Florida commercial insurance is a group of insurance products that are designed specifically for businesses and business owners in the Sunshine State. Commercial insurance coverage includes everything from business liability coverage to commercial vehicle coverage for companies that have business-use or fleet vehicles. This coverage is essential to keeping a successful business running.
In this guide, we’ll take a look at how commercial insurance works in Florida, including the different types of policies and coverage, what each includes, how to know what’s required of your business, and more.
Types of Business Insurance Coverage and Policies in Florida
Depending on the type of business that you have and what state you operate in, you will have different requirements for business insurance. This will include state mandates regarding things like liability coverage or commercial auto coverage and is the basis for creating your own custom insurance policies to protect your business.
Working with an expert can help you review your existing business insurance coverage and ensure that you have everything that you need. A public insurance adjuster could be just what you need. While these professionals typically handle claims, they can also help you better understand each type of coverage and why you might want it, or more of it, even if it’s above and beyond what the law requires. And then, if you ever find yourself in a position where you need to file a claim, you’ve already got someone on your side to protect you against the insurance company fighting for their own best interests.
Let’s look at the most common types of commercial insurance in Florida. Then, we’ll discuss what Florida law requires and how you can ensure that you’ve got the coverage you need.
Florida Business Owner’s Policy
This unique policy is designed to combine three of the most essential business insurance coverage needs: business income, property coverage, and general liability coverage.
Business income insurance is designed to replace income lost by the business due to a loss of operational capacity or excess property damage. Commercial property insurance is going to cover the building that you own or rent, other structures, and tools and equipment that the business uses for day-to-day operations. General liability coverage protects the business from claims of injury or property damage by someone else.
Of course, this is merely a foundation for a solid commercial insurance portfolio. There are other types of coverage you need to consider, as well.
Commercial Umbrella Insurance
Commercial umbrella insurance, as the name suggests, provides an umbrella of coverage in addition to standard business policies and products. It can extend the limits of other policies to protect against catastrophic claims and their increasingly high costs.
Let’s look at an example. Say a customer falls in the warehouse while picking up an order, and the cost of their medical injuries exceeds the coverage on the general liability policy. This umbrella coverage would provide payments for medical expenses and other related costs that go above and beyond the liability coverage.
Data Breach Insurance
This is a newer type of coverage that has gained popularity since insurance companies have started using digital platforms and cloud-based servers to store, provide access to, and disseminate policyholder information. This coverage is designed to help pay for expenses related to a data breach or cyber liability and is sometimes also known as cyber liability coverage.
Data breach insurance can help with public relations expenses, legal fees, liability costs, and identity protection solutions if there is a data breach. Any company that keeps digital records or processes digital payments needs to have this coverage.
Professional Liability Coverage
Professional liability insurance is a product that is used by many business professionals, such as lawyers, accountants, photographers, independent technology professionals, etc. This coverage protects a business from claims that a mistake was made in the transmission of professional services. Essentially, it covers mistakes and errors that happen, which is important because no business is perfect.
Many companies carry this coverage, which is also known as E&O, or Errors and Omissions, insurance. It can provide peace of mind and additional support in the event of claims of wrongdoing or mistakes on the part of the business, which makes it a good choice for any business insurance portfolio.
How to Determine What Business Insurance Is Necessary in Florida
The next question people have is one of the most common: what commercial insurance does my Florida business need? That depends on which type of insurance you’re referring to, as well as what type of business you operate. However, the state’s general requirements include:
- Commercial Auto Insurance that includes $10,000 per person and $20,000 per accident for bodily injury coverage and $10,000 in property damage coverage. Of course, more is always better, but these are the minimum requirements.
- Workers’ Compensation coverage that varies based on the type of business or industry, the number of employees, and the entity in question (corporation, LLC, etc.)
Some business owners are surprised to learn that beyond these two statutes, there are no laws mandating business insurance coverage in the Sunshine State.
Of course, that doesn’t mean that you should forego coverage. This is your business and you need to protect it. That means getting the right commercial insurance portfolio that provides a safety net for your company in several different ways.
How can you do this? In addition to consulting with a public insurance adjuster, you can also do more research on your own. Take the time to sit down and look at policies. Often, you can get a lot of coverage without a huge premium. And even if it costs more than you anticipated, it’s still a necessary investment.
This is your business. It’s your livelihood and it deserves the appropriate protection. Just because it isn’t required by law doesn’t mean you don’t need it. Remember, insurance is an investment in protecting your assets and it’s worth it every single time.
Commercial Insurance Claims in Florida
Perhaps one of the most important elements of your commercial insurance policy is the claims process and related customer service. You can’t prove that an insurance company is worth its salt until you find yourself in a position where you need them. It doesn’t matter how good the rates are or how much coverage you can get. If the provider has a lengthy or complicated claims process, they’re not going to be your best choice.
Some people want to be optimistic in thinking that insurance companies will be there for them in the event of a claim. And while they will certainly show up, most insurance providers will be looking out for themselves above all else. Therefore, they’ll typically start with low settlement offers anticipating that people will accept them without question. However, even the best insurance companies deserve to be questioned and challenged to ensure that you’re getting the settlement that you deserve.
The claims process involves:
- Notifying the insurance company of the claim, including what type of claim it is and the details of what happened.
- Documenting the incident and keeping track of related records, documentation, etc.
- Having an insurance adjuster review the claim to determine if it is payable.
- Negotiating with the insurance company to determine a settlement amount.
- Reaching an agreement to get compensation to those who are owed it.
It’s important to note that the fewer claims you file, the better your premiums will be. This is because you present a lower risk to the insurer, and therefore don’t have to pay as much to get the same coverage as others who may present a larger risk.
Remember, when you are shopping for business insurance choose a company that has a solid track record of success with claims, along with a friendly, efficient claims process. That way, you’ll know that if things do go wrong, you’ve got someone on your side to help you through the process.
Get an Independent Review of Your Commercial Insurance Claim
Of course, even with the best insurance companies, they’re still looking out for number one and may not want to pay more than necessary. If you are dealing with a commercial claim and you’re not satisfied with what you’re being offered by the insurance company, you don’t have to settle. You can enlist the help of a public adjuster in Florida to review your claim and fight with the insurance company to get the best outcome in your favor. Plus, you can generally get a free consultation to discuss the process and what to expect, helping you feel even more confident in your decision.
Contact the team at On Target Claims for a comprehensive review of your commercial insurance claims in Florida. Our team has decades of experience in insurance adjusting and helping people get the settlements they deserve, and can provide you with a free consultation and case review. If we determine that we can assist, then we’ll work on your behalf to maximize the settlement you get from the insurance company. Give us a call at 954-266-0541 to learn more.
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