General Liability Insurance in Florida
Business general liability insurance, also known simply as business insurance or GL insurance protects your business in the case of property damage or injury to others as a result of your operations. This type of policy covers:
- Property damage – Any damage to property that you are liable for
- Bodily injury – Injuries to another person for which you are liable
- Medical payments – Any bodily injury that occurs on your property
- Defense costs – If a suit is filed against your company, regardless of fault
- Personal and advertising injury – Which includes claims of libel and slander that aren’t part of your professional services.
In the state of Florida, general liability insurance isn’t a requirement but it is essential to protect your business. It’s usually combined with property insurance but it can also be available as stand-alone coverage.
Do I Need General Business Liability Insurance?
Contractors and small business owners in particular benefit from a GL insurance policy to protect your livelihood. A single accident on your property can turn into a lawsuit that you aren’t equipped to handle financially and you simply can’t be too careful. When you operate a business, anyone can sue you for anything related to your business operations and you may be found liable for negligence. If you’re considering small business liability insurance, keep in mind it’s especially beneficial if you or your employees:
- visit a customer’s work place or clients visit your workplace,
- have access to a customer’s equipment,
- speak in any way about a client’s business,
- use third-party locations for business activities, or
- must have GL insurance before signing a contract.
What Does Miami General Liability Insurance Cover?
Coverage is available for professional liability, products, fire liability, medical payments, premises liability (such as slip and fall accidents), employer’s liability, employee benefits liability and employee-related practices liability. While this is a broad definition of coverage, it’s important to understand exactly what your policy will and won’t cover.
General business liability insurance almost always covers you against lawsuits, settlements and investigations. If damages are filed against your business or you’re sued, the policy will cover the investigation of the insurance company and any attorneys fees, settlement, medical expenses and bonds that may be necessary. If claims arise from property damage or bodily injury as a result of an accident on your property or from a product, the policy will cover the cost. Most policies also cover miscellaneous things like violating a copyright in business advertising.
Not all claims and accidents will be covered by this form of Miami commercial insurance, however. If your employee is hurt on the job, this type of claim would be covered under a separate workers compensation policy. Professional liability insurance claims are also not covered so if you provide professional services as a consultant or veterinarian, for example, you would need professional liability insurance. Punitive damages from a lawsuit are rarely covered, nor are intentional acts if an employee assaults a customer, for example.
Contact Us Today
If you’re ready to learn more about how this form of Miami business insurance protects your business and just how vital it is to protect yourself against the unknown, contact Anderson & Jacoby Insurance Consultants today at (305) 596-0500 or request a quote online.