Commercial Property Insurance

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.

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.

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

Why Bother With Commercial Flood Insurance?

Commercial Flood Insurance in Florida

If you run a business, it is almost a given that you have basic property insurance. Few business owners, after all, have enough cash on hand to pay to completely rebuild a business from square one, and those that do are smart enough to know that a good insurance policy will not let them do so. If you live in Florida, you are also probably aware that a great deal of the damage that can strike your building is likely due to the state’s famous weather. As such, it might be time that you consider purchasing commercial flood insurance for your business properties.

It might come as a surprise to you, but basic property insurance does not cover flood damage. There are a number of reasons for this, but the most realistic is simple – deep down, no one really wants to pay for water damage. Water damage is insidious, quick to occur, and most of all expensive to repair.

It is no wonder, then, that a typical insurance policy will not cover a flood – it would not take very much damage for the policy to become maxed out after a single incident. As such, it is important to make sure that you purchase separate flood coverage. Not only will this coverage help you to make sure that your business is covered in the event of water damage, but the knowledge that you have it can help you to speed along your business’ recovery.

It may have been some time since a major hurricane devastated areas of Florida, but those that have lived through the storms know that the damage from flood waters is every bit as a bad as the wind. If you want to make sure that your investments stay safe, you really owe it to yourself to take a look at commercial flood insurance. While it does signify yet another cost of doing business, it is one cost that no Florida business owner should ignore. After all, it is the one type of policy that can help you to put your business back together when the waters once again go out of control.

Business owners in the Tampa Bay area 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.

Commercial Property and Casualty Insurance Policies

Uncertainty is one of the leading factors that results in property and business owners choosing to purchase the various insurance policies available in Florida. There are a number of benefits that business and individuals can enjoy by purchasing commercial property and casualty insurance policies. There are various insurance companies that offer this service to clients in Florida. Insurance is a perfect risk management tool that ensures that the risks are transferred from one entity to another depending on the terms of the policy signed between the parties Casualty insurance generally encompasses insurance against accidents and includes compensations due to damages caused by these accidents.

Commercial Property Insurance for Tampa

This kind of insurance is not necessarily tied to a specific property. A business can purchase a crime insurance policy which is one of the casualty insurance available in Florida. This kind of insurance covers the business from any losses that may occur due to criminal activities such as theft. Political risk insurance is another kind of casualty insurance that aims at protecting the business and property from any political risks such as unrest that may affect the operations of the business negatively. Commercial property insurance also encompasses all the risks that the property is exposed to, for example theft, fire and extreme weather conditions.

There are a number of insurance forms in this category that property owners can choose to use to protect the business. This includes Landlord insurance that aims at covering all the risks that residential and commercial properties are exposed to. However many of the home owner insurance policies only cover the homes that are occupied by the owner unless under specific conditions. Earthquakes have caused a lot of damage property in the recent past. There is an earthquake insurance that can protect the property from any event of earthquakes evident. The rates of the policies usually depend on the location of the commercial property and the construction patterns of the home.

Flood insurance protects property from any loss that may occur as a result of flooding in the region however this form of insurance is provided by National Flood Insurance Program in the US. Commercial property insurance such as the home owner insurance includes a liability coverage that covers all the legal claims that may face the insurer. Public liability insurance provides room for the commercial property and casualty insurance policies to cover business and organizations against any legal claims in instances where the activities of the business harm an individual or property damage.

Environmental liability insurance protects the policy holder from damage of property that may result from environmental factors such as pollution, earthquakes and floods. The policy adopted by an individual or an organisation should fully cover the property or business from all risks that may take place. A commercial property for example may be affected by interruption in the world markets such as inflation. To cater to this there is the business interruption insurance that cover the business from any loss of income in the process of carrying out its operations.

Find Out More About Acquiring Commercial Property Insurance for Your Business

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

Commercial Property Insurance: Why is it Necessary?

Commercial Property Insurance Can Save Your Business

Properly insuring your small business can mean the difference between prosperity and catastrophe. Choosing the right policy will protect your livelihood from fire, flood, tornado and a host of other devastating events. While the thought of paying a monthly premium may have some tightening their purse strings; investing in a quality commercial property insurance plan can save thousands, or even millions, of dollars.

Whether you rent or own, choose a comprehensive plan that meets the needs of your business. There are several different types of policies available, depending on the scope of the company and the location. Research your options carefully to ensure you are getting the best coverage. If your business is in a flood, earthquake or hurricane zone, make certain that your policy includes those additions. A crime addendum may also be offered to protect against theft or damage.

Basic commercial property insurance will typically cover common issues, such as fire or lightening. This type of plan is usually very narrow in reach and may be best for small companies that cannot afford a more comprehensive policy. For protection against water damage from sprinkler systems, rain or snow you will need to upgrade to a broad insurance plan. For complete coverage, drafting a special form policy is the best choice. This will allow you to customize the exact protection you need at a rate that fits your budget. Another benefit for this option is you will not be paying for services that are not applicable to your situation. Speak with an insurance provider for more information about the individual add-ons available.

The pay-outs for an insurance claim depend on the specific company’s regulations. The majority of claims will be reimbursed with the actual cash value of an item, the cost of a replacement, or a combination of the two. Contact your insurance agent if you have any questions about how the monetary value is set on your items. Replacement cost coverage is typically more expensive than a plan that only pays the actual cash value. However, your company will receive more money in the event of a disaster.

By shopping around for the best coverage at a rate that fits your budget, you will find a commercial property insurance company that best fits the needs of your business. The cost of a monthly payment is a small amount to invest for the peace of mind and protection of your establishment. Call our Tampa commercial insurance professionals at (813) 962-3082 and let us help.