Florida’s business-friendly tax rate and strategic location are just two reasons the state’s business climate is ideal for accountants. Not only do you get the benefit of the pro-business environment, but you have your pick of clients, too.
However, each client brings risk to your business. That’s why business insurance is a smart investment for accountants. For instance, Florida law requires any non-construction business to carry workers’ compensation insurance when it has four or more employees. This protects your business by covering injured employees’ medical bills and lost wages. Florida also requires CPA firms to have public liability insurance, which is usually included in general liability insurance.
Other policies aren’t required by law but they still provide important protections. For example, clients often require professional liability insurance in case an accounting error results in losses to their business. That’s the same reason many commercial landlords put general liability and property insurance requirements in their leases.
Insureon makes shopping for insurance easy with industry-leading technology that gathers quotes from top U.S. carriers that fit your needs. Read more to find out which policies are most common for accountants in Florida, and start an application to get your free quotes today.
The most common policies for Florida accountants vary depending on a number of factors, including revenue, client contracts, and partnerships. The table below illustrates which policies might work best for your business type.
General liability insurance: General liability insurance is the foundation of an accountant&apos;s business protection. Coverage extends to bodily injury, client property damage, advertising injury, and the cost of legal defense. Most commercial leases require you to have this coverage.
Florida state law requires CPA firms to carry public liability insurance. This coverage is often included in general liability policies. Unless it’s a sole proprietorship, your firm has to be insured at a minimum of $50,000 per shareholder, officer, member, or partner and any Florida-licensed CPA up to a maximum of $2,000,000. Otherwise, you’ll have to get a signed waiver of limitation on liability.
Florida workers&apos; compensation: In Florida, business owners with fewer than four employees are not required to have workers’ compensation. If an employee is injured on the job, workers’ comp can help pay for medical fees and lost wages. Even for a business with fewer than four employees, it’s worth considering workers’ comp; costly medical fees could quickly outweigh any savings you might have from not purchasing insurance.
Accounting may not be a physically demanding job, but data from the Bureau of Labor Statistics shows accountants do periodically suffer work-related injuries. The most common are falls, slips, and trips; overexertion; and bodily reaction injuries, like pinched nerves or carpal tunnel syndrome.
At just over $800 a year, workers&apos; compensation insurance has the highest median premium for accountants in Florida, just barely topping the national cost. General liability insurance is on the other end of the spectrum, typically costing around $500 for Florida accountants. However, bundling your general liability and commercial property coverages into a business owner’s policy can save you around $60 each year.
Insureon’s industry-leading technology helps accountants in Florida save time and money shopping for insurance by comparing policies from dozens of top U.S. carriers. Simply apply online and review quotes for the policies that best fit your business needs. Our insurance specialists are licensed in Florida and can answer your questions as you consider coverage.