Operating a business comes with a lot of responsibilities. Commercial insurance helps you protect your assets. The policy provides multiple benefits. One of those benefits is covering any damages to your property and equipment. Here is a look at the key requirements for commercial property insurance in Florida.
Commercial Property in Florida
Florida is a popular place to start a business. Many entrepreneurs have taken note of the various opportunities. By taking advantage of Florida’s tourist attractions and climate, businesses have accumulated huge profits. However, there are some potential red flags to keep an eye on. Florida weather can be extremely unpredictable, and natural disasters are a constant threat. A few years ago, analysts reported that businesses suffered billions of dollars in covered losses due to natural disasters. If you are opening a business in Florida, commercial property insurance is extremely important. The policy provides compensation if your property is damaged due to vandalism, theft, fire, or a natural disaster. You can purchase extra coverage to protect your business if it’s damaged due to a flood or earthquake.
Bundling Coverage Options
While you have the option to purchase commercial property insurance in Florida on its own, bundling coverage can help you save money in the long run. Business Owners Policies (BOPs) allow businesses to bundle property and liability insurance into one policy. BOP also includes contents coverage and business interruption insurance. Commercial Package Policies (CPPs) generally appeal to large businesses. These types of policies are known for their flexibility. CPP also includes some of the same coverages as a BOP. CPP also allows you to add extra coverage such as Errors & Omissions insurance and employment practices liability coverage.
Extra Coverage Options to Consider
Inland marine insurance may benefit your business. The policy provides protection if any equipment or possessions are damaged while they’re in transit. Inland marine insurance is a significant asset if your business transports items on a regular basis. If you own any vehicles, commercial auto insurance is essential. Commercial coverage protects any vehicles that you use for work-related purposes. You can purchase minimum liability coverage for your commercial vehicles as well. If you work in a high-risk industry, you can add umbrella insurance, which covers your assets if you are involved in a dispute that exceeds your liability coverage.
Is Commercial Insurance Necessary?
Commercial insurance is generally mandatory. The type of coverage you need may vary depending on the industry that you’re operating in. Many lenders require you to have commercial insurance in order to secure financing. If your business has employees, workers’ compensation is mandatory.
Things to Consider
Multiple factors impact your commercial insurance policy. Insurers will look at the age of your company, the location, industry, claims history, types of coverage you need, and the weight of your commercial vehicles. A BOP is recommended for small businesses, while CPP are more expensive but provide more types of coverage. Your insurer should be able to help you find coverage that aligns with the individual needs of your business.
Consult with Locke Insurance Group
Commercial property insurance policies help protect your business in the aftermath of a natural disaster. If you have any questions about your insurance coverage, contact the team here at Locke Insurance Group and we will assist you.