Which Commercial Policies Are Required?

No one ever claimed that starting a business is easy. It will test you, but it can certainly be one of the most rewarding challenges you ever overcome. If you’re trying to get your ducks in a row, one of the things you need to know about is commercial insurance. For Florida businesses, there are a few state requirements that can’t be overlooked. Deboo Insurance Agency, Inc. is here to make insurance requirements as easy as possible.

Worker’s Compensation

Florida, like most states, requires insurance for workers. Any business that employs four or more people — even if none of them are full-time — has to have a worker’s comp policy. When you shop for a policy, you’ll see the minimum requirements for insurance for companies in Deerfield Beach, FL. You can select a policy that has more than minimum coverage, but anything below the minimum won’t be possible.

Commercial Vehicle Insurance

If your company owns a vehicle, it has to be insured. The insurance requirements for a commercial vehicle are similar to those for a personal car. In Deerfield Beach, FL, you need a minimum coverage of $10,000 for property damage and $10,000 for personal injury per accident. You can extend coverage on a commercial vehicle to include damage to your vehicle, additional injury coverage, and even things like roadside assistance. But, those two $10,000 minimums are state law.

These are the only insurance policies that are required by the state, but you still might need additional policies to satisfy investors or lenders. For instance, if you have a mortgage for business property, the lender is going to require you to have property insurance. Similarly, investors or business partners may want you to have additional liability coverage or even a life insurance policy. The good news is that you can get everything you need in one place. Talk with your Deboo Insurance Agency, Inc. representative to make sure your business is fully insured.