Must-Have Commercial Insurance Coverage for Florida-based Business Owners

Insurance helps protect your business from risks so that you can focus on maximizing profits. Commercial insurance allows the insurer to cover most of the risks related to your business as long as you pay your premiums. Life is unpredictable, which is why it is so important to have adequate coverage at all times. Here is a look at different types of coverage that you should add to your commercial insurance policy in Florida.

  • Property Insurance

    If you are the tenant or owner of the building where you conduct business, you need commercial property insurance. This policy covers the building, property inside the building, and signage. If you are renting, your property insurance will cover your loss of income in the event of severe damage. Property insurance is one of the backbones of a standard commercial insurance policy.

  • Liability Insurance

    General liability coverage is the foundation of your commercial policy. It protects your business against potential lawsuits if a customer is injured on your property or you are responsible for damaging someone’s property. You are also covered if your business is involved in a potential advertising dispute. If you don’t have liability coverage, you will be forced to cover any potential claims out of your assets. This could lead to a financial nightmare. You can purchase liability coverage separately or through a Business Owners’ Policy.

  • Equipment Coverage

    Some commercial insurance policies include special coverage for your equipment. This protects your business if the equipment breaks down. Any repairs are covered, and you are also protected if the business has to shut down temporarily until the repairs are made.

  • Flood Coverage

    Most commercial property insurance policies exclude damage caused by a flood. As a Florida business owner, you must be aware of the constant threat of severe weather faced by the state. Commercial flood insurance protects your business property, products, and the structure of your building if they are damaged in flood. Flood insurance covers you if you seek another place to operate your business until the structure of your building is repaired.

  • Auto Coverage

    If you use vehicles for delivery services or to transport products, you need commercial auto insurance. Commercial auto insurance protects any vehicles that you use to complete work-related endeavors. The policy acts similar to traditional auto insurance in that you can add collision, liability, and comprehensive coverage to your commercial vehicles.

  • Workers’ Compensation

    Your employees help your business function properly, and you can protect them through workers’ compensation. If you have over a handful of employees, you are legally obligated to carry workers’ compensation in Florida. The policy covers your business if one of your employees is injured in the workplace. The insurance covers their medical treatment to prevent a potential lawsuit.

Operating a business can be stressful. Commercial insurance protects your business so that you can focus on maximizing your profits. If you have any questions about these types of commercial insurance coverage, contact us here at Locke Insurance Group, and we will assist you.

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