Commercial General Liability

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.

Commercial General Liability Insurance Policies

Commercial General Liability

It is law in Florida that companies conducting business in the state must purchase a general liability policy from insurance companies who are authorized to trade in the state of Florida. Even Contractors doing business in Florida must also have a general liability policy with an amount of cover specified by the city in which they are doing business. Commercial General Liability Insurance is the most important asset your business can have and should be the best you can afford. Today’s society is very litigious, and even small mishaps can result in big lawsuits and monetary compensation.

The Commercial General Liability Insurance, is the most critical type of business insurance. This vital protection ensures your business can continue to trade if a case is brought against you instead of being wiped out by compensation payments. It is the security and assurance that you and your staff need, secure in the knowledge there are safeguards in place for the business to keep running smoothly. The Commercial General Liability Insurance is your first line of defense whenever there are any liability judgements against your business

A Commercial General Liability policy has four main types of cover. Included are Bodily Injury and Personal Injury liability, and Property Damage and Advertising Liability

This valuable insurance cover will help pay for any judgments against your company under the following cover: Property Damage. This liability relates to any damaged possession or property belonging to a client, visitor, or other business caused by the business owner, staff, product, or service. If the claim is upheld, damages will be paid. Bodily Injury. If the business causes harm to another person accidentally or through sickness, disease, injury or death, the bodily injury liability of a Commercial General Liability Insurance will cover most of the finances amassed from compensation and other payments granted by the law. Business premises or products can be held liable.

Personal Injury Liability.

Personal injury liability protects the business against non-physical damage. This covers any damages of the character, reputation, or industry or commercial standing of an individual. Libel and slander claims are protected under this cover. Advertising Liability This feature will defend you and your business against any unintentional or intentional advertising or promotional damage inflicted on another person or business. Usual disputes center on trademark issues and copyright issues. False statements and defamation about competitors or other business entities are also covered.

To mitigate risks and keep insurance premiums down, business owners should ensure they pay attention to staff education, health and safety procedures, accident prevention, and product safety.

Train staff in health and safety procedures High standard of product quality control Maintain company records properly Ask your insurance company for advice Adhere to best practice in employment regulations

As highly experienced insurance brokers, we pride ourselves on providing the right solution for your business to bring you the best Commercial General Liability Insurance policy at an affordable price. We can help whatever the business type and can tailor a policy just for you. Talk to us today for a free no obligation quotation.

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

About Commercial General Liability Insurance

Commercial General Liability Insurance: Protection Against Litigation

Some businesses are annihilated in a war with their competitors; others suffer the self-inflicted suicide of bad management, and many fall victim to the indiscriminate plague of a general recession.

For a company without commercial general liability insurance, litigation can be murder. A lawsuit can come during a period of peak financial health and quickly leave a business lifeless, bled of all resources. The business world can be a rough neighborhood, and it can be tragic to ignore options that offer protection from the consequences of liability.

If you own a business, you need coverage so that your business survives when someone suffers an injury caused by an action or inaction of yours or an employee’s. A conscientious company with well thought out policies reduces the probability and the occurrence of accidents, but does not eliminate them. A modest oversight of a simple matter of apparent negligible consequence can suddenly leave a customer injured and the business blindsided with litigation

Skilled lawyers are effective at exploiting the clarity that comes with hindsight. A most subtle, indiscernible factor can cause an accident. After the fact, in court, that small indicator can be singled out and referenced repeatedly until the jury comes to think that only through incompetence or neglect would someone not have recognized this seemingly obvious sign of impending danger.

Even if you win the case, the legal fees that mount up throughout the process can be an oppressive burden on a business. With commercial general liability insurance policies, the insurance provider pays these fees and the policyholder’s business does not sacrifice operating capital to pay attorneys. With most policies, legal fees have no effect on the policy limits. Even if the claim against the business is false, the insurer has a duty, defined in law, to defend. If you lose the case, it is also the duty of the insurer to indemnify, which means the insurer must pay all costs up to the policy limit.

Civil liability has become sport for a large portion of the U.S. glut of lawyers. Every day lawyer after lawyer pops up in TV commercials promoting free consultations and reminding viewers of the prevalence of large sums awarded by juries. It is a “You can hit the jackpot” pitch and it works very well.

Attorney ads must be at least three pounds of the phonebook. All this hawking is motivated by a bead on business, and you could easily find your company in the crosshairs. Take cover. Protect your company with commercial general liability insurance. Call our Tampa commercial insurance specialists at (813) 962-3082 and let us help.