Florida Medical Manufacturing Insurance (Quotes, Cost & Coverage)
Call to start your quote:
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.
Florida Medical Manufacturing Insurance
Florida Medical Manufacturing Insurance. If you own a business in the medical manufacturing field, then you know how important it is to have insurance for your operation. Operating a business in the medical manufacturing industry means you are responsible for the production of medical, surgical, ophthalmic and veterinary instruments. Being responsible for the making of the different medical equipment puts your business at risk for massive product liability lawsuits. For this reason, you must ensure you protect your business. Get the Florida medical manufacturing insurance coverage that will keep your business protected.
Florida medical manufacturing insurance protects your device company from lawsuits with rates as low as $127/mo. Get a fast quote and your certificate of insurance now.
Common Risks Faced By Medical Manufacturers
Each medical manufacturing company is unique, and all create different equipment and devices that to be used in the medicine. Whether you run a large or small operation, you want to ensure you have the best protection for your business. What you need is a comprehensive Florida medical manufacturing insurance plan to keep you protected from the threats your business is exposed to when working in this type of industry.
The equipment and the material used is sometimes fragile, and they can be easily damaged. As the owner of a medical manufacturing business, you must always ensure your employees stay protected. Speaking with an experienced insurance agent will help you to find the right policies for your business. There will be many different policies you discuss, and below we'll take a look at them.
Types Of Insurance For Medical Manufacturers
There are various types of liability insurance, but the most common for FL medical manufacturing include:
- Commercial Property Insurance - This type of insurance gives you protection for your manufacturing facilities, labs, and offices. This insurance also protects the contents of the buildings you use to operate your business.
- Equipment Breakdown Coverage - With this type of Florida medical manufacturing insurance, you can get the help when equipment you use in your business breaks down. It helps with the repairing or replacing of damaged machinery you need to keep your business functioning the way it should.
- Spoilage Coverage - This coverage provides financial protection for materials or finished products that spoil on site.
- Inland Marine - This coverage is for when you are shipping goods overseas. Having this type of insurance, keeps you protected if damage occurs while cargo is being transported from one location to another. This coverage also handles shipping by sea or by air.
- Commercial General Liability - Provides liability protection if negligence on your part causes injury to a third party. There are also other additional types of insurance you can include such as:
- Environmental practices liability: Any damage done to the environment as a result of the operation of your business is covered by this insurance.
- Employment practice liability: If an employee or past employee sues your business because they feel you operated in discriminating or harassing manor then you will be protected with this insurance.
- FL Commercial Auto - As with any business, there will be vehicles you use for operation. If an employee gets in an accident or hurts someone or damages another vehicle or property while driving a company vehicle - having this insurance will cover the expenses.
- Umbrella Coverage - Umbrella insurance is excess liability that enables you to get higher liability limits.
- Workers Compensation - In most states, you won't be able to operate without workers comp as it is a requirement for any non-owner employees. If an employee is injured while on the job and needs medical assistance, this insurance will help them. Whatever medical bills are associated with the injury is covered by this insurance. Also if the injury results in a fatality, then the insurance will pay benefits to the surviving family.
Medical Device Manufacturer Insurance
Lawsuits against medical device companies happen every day so must ensure you have the right Florida medical manufacturing insurance protection at the right time. Without the right policies in place for your business, you could spend a lot of money on damages and attorneys fees.
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 2018 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 Manufacturing & Wholesaler Insurance
Read informative articles on small business manufacturing and wholesale insurance. Manufacturing and wholesale companies face many risks due to the nature of their business operations.
- Food Manufacturing
- Leather Manufacturing
- Medical Manfacturing
- Plastic Manufacturing
- Product Liability
- Vitamins, Nutraceuticals & Dietary Supplements
- Wholesaler Distributor
For manufacturers and wholesalers, having the proper coverage is very important. You will need Products/Completed Operations Liability Coverage to protect you against injuries or property damage cause my the products you make or sell.
What does the insured does that could result in a covered loss? The insuring agreement only requires that the insured be legally obligated to pay damages for injury to others or damage to their property included within the products-completed operations hazard covered by the insurance.
Because of this, every product manufactured and completed operation exposure for each named insured must be determined, described and evaluated to be certain that each represents acceptable exposures, or are acceptable classes of business to the insurance company providing coverage.
Once the extent of all business activities and operations is determined, the process of identifying hazards begins. The first step in the process is completely listing and describing all current products being manufactured and projects being worked on.
The next step is obtaining the same information for discontinued products and completed projects for the past five to 10 years, depending on the products or projects involved. This should include an explanation of why the products were discontinued. If some completed projects were of a different type than those currently being worked on, an explanation is in order, including whether the insured may resume them in the future.
Request a free Florida Medical Manufacturing insurance quote in Altamonte Springs, Apopka, Aventura, Boca Raton, Bonita Springs, Boynton Beach, Bradenton, Cape Coral, Casselberry, Clearwater, Clermont, Coconut Creek, Cooper City, Coral Gables, Coral Springs, Crestview, Cutler Bay, Dania Beach, Davie, Daytona Beach, DeLand, Deerfield Beach, Delray Beach, Deltona, Doral, Dunedin, Edgewater, Fort Lauderdale, Fort Myers, Fort Pierce, Gainesville, Greenacres, Haines City, Hallandale Beach, Hialeah Gardens, Hialeah, Hollywood, Homestead, Jacksonville Beach, Jacksonville, Jupiter, Key West, Kissimmee, Lake Worth, Lakeland, Largo, Lauderdale Lakes, Lauderhill, Leesburg, Margate, Melbourne, Miami Beach, Miami Gardens, Miami Lakes, Miami, Miramar, New Smyrna Beach, North Lauderdale, North Miami Beach, North Miami, North Port, Oakland Park, Ocala, Ocoee, Orlando, Ormond Beach, Oviedo, Palm Bay, Palm Beach Gardens, Palm Coast, Palmetto Bay, Panama City, Parkland, Pembroke Pines, Pensacola, Pinellas Park, Plant City, Plantation, Pompano Beach, Port Orange, Port St. Lucie, Riviera Beach, Rockledge, Royal Palm Beach, Sanford, Sarasota, Sebastian, St. Cloud, St. Petersburg, Sunny Isles Beach, Sunrise, Tallahassee, Tamarac, Tampa, Tarpon Springs, Temple Terrace, Titusville, Venice, Wellington, West Palm Beach, Weston, Winter Garden, Winter Haven, Winter Park, Winter Springs and all other cities in FL - The Sunshine State.
Quotes from leading small business insurance carriers including: ACE, AmTrust, Chubb, Cincinnati, CNA, Colony, Employers, Evanston, Fireman's, Foremost, Guard, Hanover, Hiscox, Liberty Mutual, Markel, MSA, Nationwide, Penn America, Philadelphia, Prime, Progressive, Scottsdale, The Hartford, Travelers, USLI, Utica First, Western World, Zurich & others.