Commercial Property Insurance Florida

Commercial Property Insurance – The Kennedy Space Center, the Florida Keys, the National Naval Aviation Museum, Disney World, Everglades National Park, the Jaguars, Dolphins, and Buccaneers are all located in Florida, along with THE most breathtaking beaches. 2.5 million small enterprises are located in Florida.

We recognize how challenging and time-consuming it can be to discover the finest Commercial Property Insurance for your Florida-based company. Knowing what is necessary and what is not can be difficult. We wish to make the procedure easier for you. We can help you discover the ideal coverage for your unique needs, whether you run an Orlando swimming pool service, a Jacksonville cleaning business, or a Tampa landscaping service.

requirements for Commercial Property Insurance?

Like other states, Florida has no official requirement that business owners carry general liability insurance. The following section outlines the precise business insurance requirements for workers’ compensation insurance in Florida. Second, any company using commercial vehicles in Florida is required to purchase Commercial Property Insurance with particular levels of coverage.

The types of Commercial Property Insurance required in Florida

The two types of Commercial Property Insurance that business owners must obtain are described here.

Commercial Property Insurance coverage for workers’ compensation

Employers in Florida are required to offer workers’ compensation insurance for:

Any company with more than four workers is required to offer workers’ compensation.
Any construction company that employs one or more people must obtain workers’ compensation.
In order to avoid being held liable for the coverage, contractors in the construction business are required to ensure that all subcontractors and their personnel are covered by workers’ compensation.

ALSO READ: The Young America Insurance Company 2023

Employers from other states who have workers in Florida must secure workers’ compensation for them (via a Florida-approved carrier).

What good does workers’ compensation serve then? The insurance will assist in paying for medical costs if one of your employees becomes sick or hurt on the job in a way that is directly related to their job activities. A part of their lost pay up until they are allowed to start working again may be covered by workers’ compensation.

Commercial Auto Insurance

All business-owned automobiles in Florida must have commercial auto insurance. Businesses must have at least $10,000 in property damage and personal injury protection (PIP) coverage, according to state law. We strongly advise getting commercial car protection for any personal vehicles used for work. Why? If a personal auto policy discovers that an accident occurred during business hours, it may refuse to provide coverage.

Recommended Types of Florida Commercial Insurance

Only two different kinds of business insurance are needed in Florida. To secure your small business, you need take into account a few alternative insurance plans.

General Liability Insurance

A business’s exposure to the following risks is protected by commercial general liability insurance, also known as business liability insurance:

Third-party bodily injury: A customer gets injured in your store when a shelf falls. Your general liability policy will cover their medical costs.
Third-party property damage: A shopping cart slams into a customer’s vehicle. General liability can pay to repair the damage to their car.
Personal and advertising injury: A competitor claims you slandered them in your advertising. Your general liability insurance can cover the cost of the lawsuit.

There are rumors that the Florida legal system frequently grants litigants substantial settlements. In that situation, without commercial liability insurance, you risk having to close your doors in order to pay the settlement.

On the other hand, general liability insurance can pay for your legal counsel, legal expenses, and high settlements up to the limitations of your commercial liability insurance.

Commercial Property Insurance

You should think about getting a commercial property insurance policy if you own or rent your business property, especially if it is close to the ocean. There may be significant wind, hail, and water damage during hurricane season. Your insurance provider may contribute to the cost of damage repair and the replacement of any lost property if a covered risk damages or completely destroys your place of business.

Business Owners’ Policy

Small business owners can save money on the insurance coverage they require by purchasing a business owner’s policy (BOP). General liability insurance, commercial property insurance, and business interruption insurance are frequently included in a BOP. The majority of insurance providers offer this policy at a lower cost than getting each policy separately.

Business interruption insurance might be useful if your company is harmed and needs repairs. Until you can resume operations in full, this coverage can assist with paying your taxes, payroll, missed profits, and other operating costs.

Professional Liability Insurance

A professional liability insurance coverage, often known as errors and omissions insurance, is necessary if you work in a profession that requires you to provide expert advice (such as law, medicine, architecture, etc.). You could be held accountable if the advise you give causes someone to get hurt or causes property damage. You may be able to get legal representation through professional liability insurance, which will also pay for settlements and court costs.

Cyber Insurance

Do you own a website for a business? or routinely deal with the addresses, credit card numbers, etc. of customers? If so, you must obtain cyber liability insurance to safeguard both your data and their personal information. Your insurance provider may help with the costs of alerting affected consumers and paying for credit monitoring if you’re the target of a hack or cyber-attack. Some insurance plans will even pay for ransom requests.

Commercial Umbrella Insurance

In some cases, purchasing an umbrella policy is more cost-effective than increasing the coverage limits of an underlying policy, such as commercial liability insurance. Your umbrella policy can pay the excess if the underlying policy’s limitations have been reached. This liability coverage may, in some circumstances, apply to items that the underlying insurance specifically disclaims.

How Much Does Commercial Property Insurance Cost?

There are various variables that affect Florida liability insurance costs, including but not limited to:

The sector you work in and the hazards you face
Your selection of deductibles and coverage limits
Your company’s location (state, city, or county)
how many staff you employ
The insurance provider you select

A general liability insurance coverage in Florida might cost the typical small business $300 to $5,000 annually. Insurance for small businesses doesn’t have to be expensive. To assist you identify your particular small business needs, we advise working with a certified insurance agent.

Common Professions Insured in Florida

How to Get Commercial Property Insurance in the Sunshine State

At Tivly, we want to make it easier for small businesses to find a competitive quotation for commercial insurance. Our goal is to make the procedure quick and simple. To contact us, either fill out the form at the top of the page or dial 855-384-9915. We’ll assist you in obtaining the specialized protection you require to maintain the efficiency of your enterprise.