Is it mandatory to have (Certificate of Liability Insurance) for an S Corp - FL based S LLC startup?

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Customer: Is it mandatory to have COLI (Certificate of Liability Insurance) for an S Corp - FL based S LLC startup?
Answered by Isaac, Esq. in 5 mins 11 months ago
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Isaac, Esq.
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Isaac, Esq.
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Isaac, Esq.
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Isaac, Esq., Expert

Thank you for your question. Please permit me to assist you with your concerns.

My name is ***** ***** I am a licensed attorney that has been answering questions on JustAnswer since May of 2009. I am happy to help with your question. Please allow me a moment to review your question and to compose a reply or ask you questions to best understand your unique situation.

I am sorry that you find yourself in this situation. I will help as much as I can. One moment while I type up my response.

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Isaac, Esq., Expert

Hello,

Would this be a 'brick and mortar' start-up, or a virtual start-up?  Please advise!

Customer
It’s a virtual start up.. for IT solutions and consulting. No employees yet
Customer
Btw Thanks Isaac. Nice to meet you..
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Isaac, Esq., Expert

Hello,

Nice to meet you as well.  I am reviewing the requirements just to be clear, and if you are creating this in Florida, I am not seeing a COLI requirement.  So no, this does not appear to be necessary:

https://dos.myflorida.com/sunbiz/start-business/

Sincerely,

Isaac, Esq.

Customer
Thanks Isaac. One of my potential customer (NY based) is asking to have a minimum of million dollars of insurance in order to give the contract. Any recommendations please ?
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Isaac, Esq., Expert

You are most welcome and glad to help!

I am sorry but that is not something that I can answer for you--that is a condition that a customer is requesting, it is not a requirement which means that you can accept, refuse, or negotiate for different terms.  That is a business question for you to answer as a business owner, not a legal requirement.

I hope that I was able to answer your questions in full.

If you have additional questions, you can ask them directly to me here: https://www.justanswer.com/law/expert-isaac-esq . Please make sure that you say “For Isaac Only...” to ensure that the question is directed to me. Although I cannot always give good news, I am straightforward. If that explains everything to your satisfaction, please do not hesitate to reach out to me again.

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Thank you very much!

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Isaac, Esq.

Customer
Thanks Isaac.. 5 star for you. :)
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Isaac, Esq., Expert

Thank you very much!

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