Business & Commercial Insurance

Businesses insurance is supposed to help your business recover from a variety of workplace hazards like fires, theft, injury lawsuits or other unexpected accidents. Rather than paying out of your business accounts, your policies can pay for some or all recovery costs. The right coverage can provide great benefits if your business ever faces hardships, and you should always have coverage from day one.

Given that so many types of accidents could challenge your business’s stability, there are many policies that can insure multiple aspects of the operation. Consider buying policies like:

• Property Insurance: Use this coverage to insure your company building’s, furnishings, stock and other possessions.
• General Liability Insurance: If negligence leads to an at-fault accident that harms a third party, like a customer, then this coverage can help with recovery costs. It might pay for bodily injuries, property damage, product & completed operations injuries, legal assistance and more.
• Business Interruption Insurance: Some estimates say that more that only 40% of businesses lack business interruption coverage. It is important to carry because it helps you avoid the financial losses that a halt in operations might bring. Coverage will tide you over until you can reopen.
• Workers’ Compensation Insurance: In case of employee injuries or occupational illnesses, this coverage can provide income assistance during their recovery or disability period. Most Florida businesses must carry this coverage.
• Errors & Omissions Insurance: When your business provides professional services or consulting, your advice might cause a client a loss. This coverage helps protect you in such scenarios.
• Cyber Liability Insurance: Data theft, hacks or other problems in your computer network might cause a loss of private data. This coverage can help both the company and customers recover.
• Commercial Auto Insurance: Company-owned vehicles will need commercial auto insurance. It can provide tailored liability, physical damage, medical payments and other cover coverage options for these vehicles and their drivers.
• Inland Marine Insurance: To insure delivery cargo, customer property left in your care or business equipment that you transport in vehicles, use this coverage.
• Employment Practices Liability Insurance: Someone might allege misconduct like discrimination, harassment or wrongful termination. This coverage can assist you with the proper response.

You might need more specific coverage depending on your industry or local insurance regulations. Your agent can guide you through the appropriate ways to structure your portfolio for optimal protection.

Small business owners typically start their coverage with a business owners policy (BOP). This package of coverage can provide liability, property and business interruption coverage in one place. However, you can enhance the standard BOP with other optional policies to provide greater benefits.

If you do not qualify for a BOP, you might also be able to use a commercial policy package (CPP). A CPP offers more comprehensive coverage than a BOP and is often better designed for larger businesses with unique policy needs.

In many cases, you must buy certain types of business insurance. Both industry regulators and customers might require it. However, even optional coverage will prove beneficial following a major problem in the business. It will help you have more help at critical times.