Provide yourself, your family, and business associates with peace of mind by making sure you have the proper type and amount of contractor’s insurance in the state of Florida.
Contractors have special liability needs for their business. With a comprehensive insurance plan in place, you don’t need to worry about the financial disasters that weather, accident or litigation can cause. Instead, you can put your energy and efforts into building your business.
Type of Contractor’s Insurance
The goal of the insurance that you carry for your contracting business is to protect you from all eventualities including liability concerns. To do that, most insurance professionals recommend a minimum of $2 million worth of coverage. But the right amount of coverage can vary dramatically from business to business, depending on a number of factors:
- Size of the business
- Types of jobs and clients
- Size of the jobs
- Number of employees
In Florida, most contractors have:
- general liability insurance
- workers’ compensation insurance
- commercial auto and truck insurance
- inland marine insurance
- surety bonds
General Liability Coverage in Florida
General liability insurance is the cornerstone business insurance product. It protects your assets from financial loss. You won’t be stopped dead if you get sued. It also handles property damage, completed operations, product liability, advertising injury, personal injury and other injuries and damages.
A more comprehensive approach suitable for large businesses is to get an umbrella policy that includes general liability as well as industry-specific coverage.
Workers’ Compensation and Disability in Florida
Workers’ compensation insurance is a legal necessity for your business in Florida. If one of your employees has an accident on the job, it will cover medical costs, rehabilitation and lost wages. In the event of the death of a worker, it will pay the cost of the funeral and benefits for the family.
Disability insurance pays for recovery from an accident, which often takes up to two years. A separate type of coverage from workers’ compensation, it is a form of comprehensive contractor insurance. It helps a family pay the bills and maintain their lifestyle while the injured person, whether it is you or one of your employees, recuperates.
Contractor’s insurance in Florida is not easy to figure out since it not a one size fits all type of decision.
Contractors are at the mercy of the economy, as well as the weather, accidents and the litigious nature of society as a whole. The only way to stay safe is to have ample coverage in every area that affects you.
Small business insurance professionals in the complex area of contractor’s insurance in Florida can give you expert advice about the types of coverage available. He can help you decide which policies you need and how much coverage to get. This saves you money on premiums in the short run and keeps you free from worry for the long haul.
Call BOLT Insurance Agency at 1-800-216-4171 for your contractor’s insurance in Florida needs.