As a business owner, you have enough on your mind without having to worry about your insurance needs. You want to have the confidence that the business you’ve built is covered by a company that understands your business insurance needs.
Commercial business insurance provides wide-ranging protection for businesses and their subsidiaries under a single policy. There are various types of commercial business insurance that take care of property, liability and workers’ compensation, to name a few. While property insurance covers damages to business property and products stored within the premises; liability insurance provides coverage for damages to third parties; and workers’ compensation insurance covers injuries to employees.
Commercial business insurance is an important aspect of any business that cannot be ignored especially if the business premises are leased or rented and even otherwise. Whatever your commercial insurance needs, we can design a protection program that’s right for you.
Florida Insurance Hub provides the following types of business insurance protection:
THINGS TO CONSIDER BEFORE GETTING A BUSINESS INSURANCE QUOTE
COMMERCIAL AUTO INSURANCE
As a business owner, you need the same kinds of insurance coverages for the car you use in your business as you do for a car used for personal travel — liability, collision and comprehensive, medical payments (known as personal injury protection in some states) and coverage for uninsured motorists. In fact, many business people use the same vehicle for both business and pleasure. If the vehicle is owned by the business, make sure the name of the business appears on the policy as the “principal insured” rather than your name. This will avoid possible confusion in the event that you need to file a claim or a claim is filed against you.
Whether you need to buy a business auto insurance policy will depend on the kind of driving you do. While the major coverages are the same, a business auto policy differs from a personal auto policy in many technical respects. As a business owner, you need to make sure that your coverage limits for your commercial auto insurance policy are high enough to protect your business and yourself personally from claims, even unwarranted ones that can be devastating.
COMMERCIAL PROPERTY INSURANCE
Many times a business owner’s indirect loss of business income will be a greater loss than a direct loss to buildings or equipment. It is very important to do a thorough review with your independent agent to determine the amount of coverage needed in each category.
Commercial property insurance generally has two types of coverage to purchase:
1. Commercial insurance to provide replacement cost for direct loss to buildings, business contents, inventory, computer hardware and software.
2. Commercial insurance to cover indirect loss such and loss of rents, loss of business income and extra expense coverage.
As a business owner in Florida every interaction with a customer and completed transaction represents both a profit and a risk. Having the appropriate general liability policy can help you protect your business from the impact that a customer lawsuit can have. Commercial General Liability Insurance covers the cost of attorney fees including court costs and the resulting award or settlement.
Florida is one of the most litigious states to in which to operate a business, so it is important to protect your business assets. Some of the most recommended types of liability policies are:
General Liability Insurance
Professional Liability Insurance (Errors and Omissions)
Directors and Officers Liability Insurance
Employment Practices Liability Insurance
Products Liability Insurance
Cyber Liability Insurance
Depending on the overall assets of your business, commercial umbrella insurance may be worth considering. If you have personal umbrella insurance, there’s generally an exclusion for business-related liability.
Unfortunately for every business owner, the chances of getting sued have dramatically increased in the last decade. General Liability insurance can prevent a legal suit from turning into a financial disaster by providing financial protection in case your business is ever sued or held legally responsible for some injury or damage.
General Liability pays losses arising from real or alleged bodily injury, property damage, or personal injury on your business premises or arising from your operations.
Broad Range of General Liability Protection
Bodily Injury, including the cost of care, the loss of services, and the restitution for any death that results from injury
Property Damage coverage for the physical damage to property of others or the loss of use of that property
Products-Completed Operations provides liability protection (damages and legal expenses up to your policy’s limit) if an injury ever resulted from something your company made or service your company provided
Products Liability is a more specialized product liability insurance that protects your company against lawsuits from product-related injury or accidents
Contractual Liability extends to any liability you may assume by entering into a variety of contracts
Other coverage includes: Reasonable Use of Force; Borrowed Equipment; Liquor Liability; Non-Owned Vehicles (such as aircraft and watercraft); Fire, Lightning or Explosion Damage; Water Damage Liability Protection; Legal Defense Costs; Medical Payments; Personal Injury; Advertising Injury; and specialized liability protection for specific business types
Florida Law requires employers to purchase Workers Compensation if they have a certain number of employees in construction and non-construction businesses. As an employer in Florida you are held responsible for your employees on the job injuries regardless of the number of employees you have or if the Florida Law requires you carry the coverage. It’s a good idea to purchase a policy as soon as you hire your first employee. It may also be a good idea to cover yourself under the Workers Compensation policy depending on your industry and the overall cost. Although in-home business and business owners policies (BOPs) are sold as package policies, they don’t include coverage for workers’ injuries. Workers compensation insurance must be bought as a separate policy.
There are generally two coverages under the Florida Workers Compensation policy:
Part A – Statutory Workers Comp Coverage
Part B – Employers Liability
Some of the factors that will determine your final premium are:
Rates – While Workers Compensation rates are standard nationwide, depending on the company, an insurance company may apply deviations, premium discounts or schedule credits from those rates, up or down depending on loss experience.
Premium Audit – When it is time for your annual, semi-annual or quarterly audit, we can make sure you are properly classified and that the audit is reviewed for accuracy. If the audit appears inaccurate, we will help you contest the audit so that you are not overpaying.
Experience Mod – We help make sure your experience mod is an accurate depiction of your claims history and has been calculated correctly.
Loss Control – A Loss Control Inspection can be useful tool for an employer that is concerned about overall employee safety and the ultimate cost to the injured worker and the employer.