Business & Commercial Insurance Information
We provide several customizable business insurance policies that can be combined to provide protection for all major property and liability risks in one package or the coverages can be purchased separately – whichever works best for you and your company.
Business Owners Policy (BOP)
One of the most popular packages purchased by small, mid-sized, and large businesses alike, is the Business Owners Policy (BOP). A Business Owners Policy includes three of the most common insurance coverages available for all types of industries: Property Insurance, Business Interruption Insurance, and Liability Protection. Business Owners Policies are often combined with Umbrella Insurance for optimal coverage.
- Property Insurance – For buildings and contents owned by the company that are damaged during a covered event such as a fire, storm, or theft.
- Business Interruption Insurance – Compensates you for lost income if your company needs to vacate the premises due to disaster-related damage that is covered under your property insurance policy, such as a fire. It can also cover the extra expense of operating out of a temporary location.
- Liability Protection – Designed to protect you and your business from a variety of claims including bodily injury, property damage, personal injury, and other issues that may arise from your business operations.
Professional Liability Insurance
Professionals that operate their own business and provide certain services that require specialized knowledge or skill should purchase Professional Liability Insurance in addition to a Business Owners Policy. This type of insurance protects a professional and their business against financial losses caused by lawsuits filed by their clients.
Professionals are expected to have extensive technical knowledge or training in their particular area of expertise. They are also expected to perform the services for which they were hired, according to the standards of conduct in their profession. If they fail to use the degree of skill expected of them, they can be held responsible in a court of law for any harm they cause to another person or business. Professional Liability Insurance may be referred to as Errors and Omissions coverage, or Malpractice Insurance for those in the medical field.
Commercial Auto Insurance
As a business owner, you need the same kind of insurance coverages for the car that you use for your business as you do for a car used for personal travel – Liability, Collision, Comprehensive, Medical Payments, Personal Injury Protection, and Uninsured Motorists coverage.
Commercial, or Business Auto Insurance provides coverage anytime a business vehicle is driven or if an employee uses their personal vehicle to perform a work-related task (except driving to and from their job location). While the major coverages are the same, a Commercial Auto Insurance differs from a personal auto Insurance in many technical respects. A personal Auto Insurance policy will not cover damages caused during an accident if the vehicle was being driven for business purposes (outside of traveling to and from work).
If the vehicle is owned by the company, used for company purposes, or an employee is sent to pick up supplies or meet a client for lunch, then you will need to consider a Commercial Auto Insurance policy.
If the vehicle is owned by the business, make sure the name of the business appears on the policy as the “Principal Insured” rather than your name. This will avoid possible confusion in the event that you need to file a claim or if a claim is filed against you.
Workers’ Compensation Insurance
Workers’ Compensation Insurance is a type of business coverage that is purchased by the employer that provides benefits to its employees in the event of a job-related injury, regardless of who was at fault. Job-related injuries can include physical injuries, illnesses, and even some psychological or stress-related injuries caused by performing job tasks. Florida law requires all employers to purchase Workers’ Compensation coverage when they have four or more employees. There are varying requirements for employee count in certain industries such as construction or farming. This type of coverage also makes employers immune from most injury lawsuits by employees.
Extra Expense Insurance
Extra Expense Insurance reimburses your company for a reasonable sum of money that it spends, over and above normal operating expenses, to avoid having to shut down during the restoration period. Usually, extra expenses will be paid if they help to decrease business interruption costs. In some instances, Extra Expense Insurance alone may provide sufficient coverage, without the purchase of Business Interruption Insurance.
Key Person Insurance
Key Person Insurance is essentially a life insurance policy on a key employee (someone, usually yourself, the business owner, who without, the business would likely fail) and the business is the policy’s beneficiary. Should the key employee pass away suddenly, Key Person Insurance pays the benefit to the company, allowing the company to stay afloat during the loss of the main employee. The benefit can be used to continue the business until a replacement is found or to pay off any outstanding debt, pay investors, and even supply a severance for the remaining employees while the business is closed down or sold.
Discuss all of your business insurance needs with your insurance agent to determine the best business insurance coverages for your company.