Frequently Asked Questions About
Commercial General Liability Insurance
How much does small business 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. (read more)
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. (read more)
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.
Florida Framing Contractor Insurance
Florida Framing Contractor Insurance. Doing business in the building framing industry means you'll be working with post-frame contractors and those who are responsible for different framing tasks on building projects. With the increased confidence of investors, this industry is currently experiencing enormous growth in employment and revenue. If you are a contractor in this industry, then you know there are many risks involved with this type of work. As a result, it's vital that you get the right Florida framing contractor insurance for your company.
Florida framing contractor insurance protects your business from lawsuits with rates as low as $67/mo. Get a fast quote and your certificate of insurance now.
Liability Coverage And Why It's Important
As a business in the construction industry, the most important part of your coverage will be commercial general liability insurance. This type of coverage is required in many states before you can become a licensed framing contractor. Proof of this type of Florida framing contractor insurance coverage will be required most times before you begin working on a project. Most times when you are hired as a subcontractor by a general contractor you may need to add them to your liability coverage policy. You would be able to add them as an additional insured for the length of time you spend working on the project. It works the same way if you hire by subcontractors to work for you.
Commercial General Liability Insurance For Framers
The exposure you may have as a framing contractor is covered with by this type of insurance. Property damage or injury while working is covered with this kind of insurance coverage. However, this insurance will not cover things that happen because of lack of planning. Anything done wrong on the project because of a lack planning will be counted as business expenses. If your error causes other subcontractors to have to redo their work, then this coverage will cover the losses.
FL Commercial Auto Liability Coverage
When doing work on a job site, you will probably have to move tools to and from the site. As a result, you must get insurance on the vehicles that you are using. This insurance doesn't cover employees using their vehicles to transfer tools. If while an employee is transporting to a job site and they get in an accident, your company may be in trouble especially if that employee is on your time. Having hired or non-owned vehicle insurance can keep you employees protected.
Umbrella Insurance Coverage
Mistakes in this industry can lead to large liability claims. As a result extra liability insurance is critical for your business. Most times the insurance company you're working with may not offer enough coverage for you to protect your company adequately. With umbrella insurance coverage you can get the level of Florida framing contractor insurance coverage you need for a price you can afford.
Why You Must Have Worker's Compensation Coverage
FL Worker's compensation insurance is normally required before you begin working for somebody. Having this type of coverage is a requirement in most states for any company's non-owner employees. Typically before working on a project, you may need to provide proof that you have this type of coverage.
Working in this industry is dangerous, and this is why it is a good idea to have this type of insurance coverage. You want to ensure that when something does go wrong you and your employees are fully protected. Taking the time to speak with an commercial insurance agent to find this type of coverage for you is the best move you can make to protect your business and your employees.
With this type of coverage, you can protect your workers if they are ever injured while on the job. Workers compensation coverage will help with the medical expenses from the injury of an employee as well. If an accident happens on the job that results in a fatality, a workers compensation coverage plan will provide help to the surviving family.
Business Insurance For Framers
It's important to have the right Florida framing contractor insurance coverage when you have a business in the building framing industry. It will help you to protect your business from financial ruin in the case of injury on the job site or property damage. Having the right protection means you and your employees can feel safe while working on a project.
Expanding your company's insurance portfolio is a smart move, and its advise that you take the time to speak with an insurance professional so that you can find the right coverage for your business today. The worst thing to allow to happen is something going wrong while on the job, and you do not have the adequate amount of insurance coverage to handle it. Something as simple as this could lead to you losing your business.
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 Construction Contractors Insurance
Learn about construction contractors insurance, including how much the premium costs and what is covered - and how business insurance can help protect your construction business from lawsuits.
- Demolition Contractors
Construction contractors have substantial needs for many types of insurance coverage. Most would point to the importance of coverage for completed operations, premises liability coverage during construction operations at jobsites and professional or design errors and omissions insurance.
Such coverages can be provided only when the interests of the contractor and of the property owner are understood; particularly the contractual obligations assumed by the contractor. Next in significance is the workers compensation exposure followed by business automobile. Inland marine coverage for expensive mobile equipment, supplies, other tools of the trade and builders' risk can be vital.
Liability coverage is needed by a construction contractor in order to obtain most jobs. In addition, if a contractor wants to stay in business, it must be obtained to protect it from lawsuits due to its premises operations, off-site locations and products/completed operations exposures. Owners and contractors protective liability and railroad protective liability coverages may also be required in certain cases in order for a contractor to meets its obligations for particular jobs.
Many construction contractors do not have the usual location-specific buildings and business personal property exposures. Their business property is more mobile and, therefore, better covered with inland marine coverage forms. However, for those larger construction contractors that own buildings and/or maintain business inventory there are many coverage forms and choices available to them.
Construction contractors use their vehicles to get to and from their workplaces and jobsites. They also use vehicles to transport equipment and inventory to those locations. It is important to cover the liability of these vehicles for injury or damage they may cause, as well as to provide coverage for damage to the vehicles themselves.
Employers are required to provide coverage for injuries sustained by their employees while on the job. Construction contractors must comply with these requirements but some try to avoid them by hiring subcontractors. These subcontractors may actually operate and qualify as employees. The relationship between a contractor and its subcontractors must be carefully evaluated in order to determine if workers compensation coverage is still needed.
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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.