Florida Liability Insurance for Your Small Business
For the owner of a small business in Florida, a Business Owners Policy (BOP) often fulfills the insurance needs of the business in a single package. BOPs combine several business insurance products that are common to small business enterprises. A BOP can be customized in line with the needs of an individual business and typically provides property, business income and Florida liability insurance coverage.
While a BOP may be sufficient for the insurance needs of many small businesses, it often needs to be supplemented by additional specialized policies. A Florida business that has one or more employees, for example, should purchase mandatory workers compensation coverage. Specialized business data insurance is designed for enterprises that depend heavily on computer processing.
A small business owner who has minimal capital invested in the business may decide that the protection offered by a BOP is not needed. However, any small business is at risk of being sued, and it’s important that the owner has protection from the cost of defending and settling lawsuits. A business that sells products may need insurance for product liability coverage, and a business that provides services needs errors and omissions liability coverage.
Do you need Florida liability insurance for errors and omissions, or will the liability portion of a Business Owners Policy provide sufficient protection? Business insurance is complex and can be confusing, so ask your insurance agent for advice and guidance on the business insurance coverage that your enterprise needs.