Florida General Liability Insurance – FL
Florida General liability insurance is crucial coverage to have for any businesses big or small.
This kind of insurance protects your business against many claims stemming from injury to third parties or your customers.
The fact is that most businesses face some form of risk, which is why they need general liability insurance.
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This kind of coverage can help shield your business against claims pertaining to malpractice or bodily harm.
General liability insurance in Florida is available in different types of coverage, and the one you need will depend on the form of business you run.
For example, if you operate a construction business, then you will opt for a higher level of general liability insurance coverage.
5 Important Reasons Why You Need General Liability Insurance in Florida
One of the several common questions business owners ask is do I really require general liability insurance? And the short answer is Yes!
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As a business owner, you should already know that running any type of business is already risky.
General liability insurance in Florida not only covers your business against claims stemming from injury and property damage, but also from any issues as a tenant if you are renting a property.
Further, it provides coverage for not only your business, but also your coworkers against claims originating from injury or property damage to third parties.
Apart from being an all-important part of your business, here are 5 great reasons your business should have general liability insurance.
Workers’ Compensation Insurance in Florida
If you are a handy worker, you already are aware of the compensation you can miss if you fall ill.
As a handyperson, you are not protected by government workers’ compensation benefits, therefore you should check out FL handyman insurance.
Research shows that injuries to independent workers in Florida were on the rise by a whopping 12 percent.
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When you invest in Florida general liability insurance, you are protected financially for medical costs related to the injury at the job.
Depending on the general liability insurance policy you choose, you may also be eligible for pay for the days you are off work.
Third-Party Bodily Injury Protection
This is perhaps the most important reason to invest in general liability insurance in Florida.
If your company offers services that can cause harm to others including clients, then getting general liability insurance should not be an option.
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One great example of this is FL dog walker insurance, which protects your pet sitting business if the dog causes hurt to others.
Another example is when you are fixing your client’s drywall, and they slip over your tools, then you will be liable for their injury.
If you have general liability insurance in Florida, your policy will pay for the penalties of these claims.
Third-Party Property Damage
Another significant reason to get general liability insurance in Florida is to protect your business from third-party property damage.
For example, you are restoring your customer’s roof, and you mistakenly spoil an expensive vase, then you will have to pay for the damages.
Depending on the cost of what you spoil, you may have to pay for these claims from your own savings, that is if you do not have a general liability insurance contract.
Florida General liability insurance can help cover your business against any lawsuits stemming from claims that you poorly deliver services as promised.
Things such as inaccurate advice can be covered under a general liability insurance policy.
General liability insurance can also oftentimes include professional liability insurance, so speak to your insurance agency to check if they provide this type of insurance.
While general liability insurance shields your business against many different kinds of claims, professional liability insurance is more designed towards errors you make in your business services.
If you are manufacturing and selling merchandise under your own brand, then it is crucial to have general liability insurance in Florida, and here is why!
If a person claims bodily harm due to the use of your business’s products, then general liability insurance will cover you against these kinds of claims.
And if you sell your products via your website, then it is a great idea to check out FL eCommerce insurance to better shield your interests.
Take, for example, your company is selling facial creams, and a client has an allergic reaction to your offering, then general liability insurance can help cover costs if you get sued.
What is Not Protected Under General Liability Insurance?
Depending on the coverage of general liability insurance you choose, there are few things that may not be covered under your insurance contract.
The first thing that may not be covered is against incidents not related to your services. Employee injuries may also not be covered under your general liability insurance contract.
As a business, you may be carrying several expensive tools in your car or even at your client’s property.
If these things do get stolen, you will need specialized general liability insurance.
In the case of theft of your personal tools, your car insurance policy will not replace these things against theft.
Another area where general liability insurance may not offer protection is if you make errors in your services.
When buying general liability insurance, you should choose your coverage limit wisely. Because your general liability insurance policy will not give costs that exceed your policy limit.
Different Forms of General Liability Insurance
General liability insurance is a broad term for myriad types of insurances, most notably:
General Liability Insurance
Also referred to as CGL commercial liability insurance or BL business liability insurance, this (type of insurance protects your company against claims that cause bodily injury or property damage to someone else.
Furthermore, general liability insurance also covers your business against reputational harm or oversight in your advertising.
A few examples of things general liability insurance will protect your business against include property damage, advertising errors, and reputational harm.
Professional Liability Insurance PL
Also dubbed as errors and omissions insurance, professional liability insurance comes with claims against your business that originate from errors in the services you give.
For example, if you are a financial broker that gives a client incorrect figures, and they sue you, professional liability insurance will cover the legal expenses.
If you provide professional services to people, then you should as your insurance agency about professional liability insurance.
Employer Liability Insurance
If your company has many workers, opting for employee liability insurance is a good idea.
This type of insurance protects your workers against any injury they may sustain at the worksite.
Additionally, employer liability insurance can also provide disability benefits, missed wages, and funeral costs.
What is the Price of General Liability Insurance?
The charge for general liability insurance is different across insurance providers. It depends on many different factors including the kind of business you are running.
For example, if you are running a roofing business, then the charge for your premiums will be above that other forms of businesses, hence you should explore FL roofing insurance.
But to give you a rough idea, general liability insurance costs $40 per month, but a little lower if you choose to pay annually.
High-risk companies can expect to pay higher premiums such as contracting categories.
You can save funds if you pay for your insurance policy in full annually.
Furthermore, you can also save funds on your general liability insurance policy if you bundle all your policies under one insurance provider.
You should also minimize your organization’s claims on your general liability insurance policy.
How to Locate General Liability Insurance Companies in Florida?
When finding the best general liability insurance agent in your area, it is important to check the agency’s reputation.
You should then select your coverage limit, where the higher the coverage, the higher the cost of premiums.
But it is very important that you choose the right amount of coverage.
If you do not know about the coverage limit you need, speak to your general liability insurance company to help evaluate your business risks for the right coverage limit.
But $1 million and $2 million are the most common coverage limits of general liability insurance.