Florida has the fourth largest economy of America’s 50 states and companies are flourishing. General liability (GL) coverage is a staple for most businesses operating in the US. Commercial general liability insurance in Florida, (also called business liability insurance) protects your Florida enterprise from a financial loss as a result of claims of injury or damage caused to others by you or your employees.
If you currently own a small business in the Sunshine State, being properly insured is how you protect your business, along with your personal assets, from legal claims and settlements that could quite easily spell financial ruin. Whether you’re doing business in Miami, Tampa, Jacksonville, St. Augustine or anywhere else in the State, having sufficient general liability insurance is an important part of your small business plan.
The types of protection a GL policy provides
This type of insurance is often bundled with other insurance policies and this ensures that you’re provided coverage in a variety of areas. The upside of this is that this may also reduce premiums.
This coverage generally falls into one of four categories: bodily injury, property damage, personal injury, or advertising injury. It’s important to note that libel and slander fall under personal injury.
- Bodily injury – physical damage to a person other than an employee at your place of business and injuries caused by you or an employee at a client’s home or work place.
- Property Damage – damage caused by you or an employee to someone else’s property.
- Personal Injury – libel, slander, copyright infringement, invasion of property or privacy, wrongful eviction, false arrest and similar acts that cause damage to a person’s reputation or rights.
- Advertising Injury – losses caused by your advertising
It also covers your business for legal defense and judgments, including defense against frivolous suits and pays for judgments up to the limit of your coverage. (Note: this generally does not include punitive damages for negligence or willful misconduct). Although it is hard to predict whether your business will ever need to use your commercial general liability insurance in Florida, it is critical that you insure against such risks.