When you own a business, it is important to make sure you business is protected from all risk. While you cannot predict what might happen, you can purchase commercial insurance and pass most or all of the risk on to the insurer you are paying to cover you. When you are building a business insurance portfolio in Florida, there are several different forms of coverage you will need to consider investing in. Before you think you are adequately covered, review the most important types of commercial insurance you need when you own a business and review your current portfolio to search for gaps.
Commercial General Liability Insurance
General liability insurance can be purchased in a Business Owners’ Package policy or separately. This type of cover will protect your business against claims of bodily injury, property damage, and advertising injury. If you are operating without general liability insurance, you will be forced to pay for claims out-of-pocket and may be forced to close your doors.
Commercial Property Insurance
You need property insurance if you are a tenant or the owner of the commercial premises where you conduct business. Commercial property insurance for building owners will cover the building, your business property, and also signage. If you are renting, your property insurance will cover Loss of Income and tenant building improvements you have made. Property insurance on your commercial property is just as important as having homeowners insurance.
Commercial Flood Insurance
Did you know that your commercial property insurance policy specifically excludes damages that are caused by a flood? If you did not know this, it is important to invest in commercial flood insurance to protect your building, your business property, and even the products you sell. This specialty policy will pay for repairs and will also pay for you to rent another space while your property is being restored.
Commercial Equipment Insurance
Some broad commercial insurance policies include limited coverage for commercial equipment. If you have very valuable equipment, you will need a special commercial equipment insurance policy that will pay when the equipment breaks down. This insurance will pay to repair covered losses, will pay you business income when the breakdown causes business interruption, and will pay for other expenses you might incur because of the loss.
Commercial Auto Insurance
You cannot cover your commercial vehicles with the standard personal auto insurance policy. If you drive your vehicles for business, you will need a commercial auto insurance policy. This policy will include commercial liability coverage, uninsured motorist coverage, collision, and comprehensive.
Worker’s Compensation Insurance
If you have employees, you have a need for workers compensation insurance. In fact, in the state of Florida, if you have 4 or more employees, you are required to carry this insurance. While it is a requirement, it is also very important to have if your employees are injured at work. Not only will the insurance pay for the employee’s medical care, when claims are paid the employee waives the right to sue you for negligence.
Operating without the right types of commercial insurance is one of the biggest gambles you can make as a business owner. Do not take the chance and make sure you build an extensive insurance portfolio that will pass the risk on to the insurer.
In Tampa call Mid Florida Insurance Professionals for a free quote and a confidential conference.