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. truck, commercial vehicleYou 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

Commercial flood insurance in Florida is available through insurance agencies that offer policies to commercial enterprises. Just like residential property owners, commercial business owners may be required to purchase flood insurance if they are in a flood zone and have a mortgage on their property. Even if a business owns their building and property outright, it is usually a wise business decision to purchase flood insurance.
Flooded BusinessIn 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
While all Florida insurance companies must charge the same amount for protection from flooding, they may charge different rates for other types of business insurance. Thus, it is very possible if a business bundles their commercial coverage – property damage, liability, Key Man and so on – the rates paid can vary substantially from one insurer to another
Standard policies usually have a 30 day waiting period before they take effect. When you purchase a policy, it will cover most physical damage to the actual physical structure as well as damage to the personal contents within the structure. Examples of typical coverage for the physical structure include the insured building and its foundation and the electrical and plumbing systems. Personal contents that are usually covered include such things as office furniture and electronic equipment.
Policies do not normally cover damage caused by mildew, mold or moisture that the owner could have prevented. They also do not usually cover losses due to business interruption or the loss of use of insured property.
Following is an example of the rates charged for Florida Commercial Flood Insurance. The premiums for $200,000 of Building and $100,000 of Contents coverage as of October 1, 2011 were $2,713 annually. The maximum amount of coverage available through the NFIP is $500,000 for the building and $500,000 for the building’s contents.
For current rates and ways to save, 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 flood insurance in Florida is available through insurance agencies that offer policies to commercial enterprises.  Just like residential property owners, commercial business owners may be required to purchase flood insurance if they are in a flood zone and have a mortgage on their property. Even if a business owns their building and property outright, it is usually a wise business decision to purchase flood insurance.
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.
While all Florida insurance companies must charge the same amount for protection from flooding, they may charge different rates for other types of business insurance. Thus, it is very possible if a business bundles their commercial coverage – property damage, liability, Key Man and so on – the rates paid can vary substantially from one insurer to another.
Standard policies usually have a 30 day waiting period before they take effect.  When you purchase a policy, it will cover most physical damage to the actual physical structure as well as damage to the personal contents within the structure.  Examples of typical coverage for the physical structure include the insured building and its foundation and the electrical and plumbing systems. Personal contents that are usually covered include such things as office furniture and electronic equipment.
Policies do not normally cover damage caused by mildew, mold or moisture that the owner could have prevented. They also do not usually cover losses due to business interruption or the loss of use of insured property.
Following is an example of the rates charged for Florida Commercial Flood Insurance. The premiums for $200,000 of Building and $100,000 of Contents coverage as of October 1, 2011 were $2,713 annually.  The maximum amount of coverage available through the NFIP is $500,000 for the building and $500,000 for the building’s contents.
Commercial flood insurance in Florida is available through insurance agencies that offer policies to commercial enterprises. Just like residential property owners, commercial business owners may be required to purchase flood insurance if they are in a flood zone and have a mortgage on their property. Even if a business owns their building and property outright, it is usually a wise business decision to purchase flood insurance.
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.
While all Florida insurance companies must charge the same amount for protection from flooding, they may charge different rates for other types of business insurance. Thus, it is very possible if a business bundles their commercial coverage – property damage, liability, Key Man and so on – the rates paid can vary substantially from one insurer to another.
Standard policies usually have a 30 day waiting period before they take effect. When you purchase a policy, it will cover most physical damage to the actual physical structure as well as damage to the personal contents within the structure. Examples of typical coverage for the physical structure include the insured building and its foundation and the electrical and plumbing systems. Personal contents that are usually covered include such things as office furniture and electronic equipment.
Policies do not normally cover damage caused by mildew, mold or moisture that the owner could have prevented. They also do not usually cover losses due to business interruption or the loss of use of insured property.
Following is an example of the rates charged for Florida Commercial Flood Insurance. The premiums for $200,000 of Building and $100,000 of Contents coverage as of October 1, 2011 were $2,713 annually. The maximum amount of coverage available through the NFIP is $500,000 for the building and $500,000 for the building’s contents.
Commercial flood insurance in Florida is available through insurance agencies that offer policies to commercial enterprises. Just like residential property owners, commercial business owners may be required to purchase flood insurance if they are in a flood zone and have a mortgage on their property. Even if a business owns their building and property outright, it is usually a wise business decision to purchase flood insurance.
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.
While all Florida insurance companies must charge the same amount for protection from flooding, they may charge different rates for other types of business insurance. Thus, it is very possible if a business bundles their commercial coverage – property damage, liability, Key Man and so on – the rates paid can vary substantially from one insurer to another.
Standard policies usually have a 30 day waiting period before they take effect. When you purchase a policy, it will cover most physical damage to the actual physical structure as well as damage to the personal contents within the structure. Examples of typical coverage for the physical structure include the insured building and its foundation and the electrical and plumbing systems. Personal contents that are usually covered include such things as office furniture and electronic equipment.
Policies do not normally cover damage caused by mildew, mold or moisture that the owner could have prevented. They also do not usually cover losses due to business interruption or the loss of use of insured property.
Following is an example of the rates charged for Florida Commercial Flood Insurance. The premiums for $200,000 of Building and $100,000 of Contents coverage as of October 1, 2011 were $2,713 annually. The maximum amount of coverage available through the NFIP is $500,000 for the building and $500,000 for the building’s contents.
 

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.

Commercial EquipmentIt 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.

In the Tampa Bay area, a businesses can acquire a Worker’s Compensation policy through Mid Florida Insurance Professionals (813) 962-3082 and find exellent rates on all commercial insurance plans.
 

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.

 

Exploring Commercial Equipment Insurance Options

Determining how much commercial equipment insurance you need can sometimes feel overwhelming. The answer depends on the industry you work in, your specific business, the equipment you use, and the amount of money you would stand to lose if something should happen to that equipment. Your costs will depend on the same variables, and might also include the level of financial risk you pose to a potential insurance carrier. Your insurance rate will depend on whether you have made prior claims. Use a qualified agent in Florida to review your commercial equipment coverage options in the state. An agent can help you find the right policy for your business and your budget.

There are several different kinds of policies, depending on your industry and your equipment. You can find coverage for medical and dental equipment, computer equipment, restaurant equipment, and construction equipment. Talk to your agent about the industry you work in, so you can get an understanding of what the typical commercial equipment coverage entails for that area.

Getting insurance for the machines and other equipment you use is especially important if you have financed that part of your business. If the item at risk does not belong to you or your company outright, you have an additional financial incentive to insure it. The finance company will expect you to pay for the piece of equipment in its entirety, even if disaster strikes and the equipment is no longer functional. Make sure you have an insurance policy that will pay off the loan you took out to purchase the items.

Most policies are reviewed annually. Whether you are looking for new commercial equipment insurance, or you need to update your policy, talk to your Florida commercial insurance agent about your options. Your goal is to protect your business and all the assets that come with it. Your agent or broker can help you understand your options, assess your risk, and make the best coverage decision for you and your business.

Tampa Bay  businesses looking for a commercial equipment 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 Worker’s Compensation Insurance In Florida

Any company who operates a business in the state of Florida will need to be aware of the specific worker’s compensation Insurance requirements for their type of business. While not every company is required to have this type of insurance protection for their employees, the vast majority will certainly fall under this requirement. Today’s business owners will find that having the right insurance in place is an added incentive for employee loyalty.
A company that operates in the construction industry will be required to have worker’s compensation coverage if they have one or more employees, regardless of whether these employees work full-time or part-time. Likewise, other industries will be required to carry a worker’s compensation, Florida policy if they have 4 or more employees working either full or part-time.
Additionally, understanding who in the company is considered an employee can be confusing because it will vary depending on how the company or business has been legally set-up or organized. Corporate officers are eligible to file for an exemption if they choose; however, it is important to understand the requirements and file the necessary forms if an exemption is going to be requested.
While carrying this type of insurance policy on one’s employees may cost the employer in terms of added premiums, it is not only something that is legally required, but something that will in the long-run provide for a better working environment for everyone concerned. Employees need to have this important protection in the event that they are injured while performing their duties as an employee. After all, accidents happen every day and an employer who looks after the safety and well-being of their employees will reap the benefits of dedicated staff as well as the protection needed for medical bills or missed days from work.
There are many insurance providers that will be able to help a company put together the right type of worker’s compensation package; regardless of how big or small the company happens to be. Additionally, these insurance professionals can answer your questions regarding the specifications and requirements for your particular type of business.
In the Tampa Bay area those businesses looking for a Worker’s Compensation 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