Professional businesses in Florida are those that need a license from the state to operate and where the workers in the business may also need to have a license.

Some examples of professional businesses that need specialized commercial insurance include:

• Healthcare Professionals: Doctor, nurses, dentists, pharmacists, optometrists, licensed assistants, and the facilities, stores, offices, and clinics where they work.
• Legal Professionals: Attorneys and the firms where they work.
• Personal Care Workers: Beauticians, cosmetologists, massage therapists, and the stores, spas, and clinics where they work.
• Business Professionals: Stockbrokers, accountants, CPAs, tax preparers, financial advisors, real estate agents, insurance agents, and the companies where they work.

Types of Commercial Insurance for Professionals

Your agent at Assure-Us serving Miami Beach, FL can help professionals get adequate coverage. Professionals, like other businesses, need general liability coverage for the business and worker’s compensation insurance for their employees. They need “property and casualty” (P&C) coverage for the premises. They need commercial insurance coverage for any vehicles used in the business.

In addition to these standard business policies that almost every business needs, professionals need additional, specialized insurance for professional liability. Most professionals also benefit from having umbrella insurance for added protection against lawsuits.

For healthcare workers, professional liability insurance is also called malpractice insurance. For business professionals, this insurance is often called “errors and omissions” (E&O) insurance.

Legal Requirements under Florida Law

Some professionals are required by Florida law to carry insurance that meets state-mandated minimum requirements. These limits are very low. As of 2018, for regular doctors practicing in Florida, the law requires $100,000 per incident and $300,000 in total malpractice coverage. For hospital doctors, these limits increase to a minimum of $250,000 per incident and $750,000 in total coverage.

Check with your agent for legal requirements for your profession. For their own protection, most professionals carry commercial insurance coverage that is much greater than any minimums required by law.

Conduct a commercial insurance review with your agent at Assure-Us in Miami Beach, FL to make sure your professional insurance coverage is adequate.