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
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.