Whether you own a two hundred person company or a small business with just a few employees, it is important to understand what specific insurance requirements apply to you. Specific to Florida, business owners need to be aware of two types of insurance – workers’ compensation and commercial auto coverage. Starting with workers’ compensation insurance, any business that employees four or more employees – regardless of whether they are full-time or part-time – is legally required to have workers’ compensation insurance. Keep in mind that if you operate a construction-related business then even just one employee means that you must offer workers’ compensation insurance. In short, workers’ compensation insurance helps pay for costly medical bills associated with an employee’s workplace injury or illness. As mentioned earlier, in addition to workers’ compensation insurance, any business-owned vehicles are required to be covered under a commercial auto insurance policy. While it is not required, if you ask employees to utilize their personal vehicles for any business-related function such as doing an estimate or delivering an item then it is strongly recommended that those vehicles be covered under a hired and non-owned auto policy because traditional insurance policies for personal vehicles are highly likely to exclude business use.
Armed with this wealth of information, Florida business owners are now better prepared to support their employees while ensuring peace of mind for their livelihoods. At Coastal Premier Insurance Group in Boca Raton, FL, our talented team of insurance professionals can assist in customizing the perfect commercial insurance policy for your needs. While workers’ compensation and commercial auto insurance are state-mandated requirements, we can walk you through additional coverages that are available and may make sense for specific businesses. Give us a call today to schedule a no-obligation consultation.