Everything You Need to Know About Florida General Liability Insurance

As a business owner in Florida, it’s important to protect yourself and your company from any unforeseen circumstances that may arise. One way to do this is by getting general liability insurance, or GLI for short. In this article, we’ll explore what GLI is, what it covers, and how to get it in Florida.

What is General Liability Insurance?

General liability insurance is a type of insurance policy that covers your business from financial losses due to accidents, injuries, and property damage that may occur on your business premises or as a result of your business operations. It’s designed to protect your business from claims brought against it by third parties, such as customers or vendors.

In essence, general liability insurance is a safety net that can help protect your business in case something goes wrong. It provides you with peace of mind and financial protection, which is particularly important for small businesses that may not have a large budget for legal fees or settlements.

What Does General Liability Insurance Cover?

General liability insurance typically covers three main types of risks:

1. Bodily injury
2. Property damage
3. Personal and advertising injury

Let’s take a closer look at each of these risks and what they cover:

Bodily Injury

Bodily injury coverage protects your business if someone is hurt on your business premises or as a result of your business operations. Examples of bodily injury claims include slip and fall accidents, injuries caused by a defective product that your business sold, or injuries due to your business’s negligence.

If a bodily injury claim is made against your business, your general liability insurance policy will cover the costs of medical expenses, lost wages, and legal fees.

Property Damage

Property damage coverage protects your business if your business operations cause damage to someone else’s property. This can include damage caused by your employees, equipment, or products. Examples of property damage claims include a delivery truck damaging a customer’s property or a business accidentally causing a fire that damages a neighboring building.

If a property damage claim is made against your business, your general liability insurance policy will cover the costs of repairing or replacing the damaged property, as well as any legal fees.

Personal and Advertising Injury

Personal and advertising injury coverage protects your business if someone claims that your business’s advertisements or other communications caused them harm. This can include claims of libel, slander, or copyright infringement.

If a personal or advertising injury claim is made against your business, your general liability insurance policy will cover the costs of legal fees and any settlements or judgments against your business.

What Does General Liability Insurance Not Cover?

While general liability insurance covers a wide range of risks, there are some things that it doesn’t cover. Some common exclusions from general liability insurance policies include:

• Professional liability
• Employee injuries
• Auto accidents

If you need coverage for any of these risks, you may need to purchase additional insurance policies. For example, if you have employees, you’ll need workers’ compensation insurance to cover their injuries on the job.

How to Get General Liability Insurance in Florida

Getting general liability insurance in Florida is relatively easy. Here are the steps you’ll need to take:

Step 1: Determine Your Coverage Needs

The first step in getting general liability insurance is to determine how much coverage you need. This will depend on various factors, such as the size of your business, the type of industry you’re in, and the amount of risk involved in your business operations.

It’s a good idea to speak with an insurance agent or broker who specializes in general liability insurance. They can help you assess your coverage needs and find the best policy for your business.

Step 2: Shop Around for Quotes

Once you know how much coverage you need, you’ll need to shop around for quotes from different insurance providers. You can do this by contacting insurance companies directly or by working with an insurance broker who can provide you with multiple quotes from different insurers.

When comparing quotes, make sure you’re comparing apples to apples. Look at the coverage limits, deductibles, and exclusions to ensure you’re getting the best coverage for your money.

Step 3: Choose a Policy and Purchase It

Once you’ve found the right policy for your business, you’ll need to purchase it. This will typically involve filling out an application and providing some basic information about your business, such as its size, location, and industry.

Once your application is approved, you’ll need to pay your premium to activate your policy. Your insurance provider will provide you with proof of insurance, which you can use to show that you’re covered in case of a claim.

Frequently Asked Questions

What is the cost of general liability insurance in Florida?

The cost of general liability insurance in Florida varies depending on various factors, such as the size of your business, the industry you’re in, and the amount of risk involved in your business operations. On average, you can expect to pay anywhere from $500 to $2,000 per year for a basic general liability insurance policy.

Do I need general liability insurance if I work from home?

If you run a business from home, you may still need general liability insurance, depending on the type of business you have. For example, if you have clients or customers who come to your home office, you may need coverage in case someone is injured on your property.

Do I need general liability insurance if I have an LLC?

While having an LLC can help protect your personal assets from business liabilities, it doesn’t provide complete protection. That’s why it’s still a good idea to have general liability insurance to protect your business from financial losses due to accidents, injuries, and property damage.

What happens if I don’t have general liability insurance?

If you don’t have general liability insurance and someone makes a claim against your business, you’ll be responsible for paying for any damages, as well as legal fees. This can be a significant financial burden for small businesses, which is why it’s important to have the proper insurance coverage in place.

Conclusion

General liability insurance is an important type of insurance coverage for businesses in Florida. It can provide financial protection and peace of mind in case something goes wrong. By understanding what general liability insurance covers, what it doesn’t cover, and how to get it, you can ensure that your business is properly protected.