Commercial Insurance Coverage in Florida
Commercial Insurance: One of the fundamental building blocks of a profitable business is to have comprehensive insurance policies in place that will cover all the unforeseen events that could either cripple or cause the business to close its doors. Understanding the scope of what is necessary and tailoring adequate coverages are paramount to the businesses survival. The list of different types of insurance and what they cover are explained below
Business Liability Insurance
This coverage protects your business if a customer or supplier or an employee gets hurt on your business premises and then sues you? General liability insurance is the one that will take care of the legal fees incurred and also any damages that may be awarded.
Commercial property Insurance protects the business physical assets. If you own the building where your Florida property is located it is important to have property insurance so that in the event of a fire, theft, water damage, smoke damage and more destroy or lead to loss of property you can be compensated. Your insurance will cover all office equipment, tools, inventory and any other valuables in the office covered. Also another important coverage is business interruption that would provide compensation for loss of work during a crisis.
Business Owner Policy
A Business Owners Policy or “BOP” is a combination that is made up of all the policies that you may need in the future. It coves things like business interruptions, property insurance, liability insurance, crime insurance and more. It is advantageous to have this single policy with the added coverage features than individually purchasing the coverages. It allows businesses to alter their policies to suit their needs. If you don’t have business vehicles, for instance, and the policy that you are considering includes vehicle coverage you can drop it and pay less in premiums.
Professional Liability Insurance
It covers in the event that your business improperly renders services. This policy is important because your general liability policy doesn’t cover the rendering of services.
Directors and Officers Insurance
What would happen to a director or one of the managers in your business, if they landed in a legal situation while conducting business on your behalf? This kind of insurance provides for any legal fees that may be incurred and damages that may be awarded. It is important to note that this is usually reserved for top management.
Data Breach Insurance
Hacking has become so common that you should be very worried about it in your business. So long as you hold private information belonging to your clients there is a chance that you will be hacked and the hack will result in losses. This insurance policy is there to safeguard your business against such losses.