Is Commercial Insurance Required in Florida?

Whether your business is in Miami, Jacksonville, Orlando, or anywhere in between, you’ll need to carry two types of insurance to stay on the right side of state law. The first type, workers’ compensation insurance, is needed for any business with four or more employees and helps pay the medical bills incurred after a workplace injury or illness. If your business is in the construction industry, workers’ compensation insurance is required if you have just one full-time or part-time employee. The second required coverage is commercial auto insurance, which must be purchased for any business-owned vehicle. Florida requires that these vehicles carry at least minimum auto liability coverage to the tune of:

  • $10,000 property damage liability per accident
  • $10,000 personal injury protection

While it is not required, employees who use their personal vehicles for work tasks such as delivery should be covered under a hired and non-owned auto insurance (HNOA) policy. If an employee has an auto accident while working without an HNOA policy, their personal policy will likely deny any subsequent claims, which would leave the employee on the hook for all costs. 

In addition to the required workers’ compensation and commercial auto policies, businesses in Florida may also want to consider the following optional coverage to protect their company better:

  • Professional Liability Insurance: Pays the legal fees and other costs associated with a breach of contract and professional negligence.
  • Cyber Liability Insurance: Covers the customer notification costs, cyber extortion payments, fines, and other fees associated with a cyber attack.
  • Business Owner’s Policy: Combines commercial property and general liability insurance.

At Deboo Insurance Agency Inc. in Deerfield Beach, FL, we can customize a commercial insurance policy that best protects your business. To learn more, give us a call today to schedule a free consultation.