The state of Florida requires businesses to purchase and maintain specific forms of insurance if they choose to hire workers. Among these required business insurance types are worker’s compensation, disability, and unemployment insurance. If they operate commercial business vehicles, they are also responsible for purchasing commercial automobile insurance. To discover the types of Business Insurance in Fort Myers you are required to maintain, you can contact your preferred insurance provider.
Types of Business Insurance
Basic business insurance covers the structure from which the business operates. The property is covered if a natural disaster, fire, or other occurrence damages it. The coverage includes all equipment, machinery, and inventory that is situated within this location. Theft and burglary are covered within this policy.
Business insurance covers the costs associated with common liabilities. This includes visitors who become injured, while shopping within or entering the business location. It further covers losses associated with faulty products. The insurance will counter-balance losses based on their nature. Professional services such as plastic surgery are covered through medical malpractice coverage obtained by the business owner. Some Business Insurance in Fort Myers covers these occurrences; however, the business owner should select their own level of coverage when purchasing a policy.
Worker’s compensation insurance covers the costs associated with an employee injury. This includes medical attention, prescribed medications, and a percentage of the employee’s wages. The employee will only receive the wage replacement benefits if he or she sustains an injury that would require them to remain out of work for a long duration. Minor cuts or scrapes are not covered through these benefits.
Unemployment insurance is a form of business insurance that pays employees a smaller portion of their wages after a lay-off. If the company shuts down or workers receive a pink slip due to lack of work, the employees are covered under this plan. Alternately, any worker who quits on their own accord will not receive these benefits, as their dismissal was voluntary.
Disability insurance covers the employee when he or she sustains a long or short-term disability. It provides them with a percentage of their wages for the full duration of the disability. The benefits cover the injured individual until they can receive SSDI or SSI for long-term disability that are permanent. The disability must qualify under the terms of the policy for the employee to receive these benefits. Get more information about Business Insurance at Lee County Insurance Agency.