If you’re starting a business in Fort Lauderdale, FL, you may be wondering whether commercial insurance is required.
This depends on what you mean by “required.” Here’s what you need to know:
- Commercial insurance is almost never legally required. If your business is in transportation if you operate company vehicles, trucks, cars, etc. then, of course, you need to carry some form of liability insurance on your vehicles and your drivers, and the easiest way to do that is through commercial auto. But the business itself can be insured or not insured at your discretion.
- Your business may be required to carry insurance by other entities besides federal and state law. You may need to carry insurance in order to join a guild or business organization. Your business partner or investor may insist that you carry insurance. You may find that clients are unwilling to do business with someone who does not carry insurance. In this way, your hands may be tied and insurance does turn out to be a requisite, but it’s going to be a practical requisite rather than a legal one.
A business owner is, by definition, a risk-taker. You could take that money and put it into a savings account if you wanted to play it safe, but you chose to reach a little higher than that. You’re free to manage that risk however you like. Commercial insurance is almost always a good idea, but you won’t do jail time for not carrying it.
If you’re looking to get your Fort Lauderdale, FL business covered, get in touch with Coastal Wealth Insurance LLC and see what they can do for you. Coastal Wealth Insurance LLC is familiar with the local business scene and can get you the coverage you need.