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Florida Contractor Insurance

Florida has 2,180,556 small businesses. About 196,263 of those small businesses are in the construction field. In 2013, the economy of this state grew at the same pace as the United States, since both the real gross state product and the nation's gross domestic product grew by 2.2 percent. (Source: BEA). However, in 2014, the unemployment rate in Florida went from 6.7 percent to 6.0 percent, which is better than the national average of 5.8 percent at that time. (Source: BLS). This is good news for professionals of all kinds in Florida. For even better news, learn how much Florida contractor insurance can protect your small business if you're in the construction industry in this state.

Insurance As Low As
$38 A Month

Florida Contractors Need the Following Insurance

Coverage for Third Party (GL): When you work in the construction field, you know that there are risks on every construction site. That's why you need to include general liability in your Florida contractor insurance policy. If a visitor steps on a nail or is hurt by falling debris, you will be relieved to find that general liability insurance can pay for the ensuing medical bills. This coverage can also pay to repair a visitor's damaged property, such as if he or she runs over a nail in the parking lot and needs car repairs as a result.

Florida Contractor insurance
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Tools & Equipment Coverage (BOP): Whether you rent or buy equipment and tools, you need to make sure your Florida contractor insurance covers them in case they are ever damaged or lost. After all, paying to replace ladders, excavators, and other tools of the trade can be expensive on your own. Fortunately, it's easy to add tools & equipment coverage to your Florida contractor insurance policy.

Employee Coverage (WC): In Florida, 43,083 construction firms employ up to 499 people, which means they need workers compensation. So whether you have 5 or 495 employees, you need this coverage as part of your Florida contractor insurance policy. This can pay for the medical treatment and lost wages of any employees who are injured or become ill on the job. Without this coverage, you would have to pay for these expenses yourself, in addition to any legal settlements that may occur after an employee is injured. That's why it's best to get workers compensation as soon as possible.

Business Vehicle Insurance: When you or your employees drive to construction sites in Florida, you need business vehicle insurance. This will pay for any car accidents you or your employees may cause while driving for business, since personal car insurance coverage will not apply. Make sure both you and any employees who drive for your business are covered.

Bond: A surety bond guarantees your services in the construction industry. This means that if you breach a contract, you will be responsible for paying a fee, which is why you need a surety bond as part of your Florida contractor insurance. Without this coverage, you will have to pay this fee out of pocket, which could bankrupt your small business.

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Insurance Products

General Liability (CGL) Workers Compensation Professional Liability Business Owners Policy Commercial Auto Insurance Employment Practices Liability Directors & Officers (D&O) Excess Liability Surety Bonds

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