Business Insurance Orlando

Business owners know that running a business always brings an element of risk. Of course, some businesses and industries are riskier than others, but the truth is that almost all businesses can be destroyed with one unfortunate claim. 

In these situations, it doesn’t really matter if you are right or wrong. If you find yourself at the wrong end of a liability lawsuit, you could also end up paying a lot of money. Needless to say, this type of liability can leave you without income and end a successful business. 

But if you operate a business in Orlando, you could think about purchasing Orlando business insurance to protect your assets and protect yourself against the claims that were made against you. 

How to Protect Your Investment in Orlando

Regardless of the industry you’re in, you are working hard every day to provide your customers with the best service. That’s why it’s always a good idea to consider having business insurance. In Orlando, insurance companies offer different types of coverages that ensure the security of your business.

With the right type of business insurance in Orlando, Florida, your business can be completely covered thanks to the following policies: 

• Commercial property insurance
• Commercial general liability
• Business owners policy (BOP)
• Inland marine insurance
• Commercial auto insurance
• Commercial umbrella insurance
• Professional liability
• Workers’ compensation

Required Business Insurance Policies in Orlando

In Florida, there are specific state laws that are required for businesses. Some of these policies include:

Workers’ Compensation Insurance

According to Florida state law, a company with four or more employees, regardless of whether it’s full-time or part-time, is required to have worker’s compensation insurance. However, in case the company is in the construction industry, it is required to offer workers compensation insurance. This policy insurance also covers the medical bills due to work injuries and illnesses.

Commercial Auto Insurance

In Florida, all vehicles that are owned or used by your company must be covered by commercial auto insurance. Also, the state of Florida requires a $10,000 claim per accident for property damage liability, and $10,000 coverage for bodily injury. 

Hired and Non-Owned Auto Insurance

Personal vehicles used for work purposes should be protected by hired and non-owned auto insurance because personal auto policy usually excludes company use vehicles. So you can add it to the general liability coverage or a business owner’s insurance coverage.

Types of Business Insurance Policies in Orlando

• General Liability Insurance: A common insurance plan that protects your business in different ways. Regardless of whether it is or isn’t your fault, general liability insurance can cover your defense fees. 

• • Business Cyber Liability Insurance: There is almost no business in the world that doesn’t use technology today. That said, it has become essential to have insurance that will protect you against this risk. Consider having cyber insurance if you use laptops, email, websites and accept credit cards.
  • Professional Liability Insurance: Also known as Errors and Omissions insurance, this type of policy protects professionals and covers them from lawsuits due to negligence.

• Business Owner’s Policy: Business Owner’s Policy (BOP) is a bundle of combined property insurance and insurance for general liability in one package. That makes it more cost effective. 

Usually, these policies are useful for small companies that need these insurance policies, especially if they are renting or owning an office or a commercial space at the same time, and businesses that work directly with clients and customers. That said, many clients require general liability insurance as part of the contracts.

How Much Does Business Insurance in Orlando Cost?

On average, small businesses in Orlando, Florida, could pay between \$300 and \$5,000 a year for a general liability policy. Many factors influence the rates of business insurance, including:

• Business’s gross sales
• Payroll
• The Location
• The industry 
• The deductibles
• The insurance company you choose

Is it Better to Form an LLC in Orlando?

Forming a Limited Liability Company (LLC) means creating a business structure option that covers your personal assets against debts and lawsuits. On the other hand, it does not mean your assets are above the law. Just like other business structures, an LLC also faces risks, which is why you should consider acquiring insurance for your LLC as well. LLC insurance can cover financial expenses brought about by a lawsuit that your business may face.

As mentioned above, the price of small business insurance in Florida varies due to factors, including the type of business, number of employees, and type of policy. Generally speaking, the more risks the company is facing, the more expensive your LLC business insurance will be. 

Here are some of the median costs for the most recommended LLC insurance policies in Orlando, Florida.

• General liability insurance: $500 per year
• Business owners policy: $636 per year
• Workers’ compensation insurance: $560per year
• Professional liability insurance: $713per year
• Cyber liability insurance: $1,675per year
• Commercial auto insurance: $1,704 per year

Finally, business owners in Orlando, Florida, deserve an insurance company that will offer them personalized insurance options. To find the best option for your specific needs, the best way is to look them up online, shop around, and compare quotes and look for those who offer discounts and allow customized coverages. Remember that your business insurance in Orlando doesn’t have to be a one-size-fits-all policy, because no two businesses have the same needs and problems. 

Do you still have some questions about the best type of policy that would protect your business in Orlando? Contact an EIG insurance representative today to get a free quote!