Frequently Asked Questions About
Commercial General Liability Insurance
How much does commercial insurance cost?
Costs can vary widely based on industry and are also determined by zip code and often payroll and/or gross sales. Request a free quote to get an exact number.
What kind of business insurance do I need?
Most business owners need General Liability Insurance at the very least. If you have any non-owner employees, you will need workers compensation insurance too.
What is a Certificate of Insurance?
A Certificate of Insurance is proof of coverage. It lists the type and amount of liability coverage you have and other policy information when a third party requests it.
Is business insurance tax deductible?
Yes. you can deduct the cost of commercial insurance premiums. The IRS considers insurance a cost of doing business as long it benefits the business & serves a business purpose.
eCommerce Insurance Florida
eCommerce Insurance Florida. E-commerce business owners oftentimes feel immune from the litigious atmosphere of brick-and-mortar establishments, but this is far from true. E-commerce sites are just as prone to litigation as other types of businesses, even if precedents are slowly being set.
In one particular case, a woman with a hearing impairment sued eBay because she claimed that the company failed to follow the Americans With Disabilities Act when it required that she receive an automated phone call with a registration access code in order to register as a seller. Since she could not hear the registration code, she claimed eBay violated the mandated of the ADA.
The woman also alleged that eBay is a storefront and was required as such to accommodate people with disabilities. Ebay's legal counsel countered that the entity is not a storefront at all, and thus exempt from ADA regulations that brick-and-mortar businesses must adhere to. According to eBay, the web is not a place, but instead is a means for remote communication. Still, E-commerce lies in a gray area that is very much open to interpretation in the courts. New legislation is continually on the forefront to address e-commerce related claims such as this one. And that is why online stores need eCommerce insurance Florida.
eCommerce insurance Florida protects your online store from lawsuits with rates as low as $57/mo. Get a fast quote and your certificate of insurance now.
Three decades ago, E-commerce was nonexistent. In today's world, there are millions of different businesses selling products and offering services online. E-commerce businesses face different risks than traditional businesses, but the risks are still there, and mitigating them requires the purchase of eCommerce insurance Florida that is specially designed for the unique needs of the E-commerce genre.
E-commerce is poised for growth. By 2017, spending online is estimated to top $370 billion, with an estimated 10 percent of all retail sales occurring on the web. With this growth comes additional litigation from customers who feel they were wronged in some way by E-commerce sites. As an operator, you face claims from customers, some of which are covered by a business owner's policy, or BOP. This type of policy covers general liability. However, a standard liability policy on its own is not enough. You must also safeguard your business against potential data security breaches and business interruption with eCommerce insurance Florida.
When conducting business online, there is an exchange of sensitive data belonging to customers, and there is also valuable business information that is generally stored on secure databases. Regardless of safeguards in place, breaches do occur. While proper risk management can offset some breaches, some are inevitable. Being prepared for the fallout and claims against you is important, no matter what type of E-commerce business you operate. If your customer's information is compromised, you can be held liable.
Business interruption is another risk that E-commerce business owners face. If you are reliant on a third-party provider for shipping, internet service, or other services, then your business can be impacted by problems with that third party. For example, if they experience a business stoppage, their problem can lead to reduced profits for your business.
Coverage for E-Commerce Businesses
Speaking with a licensed and knowledgeable insurance agent about your inherent risks is a good start when shopping for the right type of level of protection for your particular business. Some of the eCommerce insurance Florida coverage types you might consider, based on your business' unique structure include:
- Transportation coverage. Shipping errors that result in loss of money for your business are covered by transportation coverage.
- Contents coverage. If you have a warehouse or manufacture the products you sell, then contents coverage gives you comprehensive coverage for your tools and machinery.
- Worker's comp. Worker's compensation coverage is vital for E-commerce businesses with employees. This insurance provides protection for employees who are hurt or become ill due to a work-related peril and is mandatory in FL.
- Intellectual property insurance. You can be sued for the rights to software, gaming operations or data. Intellectual property insurance covers the cost of defending yourself in court.
- Directors and officers coverage. Liability of directors and officers for your business is mitigated with this type of coverage. It covers operational mistakes that end up costing your company money.
Liability Protection for E-Commerce Businesses
Regardless of the type of E-commerce business you own, you must have liability insurance in place. The limits you choose should take all potential scenarios into account. Analyze your business' worth and risk factors when making a buying decision, and then determine the right level of eCommerce insurance Florida coverage based on the deductibles and limits you need to fully protect your business. Discuss your situation with a licensed agent who has dealt with E-Commerce clients in the past, and work with an agent who can compare rates for eCommerce insurance Florida coverage with multiple companies to find a mix of affordability and protection.
Florida Economic Data And Commercial Insurance Requirements
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.
Economic Trends For Businesses In FL
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:
- Aviation & Aerospace
- Financial Services
- International Trade
- Life Sciences
Commercial Insurance: Regulations & Limits In Florida
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.
Additional Resources For Information Technology & Internet Insurance
Learn about small business IT technology insurance policies that help protect IT businesses, consultants & subcontractors from the unique risks that small tech businesses face when they work.
- Application Development
- Computer Electronic Repair
- Computer Programming
- Computer System / Network Developer
- Cyber Liability
- Data Breach
- Internet Business
- IT Consultant
- Online Store
- Software Developer
- Technology Services
- Website Design
Some the more popular IT businesses do IT contracting or freelancing work. These businesses have specific risks they face, and can have huge exposures to uncommon risks. Even if the business is very careful, a small oversight or mistake can lead to a large and expensive lawsuit.
For information technology companies, like some of the more popular ones listed below, data security is paramount:
Application Development (Mobile & Web), Business Intelligence / Data Mining Businesses, Computer Installation & Repair, Computer Programming, Computer Retail Store, Data Analysts, Architects & Scientists, Database Administrators, Frontend Developers, Hosting, IT Business Consulting, IT Project Management, IT Staffing, IT Training, Information Technology Consulting, Life Sciences & R&D, Network Architects, Network Security Consultants, System & Network Design, Technical Writing and Web Site Development.
The IT business segment has a critical need for professional liability and errors and omissions coverage. If coverage applies, the insurer has several rights and duties such as providing a legal defense against claims and suits brought by parties claiming damages. The insurer is permitted to investigate all claims to determine whether they are covered by the policy and they may choose to litigate, deny or settle claims.
Most policies providing coverage for electronic data liability, computer professional liability, and computer errors and omissions are claims-made contracts.
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Quotes from leading small business insurance carriers including: ACE, AmTrust, Chubb, Cincinnati, CNA, Colony, Employers, Evanston, Fireman's, Foremost, Guard, Hanover, Hiscox, Liberty Mutual, LLoyd's of London, Markel, MSA, Nationwide, Penn America, Philadelphia, Prime, Progressive, Scottsdale, The Hartford, Travelers, USLI, Utica First, Western World, Zurich & others.