Business Insurance Indemnifies Owners Against Assorted Perils

Tampa Bay Commercial Insurance Summed Up in One Article

Misconceptions and half-truths often characterize business owners’ understanding of business insurance matters. Sole proprietors and business partners face a number of operating risks. Injury claims have become exceedingly common, fueled by anecdotal evidence of huge cash awards. Lawyers offer contingency representation that facilitates people filing suits, often for frivolous or fraudulent reasons.

Courts sometimes award plaintiffs exorbitant awards, and owners that have been found liable could loose their businesses, personal assets, homes, and reputations. Liens continue until settled, and determined plaintiffs can renew them. Courts can seize bank accounts, cash, and personal property to settle these judgments. Commercial liability insurance offers protection from claims of injuries or property damage occurring on business property.

The corporate business structure will not protect limited liability corporation owners from summary judgments. Courts can and do remove the veil of corporate protection under certain circumstances. Insurance coverage, however, offers protection against almost any possible risk. These policies can be tailored to specific industry needs, and package deals offer comprehensive coverage options at reduced rates.

Types of Commercial Insurance Agency Coverage

Choosing the right coverage makes sound financial sense, and some types of coverage might be mandatory for certain types of businesses. Types of coverage include the following options.

• Workers Compensation Commercial Property Insurance

  This coverage is mandatory for companies that employ workers in most states. The insurance covers medical claims for employee injuries while working on the company premises. The coverage extends to include off-premise injuries when employers require workers to travel. Workers compensation premiums are based on payroll, and owners estimate their annual payrolls each year and must adjust premiums when the actual figures have been determined.

• Commercial General Liability Commercial Property Insurance

  This coverage protects against customer claims when they suffer injuries or property damage while on company premises. The coverage pays medical bills, costs of property damage, and negligence awards. Liability insurance also offers protection against libel, slander, and the legal costs of defending companies against claims.

• Commercial Property Insurance

  This protection covers company property against fires, natural disasters, thefts, vandalism, smoke damage, and other hazards. Loss can include buildings, company papers, cash, business interruption, and lost income due to supplier failures.

  • All-risk policies cover multiple risks except those perils specifically excluded. Most small businesses choose these plans for the comprehensive protections they afford.
  • Peril-specific coverage only covers the specific incidents mentioned in the policy. The premiums cost less, so these policies make good choices for businesses that face fewer risks.

• Commercial Automobile Commercial Property Insurance

  Businesses that use vehicles in the course of operations need commercial auto insurance because personal auto policies will not cover accidents if underwriters determine that incidents occurred during business use. The policies not only provide protection for personal injuries and property damage but also cover auto damage and loss of use until replacements are made.

• Commercial Flood Commercial Property Insurance

  Flood insurance always comes as a separate, independent policy. Some areas run little risk of flooding, while others in low-lying areas risk flood damage on a yearly basis. Some businesses at risk fail to take out this essential protection, assuming federal assistance should disasters strike. However, the government might require disaster-area businesses to obtain future flood coverage through the National Flood Insurance Program.

  Most flood policies cover the following situations.

  • Building damages and contents.
  • Cleanup and repairs after floods recede, including painting and debris removal.
  • Sandbagging to prevent or limit flood damage.

• Commercial Equipment Commercial Property Insurance

  Commercial equipment includes stationary and mobile equipment used in a business. Owners can choose from a variety of industry-specific policies and coverage options. Some owners only cover replacement or repair costs for breakdowns, but some equipment might cause injuries or property damage and need indemnity coverage. Insurance providers refuse to insure certain types of high-risk equipment, including underground apparatus.

• Homer Business Coverage

  More people work from home than ever before due to computers and online business opportunities. Working from home creates less stressful lifestyles, but these companies still must protect themselves. Home businesses face many of the same risks that traditional firms must handle.

  Personal insurance will not cover home-business use. The use of a personal automobile faces the same requirements at home as any retail location. The law prohibits some high-risk businesses from operating out of residential locations for zoning or safety reasons. In these cases, insurance coverage will not pay for businesses operating illegally.

Other Optional Coverage

A variety of optional coverage options furnish custom protection. These options include the follow special types of coverage.

• Errors and Omissions

  This coverage provides protection from claims arising from failing to perform professional services as promised.

• Life and Disability Insurance

  This coverage protects against the death or injury of a key employee or business partner. These policies allow surviving partners to buy out the deceased’s interest in the business, among other coverage options.

• Scripted Policies

  Some businesses have special needs. For example, businesses that rely on physical abilities of a partner or employee might need to insure legs, arms, diving capabilities, or driving skills. Scripted policies can be tailored to cover an amazing variety of unusual, situations.

Business insurance offers a variety of custom-tailored options. Risk is substantial, and insurance coverage can address almost any eventuality imaginable.

Give Mid Florida Insurance Professionals a Call at: (813) 962-3082 We’re third generation of insurance professions with the knowledge and skills to get the coverage you need at the best prices available.

What Type of Commercial Insurance Do Florida Business Owners Need?

If you own a business you need to have a comprehensive insurance portfolio to cover a plethora of different claims that can arise during the course of owning a business.  While you never want to experience a loss, some losses simply cannot be avoided no matter how proactive you are.  The entire purpose of buying insurance to recover financially from an unintentional loss so you do not have to pay out-of-pocket.  If you are not sure what type of commercial insurance you need to carry in Florida, make sure you review the various types of business insurance that are available.  Surprisingly, there may be a number of different policies that you need that you are not currently carrying.

Commercial Property Insurance

You carry property insurance to cover your home.  Commercial property insurance in Florida is designed to protect the structure where you conduct business.  If you own the building where you operate, you will need a comprehensive plan that covers the entire building.  If you are renting the property, the landlord will require you to carry a tenant’s property insurance policy.  A tenant’s policy is more affordable because it only covers tenant improvements and not the entire building.  Some benefits of carrying property insurance when you are renting include coverage for loss of earnings when the building you are renting is not inhabitable.  Property insurance will also include coverage for business property, furnishings, and merchandise that is stored onsite.

Commercial General Liability Insurance in Florida

If you have property insurance, you do have liability coverage built into the policy.  You might wonder why you would need general liability insurance when you are already carrying a form of liability cover?  Businesses invest in general liability insurance because it gives added protection in the event that a third-party person is injured or their property is damaged by the business.  This type of insurance also covers libel, slander, and defamation.  If you do not have enough liability insurance protecting your business, you may spend thousands of dollars and years in court trying to defend yourself as a defendant.

Commercial Flood Insurance to Protect Property and Merchandise

Did you know that property insurance policies specifically exclude flooding and mudslides.  This means that you must carry commercial flood insurance in Florida to have any type of coverage in the event of a claim.  A flood is defined as water that has overflowed onto two or more properties.  This means that the flood occurring in your building would have to overflow off of the property to be considered a covered flood.  Flood insurance policies are nationally mandated and premiums are calculated based on flood zones.  If you are in a risky zone, you will pay higher premiums.  You can opt for a policy that covers only property, only contents, or both.  The deductible will be a high percentage of the damage sustained because of the flood.

Specialized Commercial Equipment Insurance

If you use special equipment, you need to list this equipment specifically or invest in a special rider.  Machine tools, printing equipment, restaurant equipment, dental equipment, computers, agricultural equipment, vending machines, and construction equipment are all types of machines that must be covered.  Considering the value of this equipment, there is no reason it should not be protected against unexpected loss.

Worker’s Compensation Insurance

You also need to protect your employees.  In the state of Florida, in most cases you must carry work comp insurance if you have 4 or more full-time employees.  This insurance will cover all reasonable costs for medical treatment when the employee is injured on the job.

As you can see, there are a number of different types of business insurance that you must carry to keep your business protected.  Failing to purchase just one of the essential policies could close your doors for good in the tragic event that you have to file a claim.  Meet with an experienced commercial agent and review your insurance portfolio for holes.

For current rates and ways to save money on commercial insurance, Tampa Bay area business owners  should call Mid Florida Insurance Professionals at (813)  962-3082 for a quick quote and excellent rates on all commercial insurance plans.

Understanding Commercial Flood Insurance

Florida is no stranger to floods.  With flash floods and adverse weather, you need to make sure your business is protected with the right type of commercial flood insurance.  Many business owners are not aware of the fact that their commercial property and contents insurance specifically excludes flood damage.  This means that any damage that is caused by a flash flood or the run off of water will be denied by your standard business insurance.  Understand how to find commercial property insurance that will cover floods and make sure you are protected under all circumstances.

Finding a Flood Insurance Program

Several different insurance agencies in Florida offer a flood insurance program designed for commercial property and contents.  This specialized insurance plan is offered throughout the state and each area is categorized as a flood “zone”.  If your property is in an area that is more prone to flooding, you will be in a higher premium zone.  The policy may not pay for all of the damages sustained but it will reduce your risks and the amount you will have to pay out-of-pocket substantially.

What is Covered?

There are two different types of commercial flood insurance.  One plan will cover the building and the other will cover the contents in the building.  Contents are usually defined as anything that is not permanently fixed to the structure.  Here is a breakdown of what is covered for deeper understanding:

Building

*  The building listed and the foundation of the building
*  Plumbing
*  Electrical
*  Furnaces and water heaters
*  Built-in appliances
*  Permanent flooring
*  Cabinets, counter tops, and fixtures
*  Windows
*  Detached buildings up to 10 percent of building cover
*  Removal of debris caused by flood

Contents

*  Business property like furniture and computer equipment
*  Window treatments
*  Portable appliances
*  Area rugs
*  Some valuable items up to the limits listed
*  Merchandise onsite
*  Merchandise in storage up to a limit

What is Not Covered?

Some items are not covered under your flood insurance policy.  It is important to understand what exactly is excluded so you can prepare if you have to file a claim.  Here are some things that are not covered:

*  Mildew and mold damage that was preventable
*  Money and precious metals
*  Trees and plants around the insured property
*  Property expenses to temporarily relocate
*  Business interruption or loss of use
*  Vehicles and their parts

You should understand the basics before you ever rule out the importance of carrying commercial flood insurance.  Do not wait until hurricane reports hit the web because insurance companies will put a moratorium on insurance until the risk no longer exists.  If you prepare ahead of time and you hear of a hurricane or the chances of a flash flood, you do not have to worry about whether or not your business will be damaged.  Meet with an experienced commercial agent selling flood insurance and build a policy that suits all of your needs.

For current rates and ways to save money on insurance, Tampa Bay area business owners in need of adding commercial flood insurance to their commercial insurance policy should call Mid Florida Insurance Professionals at (813)  962-3082 for a quick quote and excellent rates on all commercial insurance plans.

Understanding Florida’s Worker’s Compensation Insurance

If you are planning on starting a business in Florida it is time to start researching Worker’s Compensation Insurance laws.  All business owners must invest in work comp insurance to protect their employees in the event that they are injured during the course of doing business.  Business owners who do not comply must pay penalties that are generally much higher than the insurance premiums.  When you are shopping for Worker’s Compensation Insurance, there are several factors you need to consider so you have peace of mind in knowing that all of your employees are protected.  Here are some important facts you should know so you are prepared when you meet with your agent:

What Businesses Are Required to Have Coverage?

Businesses in every field or industry need to carry worker’s compensation insurance in Florida.  The Florida Department of Financial Services requires any business with four or more full-time employees to have continuous coverage.  If you are in the construction industry, you must carry insurance if you have one or more full-time employees.  Another exception to the rule has to do with farms.  Farms with 5 or more employees and 12 seasonal employees must have cover.

Understanding How to Categorize Your Employees

A worker’s compensation insurer will rate your premiums based on what your employees do.  If you have a number of different employees with different duties, you may pay different premiums for each department.  For example, your customer service payroll will be rated one premium and your logistics department will be rated another.  If you are ever confused by how your employees should be rated, explain what these employees do to the agent so they can select the right coding.

Understanding How to Report Payroll

Worker’s Compensation Insurance premiums in Florida are rated based on how much you expect to pay your employees for the year.  If you have hourly employees and you are not sure exactly how much each employee will work throughout the year, you have to make an estimate.  If you plan on hiring more employees, you may need to adjust the payroll throughout the term.  If you underestimate the payroll, you will have to pay more after your audit.  The additional charges can add up if you are way off on your payroll calculations.

What Does Worker’s Compensation Cover?

In Florida, work comp benefits will give employees access to all reasonable and necessary treatments for injuries that are sustained during the course of work.  Some of the things covered include: doctor visits, prescriptions, surgery, rehabilitation, x rays and other services.  Death benefits are also available if the employee dies as a result of injuries.

Carrying worker’s compensation insurance in Florida is a must.  Make sure you choose an experienced agent when you are quoting your insurance.  The agent will help you understand the premiums you are paying and they will also help you gather the documentation you need during an audit.  This insurance will prevent unnecessary lawsuits while still offering your employees the treatment they need to recover.

For a Worker’s Comensation insurance, in Tampa Bay and all of your business insurance needs, our agents can help you to create a plan and fill in the details. Call Mid Florida Insurance Professionals at (813) 962-3082.

What is Sinkhole Coverage?

What Every Tampa Bay Business Should Know About Sinkhole Insurance Coverage

It often seems that the very state of Florida is out to get business owners. On top of all of the normal commercial property challenges, there are several natural phenomena that can often cause owners trouble. High heat, humidity and rain can cause problems, as can the state’s notorious hurricanes. However, sinkholes may be one of the most insidious problems in the state. While they cannot be easily identified in the early stages of ownership, they can cause catastrophic damage at a moment’s notice. Given the prevalence of these phenomena in the state, it is often wise for business owners to consider getting coverage for sinkholes.

Commercial Sinkhole Coverage

Commercial sinkhole coverage is a rather specific type of property insurance. Under Florida law, all property insurers must offer this type of insurance to their clients in Florida. Due to the number of homes and businesses built in areas which might otherwise be considered unstable, this sort of insurance is offered as a realistic necessity in the state. Without it, insurers would likely be forced to charge significantly higher general rates for businesses in the state. However, the choice as to whether or not this sort of commercial property insurance should be purchased is ultimately up to the owner of the business.

Why Does Sinkhole Coverage Matter?

Like most catastrophic events, the damage caused by a sinkhole might not be covered by a typical commercial policy. Even if it is, the odds of a typical policy paying out the full costs of repair for a single incident like a sinkhole is highly unlikely. Given the nature of land in Florida, having this sort of policy is a rather smart hedge against what is also called “ground cover collapse”. Should such an incident occur without proper coverage, you may find that your commercial property has simply been rendered unusable to a point where repair is simply not profitable.

If you are not willing to gamble on the stability of the land under your commercial property, you may wish to consider commercial sinkhole property coverage. While it is likely that you were offered some sort of rider to cover this sort of damage with your general commercial property insurance, it is still wise to consult with a commercial insurance agent to determine the type of coverage that your business needs. Sinkholes, after all, are not the only natural phenomena in Florida that can cause sudden, irrevocable damage to your business.

Speak with our agents to develop a plan suitable to your commercial property insurance needs. Call us at (813) 962-3082.

Commercial Auto Insurance in Tampa Bay Florida

Typical drivers in Florida are required to carry car insurance. Even if it is only used to help to pay for the bills that the driver may injure, this sort of insurance is an important safety net. Commercial drivers are not immune from such necessities, nor are the businesses for which they work. Whether you own a single truck or you are trying to take care of a large fleet of vehicles, it is important to consider the very real necessity of having commercial auto insurance in Florida.

Commercial Coverage

Unlike typical consumer auto insurance, commercial coverage pays equal attention to the driver of the vehicle and the owner of the vehicle. In many cases, a business will have any number of vehicles available for employee use, and these vehicle policy will generally be in the name of the business itself. Were this sort of policy akin to a consumer contract, the policy would only cover named drivers. Commercial auto insurance in Florida, however, provides protection for both employees of the business and for the employers themselves. This makes for a far less risky driving experience for both the owners of the vehicle and for those driving. While having this sort of coverage cannot prevent accidents, it can prevent them from having a particularly negative effect on your business.

What to Remember About Commercial Auto Plans

Commercial auto insurance is a fine product to buy, it is important that you remember to talk to an agent about the various types of policies available. You may need particular coverage if your vehicles are used for an unusual purpose, if you own a large number of vehicles or if you have a larger number of potential drivers. You should also remember that commercial insurance does not tend to cover drivers or vehicles when they drive the vehicles outside of normal commercial purchases, and that consumer coverage should be maintained for such purposes.

If your business owns a fleet or even if your simply have one company car, it is often wise to consider purchasing commercial auto insurance. This sort of policy can help you to make sure that your car stays on the road and that it can be used by employees, and it can also protect you from incidents in which the vehicle may be involved during the course of regular business activity. Even if you are only considering purchasing your first commercial vehicle, it is wise to consult with a commercial insurance professional to determine your commercial auto insurance needs.

For a commercial automobile insurance and all of your business insurance needs, our agents can help you to create a plan and fill in the details. Call us at (813) 962-3082.

Buying Commercial Flood Insurance in Tampa Florida

In Florida, like in all other states, commercial flood insurance is sold through the National Flood Insurance Program (NFIP). Insurance agencies may include the flood insurance policy as part of an overall commercial insurance policy or they may sell the policy on its own. FEMA sets the rates and enforces the rules of each policy. All rates for flood coverage are the same for the same amount of coverage. It does not matter from which Florida insurance company a business chooses to purchase their flood insurance

Purchasing Commercial Equipment Insurance in Florida

For Tampa Business: Commercial Equipment Insurance

Commercial equipment insurance covers the cost of repairing or replacing business equipment when loss or damage occurs. If you own a business that relies on machines, heavy equipment, or specialty tools, purchasing commercial equipment coverage is vital. It is especially important to purchase this insurance if you run your company on a commercial property you do not own. Even if you own the property you operate business on, commercial equipment is not covered under general business insurance policies.

It is important to note that equipment insurance policies do not cover leased equipment in Florida State. In order to make an insurance claim on commercial equipment, you must own the equipment listed on your policy. Therefore, if you need coverage for any leased equipment, you must contact the insurer of the company who owns the equipment you are leasing. If you own all of your commercial equipment, purchasing an equipment policy is the best way to ensure that your items will be fixed or replaced quickly when losses occur

There are many losses that are covered under equipment insurance. Electrical wire burnouts, machine burnouts, compressor failures, fan and blower break-downs, cracked pipes, overheated machinery, property damage, property loss, interrupted business due to hazardous fumes or equipment malfunctions, and general machine repair are all covered under equipment insurance policies. General equipment, such as air conditioners, is also covered under this type of policy. Basic commercial policies and fire policies do not cover break-downs or equipment damage, which is why purchasing this insurance is essential

Purchasing commercial equipment insurance will give you peace of mind while running your business. You’ll never have to worry about enduring a financial loss due to equipment malfunctions. Repairing and replacing heavy machinery and electronic devices is costly, and operating your business without ‘the essentials’ can negatively impact on your business’s bottom line. Unfortunately, accidents occur frequently and all machines eventually need repairs. The best way to protect your business and finances is to purchase quality equipment insurance.

If you own a Tampa Bay  business and are in need of a commercial equipment insurance policy at an affordable rate, you should call Mid Florida Insurance Professionals at (813) 962-3082 for a quick quote on all commercial insurance plans.

Wind Policies: The State of Florida Commercial Property Insurance

For the past two decades, Florida has had perplexing issues regarding commercial wind policies and deductibles. This dilemma began in the aftermath of hurricane Andrew in August of 1993.

Fortunately, Andrew’s land fall strike was several degrees South via Southwest of the City of Miami resulting from a complete catastrophe not only from South Florida but in essence, the entire insurance industry within the State Of Florida.

Unfortunately, the State Of Florida at this time, did not take counsel from admitted insurers thereby yielding and allowing gradual rate increase through time. Had this been executed. many admitted insurance carriers would have continued to procure commercial property coverage within the state of Florida. This in turn would have limited and curtailed the overall total amount of written property exposure with Citizens Insurance Company.

Citizens Insurance has engaged in writing and securing well over their capacity as to total volume, exposure, premium and reinsurance to facilitate their margin call for funding.

Plausible solutions for commercial wind coverages should be inclusive of total values to be insured whether 1 building or several overall total amounts of values, commonly known as Insurance To Value, i.e TIV.

These values must be appraised by entities segregating land value and replacement value of the physical structure or structures themselves, not by insurance carriers.

Case and point is personal Homeowners policies that Citizens Insurance demands be insured according to their reasoning and replacement cost value.

It is also imperative to consider what your options are as to deductibles offered and percentages and keeping in mind your Flood insurance values that need to be congruent with your Hazard Policy.

Most risk management actuarials have determined that most of Florida is a flood prone state. Proper assimilation and expert consultation from your insurance agent and or broker is vital to proper risk management and proper breakdown of individual policies. Call your agent and or broker to discuss all possibilities, options and premiums.

Find Out More About Acquiring Commercial Property Insurance in Tampa for Your Business

Mid Florida Insurance Professionals
4602 W. Lamb Ave.
Tampa, Florida 33629
Phone: (813) 962-3082

Workers Compensation in Florida: What You Need to Know

The state of Florida requires that employers carry worker’s compensation insurance to cover partial wage-replacement benefits as well as medical benefits for employees who are injured in a work related accident. The program is administered by the Division of Worker’s Compensation a branch of the Department of Financial Services of Florida. There are two sets of rules that define the amount of coverage an employee must carry: non-construction industry rules and construction industry rules.

Regulations

In the state of Florida, general companies that have four or more employees are required to carry worker’s compensation insurance. However, those who employ construction workers must obtain such coverage even if they have only one employee. Farmers who have twelve or more seasonal employees or five or more nonseasonal employees must provide coverage if the workers’ employment lasts thirty days or more.

Employee Responsibilities

Injured employees are required to inform the appropriate person in authority of their injury within thirty days or their claim will likely be denied. Employees are also responsible to perform their job duties in a safe and responsible manner, and therefore do their part to prevent the possibility of on the job injuries. If the job requires the employee to use specific safety equipment, he or she must not arbitrarily decide that such equipment is not necessary.

Employer Responsibilities

In the state of Florida, worker’s compensation coverage is paid for by the employer and no employee contribution is required. Employers are strictly prohibited by the laws of the state from asking an injured worker to pay for any part of his or her care following an injury. They are also prohibited from garnishing the employee’s wages after he or she has returned to work in order to compensate themselves for the costs associated with the incident.

Additional Considerations

Florida worker’s compensation insurance does not provide coverage for injuries that occur while an employee was intoxicated with alcohol or otherwise under the influence of any legal or illegal substance that could result in impaired motor skills or reduced cognitive function. Both employees and employers should have a thorough understanding of their rights and responsibilities regarding worker’s compensation insurance under Florida state law. It is never wise to base decisions on assumptions concerning how much or what type of coverage to obtain. If these aspects are confusing to an employer, he or she should seek the advice of a professional insurance agent for further clarification.