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    Florida General Liability Insurance

    Florida General Liability Insurance

    Florida was home to almost 2.5 million small businesses in 2020. This year, more individuals can pursue their entrepreneurial ambitions and create a new businesses.

    Industry experts anticipate growth in Florida's entrepreneurialism by 2022. So your small business has a bright future in Florida, from personal services such as salons and eyelash professionals to commercial real estate development and new construction contractors.

    Florida's economy ranks fourth among the 50 states of the United States. With 15 seaports, highways, and rail lines, Florida is home to a strong and vital transportation industry that serves millions of Americans with daily food, products, and medication. The Small Business Administration (SBA) identifies Florida as the most functional state for launching a new business partly due to its transportation and import industries.

    Requirements For General Liability Insurance In Florida 

    Requirements For General Liability Insurance

    In Florida, liability insurance is not required for businesses. However, this could change. There is a push for tort reform in Florida. The state has a reputation for being litigious — i.e., lawsuits are widespread — and the state's courts are recognized for granting plaintiffs enormous awards.

    Substantial lawsuits against small businesses are common in Florida. The average slip-and-fall compensation is $35,000. This includes legal fees and attorney fees. If you possess property or other valuable assets, purchasing adequate commercial general liability insurance for your Florida business would be advisable to limit your risk exposure.

    What General Liability Insurance Covers In Florida 

    Commercial liability insurance (also known as business liability insurance and commercial general liability insurance) safeguards your Florida business against financial loss resulting from claims of injury or damage caused by you or your workers to third parties. Typically, a policy covers:

    Bodily InjuryPhysical damage to a non-employee at your place of business and injuries caused by you or an employee at a client's residence or place of business.
    Property DamageYou or an employee committed property damage to another individual.
    Personal InjuryActs that cause harm to an individual's reputation or rights, such as libel, copyright infringement, slander, unlawful eviction, invasion of property or privacy, and false arrest.
    Advertising InjuryLosses resulting from your advertising.
    Legal Defense and JudgmentsExpenses to defend against legitimate and frivolous lawsuits and judgments, up to the coverage maximum. Note that this does not often include punitive damages for negligence or intentional misbehavior.

    Types Of Coverages Related To General Liability Insurance In Florida 

    Here are the other types of coverages related to general liability insurance in Florida: 

    Commercial AutoThis coverage insures against damage to your vehicles and trailers, as well as bodily injury and property damage resulting from their operation. If you use your vehicle to deliver goods or travel between job locations, you'll need this coverage.
    Workers' CompensationIn Florida, if your company hires employees, you must have this. Workers' compensation reimburses injured or ill employees for medical expenses and lost wages.
    Business Owners Policy (BOP)A BOP integrates property and liability coverage into one policy that is simple to administer. Popular among small- to medium-sized business owners who rent or own the building in which they conduct their operations.
    Professional LiabilityBusinesses in Florida that perform professional services should consider purchasing this insurance. It protects companies from actual and suspected accusations of professional negligence and helps cover defense costs. It is sometimes called errors & omissions insurance (E&O).
    Cyber InsuranceCyber insurance safeguards businesses against cyber attacks and data breaches. It assists in covering investigative services, data recovery, legal expenses, and settlement fees. Companies that keep or manage client data should consider purchasing this insurance.

    Cost Of General Liability Insurance In Florida 

    Costs for small business insurance vary in Florida because each company is unique and confronts different risks. When determining costs, an insurance company considers different aspects. This may include:

    • Revenue
    • Location
    • Number of employees
    • Type of business
    • Claims history

    Quick Small Business Statistics In Florida

    In terms of population, Florida comes only after California and Texas. It is currently the third most populous state, and the consistent population growth greatly contributes to the employment and income growth of the state. This can be seen in the state’s flourishing small business economy.

    Today, small businesses are considered a job creation powerhouse in Florida. They make up over 99% of the state’s economy and employ more than 40% of its private sector employees. Undeniably, these businesses greatly contribute to the state’s financial stability.

    Below are some relevant statistics related to small businesses in Florida:

    • There are approximately 2.8 million small businesses in Florida, making up 99.8% of all businesses within the state. That makes small businesses a substantial contributor to the Sunshine State’s current status as the fourth-largest economy in the United States
    • Small businesses employ 3.6 million workers or 41.1% of the private sector’s workforce
    • COVID-19 hit small businesses hard, but they continue to move forward. They collectively had 80,101 openings and 74,339 closings between March 2019 and March 2020
    • The professional, scientific, and technical services industry accounted for 361,923 of all small businesses in Florida. The administrative, support, and waste management industry, the real estate and rental and leasing industries, and the construction industry are also among the top five contributors to the total number of Florida small businesses
    • Women owned 45% of businesses and made up 47.8% of workers in the state
    • Veterans owned 6.3% of businesses and made up 5.8% of workers in the state
    • Hispanics owned 30.9% of businesses and made up 28.1% of workers in the state
    • Racial minorities owned 18.7% of businesses and made up 23.5% of workers in the state
    • Florida is projected to have 4 million more residents by 2030. The Florida Small Business Development Center aims to add 500,000 net new small businesses until then to accommodate the 1.2 million net new jobs needed to sustain the state’s economy

    Frequently Asked Questions 

    Here are frequently asked questions regarding general liability insurance policies in Florida:

    What is the difference between BOP and general liability?

    General liability insurance protects you from liability losses, such as when you get sued for advertising injury, bodily injury, or personal injury. On the other hand, Business Owner’s Policy (BOP) typically covers both property and liability, making it ideal if you rent or own commercial property.

    What is a commercial general liability (CGL) limit?

    A CGL limit is otherwise known as the general aggregate limit. It refers to the total amount that your general liability insurance can cover. The CGL limit of most policies covers bodily injury and property damage. It can be exhausted through multiple claims.

    Does general liability insurance cover theft?

    Your general liability insurance policy does not cover theft or damage of business property or equipment. Instead, you would need a commercial property insurance policy to cover those.

    Other Insurance Types

    Costs may vary based on the level of coverage and the type of business. For instance, your cost for general liability coverage would certainly differ from that of an adjacent business, especially if you operate in a different industry and have different revenue quantities. The best approach to determine the cost of business insurance is to request a quote.

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    Assured Standard will protect your business with the right insurance, depending on your needs. Now more than ever, it’s crucial to have the right general liability insurance experts on your side. Protecting the future of your business starts today.
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