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Adequate business insurance coverage is an essential part of running and protecting your business. Hoffman and Associates Insurance has been providing commercial insurance for over forty years, and as a local, established company, our dedicated insurance agents can tailor a policy to your exact requirements.
Florida Business Insurance Requirements
Although there are no legal requirements for a business itself to be insured, you should at least consider liability insurance to protect your business in the event of someone making a claim against it. Even an unfounded claim can cost thousands in legal fees before it is settled, and if a valid claim is made against you and you have no insurance, you could lose your business assets or even be forced to go out of business. Depending on your business structure, your personal assets cold also be at risk.
Business Liability Insurance
Liability insurance is perhaps the most important form of insurance for any company, and protects against the costs of a claim against the business as a result of injury to a member of the public or damage to property caused by your business activities. Both legal fees and damages from a lost lawsuit will be covered.
General Liability Insurance, also known as Commercial General Liability (CGL), is the most basic form of liability insurance. Depending on your business activities and structure, this may be the only form of liability insurance your company needs, as it covers claims relating to injury, property damage and advertising. Even if your company is an LLC or incorporated, you may still be liable personally in a claim, if you have personally guaranteed a business loan, you personally caused the injury or damage, or if you acted irresponsibly or illegally. Adequate CGL insurance will protect you from this.
Professional Liability Insurance is for those offering professional services, and in some fields, for example medical and technical services, it is a requirement of conducting business. This type of insurance protects against malpractice, errors, negligence and omissions made by your business' employees.
Product Liability Insurance is for businesses involved in manufacturing, and protects against claims made against the company due to a product injuring a customer. The risks involved in your particular business, and the level of coverage therefore required, will vary depending on the type of product your business produces.
Workers' Compensation Insurance
Workers' compensation laws allow an employee who has suffered an injury in the course of work duties, or their family in the case of the employee dying as a result of an accident on the job, to receive money and medical costs in exchange for forfeiting the right to sue the employer.
If your business has employees, Workers' Compensation Insurance is something you need to think about, to protect yourself from the costs involved in a future compensation claim against your company. The monthly premium buys coverage that will pay weekly compensation to an injured employee or a deceased employee's family. If you do not have Workers' Compensation Insurance and and employee is injured or killed, they or their family can either sue you in a civil court, or file a claim against the state workers' compensation system. If you are the victim of a civil law suit, the costs can be enormous, and you can also be subject to fines and stop work orders. Your business may lose its assets to cover the costs, or you yourself may also be liable and your personal assets may be at risk. Although it is tempting to save money by not paying the insurance premium for Workers' Compensation coverage, a claim could ruin your business and ultimately cost far more than the savings on premiums.
Commercial Auto Insurance
Any vehicles owned by a business and registered in the state of Florida must comply with Florida's auto insurance requirements, just like a personally owned vehicle. If the vehicle is used to transport paying passengers, for example a taxi cab, additional requirements apply for coverage for injuries suffered by passengers or the public in an accident involving the vehicle.
In addition to the forms of auto insurance available for personal vehicles, business owners may require additional forms of auto insurance for their specific needs. For example, you can obtain coverage for damage to any property being loaded or unloaded from a company vehicle and specific coverage for any specialist equipment temporarily or permanently in a business vehicle. If you need to hire vehicles as part of your business activities, you can purchase specialized insurance to protect your company against costs resulting from a collision. Whatever your commercial insurance needs, we can tailor a policy to your requirements, giving you the coverage you need, at a price you can afford.
Commercial Property Insurance
Just like homeowners insurance, Commercial Property Insurance protects against the costs of repairs to your business' property as a result of damage from factors such as wind, fire, explosions, vandalism and burglary. If your premises should become damaged, it is essential for the continued functioning of your business that they be repaired as soon as possible. By taking out adequate property insurance, you can be assured that your premises are covered and will be repaired or rebuilt as quickly as possible in case of damage, at no cost to you apart from the deductible.
Business Interruption and Key Person Life Insurance
Business Interruption Insurance protects your company against loss of income if your normal business activities are forced to cease for a period of time, for example due to damage to your premises. Consider what would happen if your business property was damaged by fire. You would lose business income, yet still have to pay employees, cover the cost of the insurance deductible and continue to pay many other monthly business expenses. Without Business Interruption Insurance, the continued costs with no income could cripple your business, and you may have to sell assets or even close down. Adequate Business Interruption Insurance will cover these costs until your normal business activities, and income, can resume.
In a similar way, Key Person Life Insurance protects your business against loss of income resulting from the death or disability of a specific person in a significant position in the company, such as a director or high level manager. Until this person is replaced or can return to work, the business' income will suffer while business expenses continue, and Key Person Life Insurance can cover these costs, protecting your business' solvency in this difficult time.
Hoffman and Associates Insurance looks forward to assisting you with all your commercial insurance needs. We understand that your business has unique requirements and that you need flexible coverage that both fulfills your current needs and anticipates future requirements. We aim to build a personal, long-term relationship with all our business clients and believe we offer the cost efficiency, convenience and service you are looking for to maintain and grow your business.
We look forward to the opportunity to help you with all your business insurance needs soon. Call 321-751-2511 to get a competitive quote today!
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