Workers Compensation
Workers Compensation, information for business owners
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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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Errors and Omissions
This coverage provides protection from claims arising from failing to perform professional services as promised.
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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.
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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 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.
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.