In every state, there are laws about which types of commercial insurance businesses within that state are required to have. In Florida, there are two that are mandated for certain companies. Knowing whether your unique business is necessary to have this coverage under state law is important. If you want to protect your business with commercial insurance, call us at eAdvisorPro Property & Casualty LLC in Oakland Park, FL.
Workers’ Compensation Insurance
Workers’ compensation insurance is a policy that pays for certain expenses after an employee has an accident at work and becomes injured. The policy will pay for the injured party’s medical bills, so there should be no reason to sue you for the damages. The policy can also pay for the worker’s lost wages due to the injury. If your business has at least four employees, you are required to have this insurance coverage. The employees may be part or full-time.
Commercial Auto Insurance
When you have a business vehicle, a vehicle the company owns, that vehicle must be insured with a commercial auto policy. There are specific coverage requirements for these policies to cover different expenses. A coverage amount is required for your property damage liability for property damage that happens during an accident, and another specific amount is mandated for personal injury protection to pay for your medical bills from injuries incurred in an accident. These amounts are tiny, however, and it’s generally advised to get more coverage than the state minimum. This will mean better coverage in case an accident is severe.
Get Your Commercial Insurance
It’s important to have the coverage you need for your business, especially when the state mandates it. When you need this protection in Oakland Park, FL, call us at eAdvisorPro Property & Casualty LLC.