Business & Commercial Insurance

Let's say you own a clothing store. The building next to you might house a hardware store, and the building after that, a juice bar. All of these shows could lose critical property or revenue potential should damaging incidents — such as storms, fire, theft, lawsuits — strike. Business insurance can help you pick up the pieces after such sudden losses.

What Insurance Do You Need For A Small Business?

A great way to start building your insurance portfolio is to get a Business Owners Policy (BOP). These are insurance packages that offer several key types of business coverage in one place. Most include:

• Property & Contents Insurance: If something damages physical property — such as your building, office materials or possessions — this coverage can help you repair or replace them.
• Commercial General Liability (CGL) Protection: This policy covers the business if its actions (or inactions) cause property damage or bodily injuries to third parties. Clients who get hurt in the business are often those who can receive money from a CGL policy.
• Business Interruption Coverage: This protection helps you pay ongoing costs if you temporarily close after an incident. For example, you might be able to play employees despite a closure.

The primary benefit of BOPs is their convenience. You can often add other coverage to the basic policy, and you'll only pay one premium for coverage. In other words, you’ll get a lot of protection in one place.

Other Policy Options

You'll probably need a few policy enhancements alongside your BOP. Ask your Automatic Insurance agent about:

• Commercial Auto Insurance for cars owned by the business or personal cars used for business.
• Errors & Omissions (E&O) Coverage to help you pay for the personal or financial harm that your professional or clerical errors cause to your clients.
• Directors & Officers (D&O) Coverage that extends targeted liability protection to company principals (board members or CEOs) and their personal assets.
• Equipment Breakdown Coverage for damage to critical devices, such as manufacturing equipment. This coverage can help pay for repairs and lost income if these assets sustain damage from such common incidents as electrical failure —accidents that property coverage often won't insure.
• Cyber Liability Insurance that protects the business and clients in the event a data loss or theft in the business exposes their personal information stored on computers.

In some cases, you can add extra coverage directly to your BOP, and in other cases, you will need a monoline policy enhancement. Come to us, and we guarantee you will be able to get an extended portfolio tailored to your satisfaction.

Florida Workers Compensation Insurance

By law, most Florida businesses must carry workers compensation insurance. This policy provides funds that pay employees injured in the course of their duties. Multiple types of injuries and accidents at work can qualify an employee for workers compensation coverage. Payments might help them get supplementary income for medical bills, disability assistance and everyday costs.

Questions About Your Policy? We've Got Answers

Is Business Insurance Required By Law?

Some business insurance is required by law. Policies such as commercial auto or workers compensation insurance usually are among the most-common that state laws mandate. Financial lenders or professional licensing boards might require other policies as well.

How Do I Choose Business Insurance?

Your goal when getting coverage is to insure as many of your risks as possible, including your cost risks. Policy terms should closely match the value of the business' numerous assets.

How Much Is Small Business Insurance Per Month?

Business insurance premiums will vary widely. Different insurers look at different risk factors when setting premiums. The types and amounts of coverage you buy will certainly influence prices. Other items — such as your location, industry and number of employees — might also apply.

Do I Need Insurance For My LLC?

Even if you have assets in a limited liability company (LLC) you still need business insurance. LLCs might provide a degree of protection, but they will not eliminate all liability or personal risks you face.

Do I Need Business Insurance If I Work From Home?

Home-based businesses always need business insurance. You can still receive property, liability and other protection that accounts for your unique working environment.

Get Covered With Us!

At Automatic Insurance, our emphasis is on helping you get the right commercial insurance. That means we will always help you keep your policy portfolio affordable as well as effective. Contact us at (954) 421-9953 or request an online quote right now!

Additional Resources

• Florida Division of Insurance Agent and Agency Services
• Insurance Buyer’s Guides (The National Association of Insurance Commissioners (NAIC))
• Small Business Insurance Details and Resources (The U.S. Small Business Administration (SBA))