Florida Business Insurance is a broad topic that encompasses company goals, finances and risk assessment. Some of these coverages noted below are well known to most businesses, while others are more obscure. Here are ten types of insurance policies that every Florida business should place on their consideration list:
Property insurance protects your business against loss or damage to the physical location, structure and contents of the business. It can also protect your business from liability for others on your property should a loss occur while you are responsible for them. Property insurance can be for a specific risk, such as a fire insurance policy that only covers loss due to a fire. Insurance policies can be purchased whether to location is owned, leased or rented.
Casualty and property insurance are usually lumped together; packaged policies of property and casualty insurance are often the best choice a business owner can make. Commercial casualty is a liability-type of insurance that protects against loss or damage to a business. It generally covers general liability, errors and omissions, workers’ compensation and employers liability, commercial auto, commercial umbrella and excess liability, foreign casualty and specialty coverages such as special event and entertainer liability.
Basically, liability insurance covers your business if you are sued for negligence who allege injuries due to the actions (or non-actions) of yourself or your employees.
Most states require business owners to insure employees against on-the-job injuries in the form of a workers’ compensation policy. Workers’ compensation is a system that permits the employee, by state statute, to sue their employer for on-the-job injuries. Workers’ compensation insurance almost always covers the employee in the case of injury for medical bills and damages.
Most businesses are aware they need auto insurance for their vehicles or fleet. Auto insurance is a critical insurance because it protects your cash flow and profit of a business in the event of an interruption. Commercial auto insurance will cover machinery, repairs, replacement income and more.
In order to stay competitive in the marketplace, it is in the interest of most businesses to offer group health insurance. Group health insurance protects your business in three primary ways: 1.) it provides better health insurance for yourself and your employees, ensuring better quality of care, care for critical health crises and supports a healthier lifestyle. 2.) It protects the finances of yourself and your employees because it offers discounted rates, protection against unexpected costs and offers tax benefits. 3.) Health insurance protects the business owner against unexpected personal medical expenses that can cripple your ability to run your business and it helps you hire and retain the best workers.
Life and disability insurance protects the business in the event the owner or a key employee dies or is otherwise disabled. For example, if a partner in the business names the partnership as the beneficiary, the proceeds of the policy could then be used to buy out the shares of the partnership’s interest from the estate.
Crime insurance protects a business against loss or damage to physical property, including money, stolen by criminals. This insurance would cover your business in the event of employee theft and money and securities losses. A specific type of criminal insurance, cyber risk insurance, covers your business in the event of a computer hacker attacks and steals important information.
In the case of an unexpected interruption of the business, this type of insurance will cover loss or damage to the cash flow and profit of the business. For example, if a critical piece of machinery is damaged due to unforeseen circumstances (i.e. lightening, flood, earthquake, etc.) and the company is unable to perform its functioning for a specified period of time while the machinery is being fixed or replaced, business interruption insurance will cover the loss.
Sometimes a business is so specific that it needs special policies to cover it. These are called scripted policies. Florida business requiring special policies can reach out to Lanier Upshaw to find out more about scripted insurance policies that might provide critical protection for their operation.
When it comes to protecting your Florida business from risk, the experts at Lanier Upshaw are here to answer your questions and help you with all your Florida business insurance needs.