180,000 new jobs will be added in 2018, which is slightly less than the new jobs that were added in 2017.
The industries that contribute the most to Florida's economy include:
The Florida Office of Insurance Regulation regulates insurance in FL. The only type of coverage that business owners must carry is workers' compensation. Organizations in any industry must carry this type of coverage if they employ a staff of hourly or salaried workers. But, organizations that employ three or less people are not legally required to carry this type of coverage.
Business owners are also required to carry commercial auto insurance if they use any vehicles for their operations, such as making deliveries or transporting goods. Commercial liability insurance is another type of coverage that Florida business owners should consider carrying, though they are not legally required to have this type of insurance.
Protect your company and employees with the right commercial insurance policies. Read informative articles on small business insurance coverages - and how they can help shield your company from legal liabilities.
Your small business faces many potential disasters including: fire, floods, theft, equipment breakdown, lawsuits from clients or customers and current & former employees. Any many other risks you haven't even thought about.
A small business commercial insurance program should provide protection for both larger and smaller disasters. The obvious things like fire, flood and theft most business owners think about... but what if a hacker infects your computers with a virus - and files containing private customer information like credit card and Social Security numbers are stolen?
Who is going to pay to fix your customers credit rating etc...? Will your insurance pay for the cost? You need to know that.
Your commercial insurance program should cover events that can close down your company, or cause it to lose revenue. Anything less than that is not enough coverage. Commmercial insurance doesn't cover everything, and all policies have exclusions and limits.
You need a written plan that allows you to get your operations back up and running as quick as possible.
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