Commercial Insurance in North Florida

Owning a business is more than simply earning money and paying your employees. You have to ensure the safety of your property. That’s why we offer commercial insurance in North Florida. Not only do we help you be protected from unforeseen events, but we also make sure you don’t suffer financially!

Store Owner
Man with a Hardhat
Food Truck

Insurance firms that market business insurance provide plans that cover all main property and liability risks in a single bundle. (They also sell individual coverages.) The business owner’s policy (BOP) is one package acquired by small and medium-sized enterprises. Package plans are designed for organizations that encounter the same kind and degree of risk. Larger corporations may acquire a commercial package policy or tailor their plans to match the unique risks they encounter. BOPs include:

  1. Property insurance for the company’s buildings and belongings—there are two types, ordinary and special, which give more extensive coverage
  2. Business interruption insurance, which pays revenue lost as a consequence of a fire or other disaster that affects business operations. It may also involve the additional cost of operating from a temporary site.
  3. Liability insurance, which protects your company’s legal liability for any injury caused to others. This harm is caused by things you and your employees do or fail to perform in your company operations that may result in personal injury or property damage due to defective products, faulty installations, or mistakes in services supplied.

Professional liability, vehicle insurance, worker’s compensation, and health and disability insurance are not covered by BOPs. Separate insurance coverage will be required to cover professional services, vehicles, and your workers.

Professionals who run their own enterprises require professional liability insurance in addition to a home business or company owner’s coverage. This shields them from financial losses resulting from litigation made against them by their clients.

Professionals are expected to have considerable technical knowledge or training in their specific field. They are also required to execute the services for which they were engaged in accordance with their profession’s norms of behavior. If they fail to utilize the level of competence that is required of them, they might be held legally liable for any injury they do to another person or business. Professional liability insurance may be referred to as “errors and omissions” liability when responsibility is confined to acts of carelessness.

Professional liability insurance is a subset of general liability insurance. Professional liability coverage is not available through homeowners’ endorsements, in-home business policies, or business owner’s policies (BOPs).

As a business owner, you need the same insurance coverages for your company automobile as you have for your personal car: liability, collision and comprehensive, medical payments (known as personal injury protection in some jurisdictions), and uninsured motorist coverage. In reality, many businesspeople drive for both work and pleasure. If the car is owned by the company, make sure the company’s name appears on the policy as the “primary insured” rather than yours. This can help you avoid misunderstanding if you need to submit a claim or if one is filed against you.

The type of driving you to do will determine whether you need to get a business vehicle insurance policy. A competent insurance agent will inquire about how you utilize vehicles in your business, who will be driving them, and if workers, if you have them, are likely to use their own cars for your company.

While the major coverages are the same, a corporate vehicle policy differs from a personal auto policy in a number of technical ways. Request that your insurance representative explains all of the differences and alternatives.

If you have a personal umbrella liability coverage, business-related liability is usually excluded. Check to see whether you have enough car liability insurance.

Business interruption insurance might be just as important to your company’s existence as fire insurance. Most individuals would never think of starting a business without purchasing insurance to protect damage from fires and windstorms.

However, far too many small company owners fail to consider how they would cope if a fire or other calamity damaged their firm facilities, rendering them temporarily inoperable. Business interruption insurance is not available individually. It is an add-on to a property insurance policy or part of a package policy.

A company that needs to shut down completely while its premises are being restored may lose business to competitors. It is critical that company operations resume as soon as possible following a tragedy.

  1. Business interruption insurance reimburses you for lost revenue if your firm is forced to evacuate its premises due to disaster-related damage covered by your property insurance policy, such as a fire. Business interruption insurance reimburses you for the earnings you would have made if the disaster had not occurred, based on your financial records. The coverage also covers running expenditures, such as electricity, that continue even if business operations are temporarily halted.
  2. Confirm that the insurance limits are adequate to cover your organization for more than a few days. It might take longer than many people expect to get a firm back on track after a catastrophic tragedy. Before business interruption coverage kicks in, there is usually a 48-hour waiting period.
  3. The cost of the coverage is determined by the likelihood of a fire or other calamity destroying your property. All other things being equal, the pricing of a restaurant would most likely be higher than that of a real estate firm, for example, due to the more serious danger of fire. A real estate agency can also function more simply from another location.

Extra Expense Insurance

Extra expense insurance reimburses your business for a fair amount of money spent above and beyond regular running expenses to prevent having to shut down during the restoration time. Extra expenses are usually compensated if they assist in reducing business interruption costs. In some cases, supplementary expenditure insurance may be adequate without the acquisition of business interruption insurance.

If you run a home-based business, you may not have adequate insurance to cover your business equipment. A standard homeowner’s insurance only offers $2,500 in coverage for business equipment, which is generally insufficient to cover all of your company’s assets. You may also require liability and income replacement coverage. The sorts of company operations that insurance companies will cover under the different alternatives they provide vary greatly. As a result, it’s a good idea to shop around for coverage alternatives as well as pricing.

Regardless of the sort of coverage you pick, if you operate as a professional from home, you almost certainly require professional liability insurance. Some types of in-home companies, such as those that manufacture or sell food or offer homemade personal care items, may be required to purchase specialized insurance.

Depending on the type of your business and the insurance provider you choose, you have three main options for insuring it. They are as follows:

Homeowners Policy Endorsement

You may be able to increase your basic coverage for business equipment such as computers by adding a simple endorsement to your existing homeowner’s policy. You may increase the coverage limits from $2,500 to $5,000 for as low as $25. Some insurance providers may let you extend your coverage up to $10,000 in $2,500 increments.

A homeowners liability endorsement is also available for purchase. You need liability insurance in case customers or delivery people are injured on your property. They may slip and tumble down your front steps, for example, and sue you for failing to maintain the steps.

The homeowner’s liability endorsement is usually only accessible to businesses with few business-related visits, such as writers. However, depending on the number of pupils, some insurers will offer this type of endorsement to piano teachers, for example. These endorsements are accessible in the majority of states.

In-Home Business Policy/Program

A homeowners policy endorsement offers less extensive coverage for business equipment and liabilities than in-home business insurance. These policies, sometimes known as in-home business endorsements, vary greatly depending on the insurer.

Most plans, in addition to protecting your company property, pay you for the loss of critical papers and records, accounts receivable, and off-site business property. Some may compensate you for lost revenue (business interruption) if your house is so seriously destroyed by a fire or other calamity that it cannot be utilized for an extended period of time. They’ll also cover the additional costs of operating from a temporary site.

Some in-home company regulations permit a limited number of full-time employees, usually up to three. In-home business policies often contain broader liability insurance for greater coverage limits. They may provide defense against claims resulting from injuries caused by the products or services you provide, for example.

Homeowners’ insurance firms and specialist insurers that provide stand-alone in-home business policies offer in-home business coverage. This implies you are not required to obtain your homeowners’ insurance through them.

Business Owner’s Policy (BOP)

This insurance, designed particularly for small-to-medium-sized enterprises, is a great solution if your home-based business runs in more than one location. A company owner’s insurance, like an in-home business policy, covers business property and equipment, loss of revenue, additional expenses, and liabilities. These coverages, however, are far broader than the in-home business insurance.

Workers’ compensation, health, and disability insurance are not included in a BOP. If you have workers, you’ll need to establish separate rules for these protections.

Call Today for a Quote!

If you’re a business owner, we recommend getting BOP today to ensure the safety of your property and finances! You may call us today for a quote! For any questions or concerns, contact us.