Commercial property insurance
With commercial property insurance, there are generally two types of coverage to purchase:
- Commercial insurance to provide replacement cost for direct loss to buildings, business contents, inventory, computer hardware and software.
- Commercial insurance to cover indirect loss such and loss of rents, loss of business income and extra expense coverage.
Many times a business owner’s indirect loss of business income will be a greater loss than a direct loss to buildings or equipment. It is very important to do a thorough review with your independent agent to determine the amount of coverage needed in each category.
As an independent agent offering business insurance in Sarasota and Bradenton, we have many choices of companies and coverage available for business owners to choose from so that your policy is tailored to your unique needs.
Commercial general liability insurance
As a business owner in Florida every interaction with a customer and completed transaction represents both a profit and a risk. Having the appropriate general liability policy can help you protect your business from the impact that a customer lawsuit can have. Commercial General Liability Insurance covers the cost of attorney fees including court costs and the resulting award or settlement.
Florida is one of the most litigious states to operate a business in, so it’s vitally important to protect your business assets. Some of the types of liability policies we recommend most often are:
- Commercial General Liability Insurance
- Professional Liability
- Directors and Officers Liability
- EPLI – Employment Practices Liability Insurance
- Products Liability Insurance
Depending on the overall assets of your business, a Commercial Umbrella policy may be worth considering. We can give competitive quotes in all these categories and provide sound advice regarding the types of coverage needed.
Professional liability insurance
What is Professional Liability Insurance?
Professional Liability Insurance or commonly called Errors & Omissions Insurance protects licensed professionals in the event of a liability claim. Types of occupations that need to purchase Errors & Omissions Insurance are insurance agents, accountants, financial advisors, attorneys, real estate agents and real estate appraisers and other service and advice professionals. For Medical professionals the insurance is known as Medical Malpractice insurance and is equally important to purchase. The coverage is crucial if an error or omission leads to financial loss for the client and results in a legal claim/lawsuit. Any professional with a fiduciary responsibility for another individual should have some kind of professional liability insurance coverage to offer protection in the event of errors, omissions or misguidance.
In some cases, physicians and other professionals have been sued without committing an error. Professional Liability policies can help cover legal expenses to defend against such frivolous or unfounded lawsuits. Even for medical professionals working as an employee of an organization with its own malpractice insurance, it is a good idea to maintain an individual policy to ensure complete coverage. If an individual is sued under professional liability, their personal assets such as second homes, cars and other non-exempt assets are at potential risk. One simple mistake could lead to financial ruin as well as ending a professional career.
For licensed professionals we recommend having both General Liability and Professional Liability to properly protect their assets.
Commercial auto insurance
Commercial Auto Insurance in Manatee and Sarasota is different than personal car insurance. There are generally multiple vehicles on the policy and liability from an accident or claim will extend to your business.
As a business owner, you need to make sure that your coverage limits for your commercial auto insurance policy are high enough to protect your business and you personally from claims, even unwarranted ones that can be devastating.
It’s important to deal with an independent agent that can bring the expertise and choice of companies to you so that you have the right limits at a very affordable price to fit your budget.
Some of the coverage on a Florida Commercial Auto Insurance Policy is as follows:
- Physical Damage – Comprehensive and Collision Coverage
- Liability Insurance
- Medical Payments
- Uninsured Motorist Coverage
- Personal Injury Protection
- Loss of Use – Rental Reimbursement Coverage
- Emergency Roadside Assistance.
Florida workers compensation insurance
Always be aware and vigilant about Workers Compensation insurance for your employees. Florida Law requires employers to purchase Workers Compensation if they have a certain number of employees in construction and non-construction businesses. We can help Manatee & Sarasota employers in determining when coverage is needed.
As an employer in Florida you are held responsible for your employees on the job injuries regardless of the number of employees you have or if the Florida Law requires you carry the coverage. It’s a good idea to purchase a policy as soon as you hire your first employee. It may also be a good idea to cover yourself under the Workers Compensation policy depending on your industry and the overall cost.
There are generally two coverages under the Florida Workers Compensation policy:
- Part A – Statutory Workers Comp Coverage
- Part B – Employers Liability
Some of the factors that will determine your final premium are:
- Rates – While Workers Compensation rates are standard nationwide, depending on the company, an insurance company may apply deviations, premium discounts or schedule credits from those rates, up or down depending on loss experience.
- Premium Audit – When it is time for your annual, semi-annual or quarterly audit, we can make sure you are properly classified and that the audit is reviewed for accuracy. If the audit appears inaccurate, we will help you contest the audit so that you are not overpaying.
- Experience Mod – We help make sure your experience mod is an accurate depiction of your claims history and has been calculated correctly.
- Loss Control – A Loss Control Inspection can be useful tool for an employer that is concerned about overall employee safety and the ultimate cost to the injured worker and the employer.