Business insurance in the Sunshine State
Florida boasts some impressive small business statistics, currently housing 2.5 million small businesses that employ 3.3 million people across an enormously eclectic range of industries. To put that into context, small businesses make up 99.8% of businesses in the state and employ 42.2% of its available employees — a testament to both small businesses’ integral role in any community and to Florida’s business-friendly legislature. However, despite the success of many small businesses in the state, if you’re thinking of starting or growing your small business in Florida, there are still certain areas of increased liability of which you need to be aware to proactively protect your business.
Key Florida laws and conditions driving increased business liability rates
Florida prides itself on being business-friendly, boasting no state income tax and relaxed regulations favoring common business practices. For example, Commercial Liability Insurance is not required for small business owners in Florida like it is in other states. Even though regulations in the state are relaxed, Florida is known to be especially litigious, and courts tend to reward large sums of money to plaintiffs. As a result, many small businesses in Florida purchase multiple forms of insurance, even though it is not a legal requirement.