Commercial Insurance
Policies

Shield Your Company from Liability and Loss.

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Tailored Insurance Solutions

Having appropriate commercial insurance is crucial for ensuring the continuity and growth of your business. A commercial insurance policy can be customized to meet the specific needs of each business, but there are some basic coverages that are fundamental for most businesses:

  • Coverage: Protects buildings and commercial personal property, such as equipment, inventory, furniture, and other tangible assets.
  • Amount: Should cover the cost of replacing or repairing damaged or destroyed property.
  • What It Covers: Damage from fires, storms, theft, vandalism, and other covered events. It does not cover flood or earthquake damage, which require separate policies.

  • Coverage: Protects against claims for bodily injury or property damage occurring on commercial premises or as a result of business operations.
  • Suggested Minimum Amount: Varies by business size and type, but typically starts at $1,000,000 per incident.
  • What It Covers: Medical expenses, legal costs, and damages. It may also cover third-party property damage and advertising liability.

  • Coverage: Covers loss of income and ongoing operational expenses if the business must temporarily close due to a covered event, such as a fire or natural disaster.
  • Amount: Based on the business’s annual revenue and operating expenses.
  • What It Covers: Loss of income, rent, employee salaries, and other essential operating costs.

  • Coverage: Protects vehicles used for business purposes against accidents, theft, and damage.
  • Suggested Minimum Amount: Varies by vehicle type and usage but must meet Florida state minimum requirements.
  • What It Covers: Damage to commercial vehicles, liability for third-party injuries, and property damage in accidents.

  • Coverage: Also known as errors and omissions (E&O) insurance, it protects against claims of professional negligence, errors, or omissions in service delivery.
  • Amount: Depends on the risk associated with the profession and the business size.
  • What It Covers: Legal costs, damages, and other expenses related to defending against claims.

  • Coverage: Mandatory in Florida for most businesses, it covers medical costs and lost wages for employees injured or ill due to work.
  • Amount: Determined by payroll and employee risk class.
  • What It Covers: Medical expenses, rehabilitation, and compensation for lost income. Also protects the business from lawsuits related to workplace injuries.

A BOP is a type of insurance package that combines several types of coverage into one comprehensive policy. It’s designed primarily for small to medium-sized businesses and is a cost-effective way to cover common risks faced by these businesses. It can combine:

  • Property Insurance
  • General Liability
  • Business Interruption Insurance
  • Other
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Additonal
Coverage

Depending on the type of business and specific risks faced, Florida businesses may need additional coverages for complete protection:

  • Coverage: Protects against losses resulting from cyberattacks, data breaches, and other digital security incidents.
  • Amount: Based on data volume handled and associated risks.
  • What It Covers: Notification costs, data restoration, legal claims, and regulatory fines.

  • Coverage: Protects against flood damage, which is not covered in standard commercial property insurance policies.
  • Amount: Determined by property location and value.
  • What It Covers: Structural damage and content loss due to flooding.

  • Coverage: Protects company directors and officers against claims related to decisions and actions taken in their management roles.
  • Amount: Varies by company size and risk level.
  • What It Covers: Legal costs, damages, and other expenses related to defending against claims.

  • Coverage: Covers the repair or replacement of essential business equipment that breaks down unexpectedly.
  • Amount: Based on the value of the insured equipment.
  • What It Covers: Repair or replacement costs, and in some cases, loss of income due to business interruption.