What are the different types of business insurance policies available in Florida?

Does your business have the right insurance policies in Florida? There are many different types of insurance policies available that can help you pay for certain covered losses. For example, imagine experiencing a data breach that results in a ransom demand or one that comprises all of your employees’ and customers’ data. These types of scenarios could be covered under a data breach policy. If one of your employees is involved in a car accident in a company vehicle, it could be covered under a commercial car insurance policy. Let’s explore some of the most common types of business insurance.

Business Owners Policy

Most companies should start with a business owners policy. These are bundled policies that include general liability, commercial property and business income insurance.

• General Liability – general liability insurance helps protect your business against claims of bodily injury, property damage and advertising harm.
• Commercial Property – Commercial property insurance helps protect your physical location and all of the equipment inside your location.
• Business Income – If your business experiences property damage that makes it impossible for you to run your business until repairs are made, this coverage helps replace some of your lost business income.

Commercial Car Insurance

If you have business vehicles, you need to have a commercial car insurance policy. These policies help protect you if any of your cars, trucks, vans or tractor-trailers are involved in an accident. These policies typically include liability, collision, underinsured, uninsured and comprehensive insurance coverage. You can also get additional coverage, including roadside assistance, rental car coverage and personal car coverage if your employees need to use their cars while working for you.

Workers Compensation

Workers compensation insurance pays for the medicare care and lost wages of any employees that get injured while performing their jobs or as a result of the job or environment in which they work. If the employee dies as a result of their injuries or work-related illness, workers comp typically covers any funeral expenses.

Data Breach Insurance

Data breaches and cyber crimes are becoming extremely common. In fact, according to the Insurance Information Institute, there were 800,944 reports of cybercrimes in the US in 2022. Those crimes resulted in a loss of 10.2 billion dollars. Data breach insurance helps mitigate the costs associated with experiencing data breaches and being the victim of a cybercrime. It also helps with investigations into the data breach, attempts to recover lost data and any legal fees or settlement costs that may be incurred.

Commercial Umbrella Insurance

Commercial umbrella insurance is a type of add-on insurance policy that can help pay for unusually large claims that cost more than the limitations of your standard insurance policies. For example, if your general liability policy has a million dollar limit and you incur a claim for 1.5 million dollars, your umbrella insurance would pay the remaining half a million dollars. Umbrella insurance is typically purchased for general liability and auto insurance.

Professional Liability Insurance

Professional liability insurance helps protect your business against claims of negligence and misconduct, whether those allegations are actual or fabricated. This insurance helps pay for any legal fees and settlements that are a result of those claims.

Key Person Insurance

Key person insurance is a type of life insurance policy that is taken out on a key person or persons in your business because the loss of this person or people would severely impact business operations. The policy pays out upon their deaths. The money paid out from this policy allows the business to retool by hiring additional executives, shut down or dissolved or put up for sale.

Extra Expense Insurance

Extra expense insurance helps pay for any additional costs that the business incurs from a major disruption that forces it to temporarily close. This could be a natural disaster or a fire or something else that causes the business to have to undergo repairs before operations can resume.

What Business Insurance Does Your Company Need?

Your business insurance needs will be dependent on what your business does and if you have employees. Most businesses need BOP insurance. If you have a certain number of employees, you’ll also need workers’ comp insurance. If your business has a single owner or founders who are responsible for all of the key decisions, you’ll likely want to purchase key person insurance. If you have business vehicles, you’ll need a commercial car insurance policy.

Business Insurance with Fearnow in Florida

At Fearnow in Florida, we can help you find the right business policies for your needs. We can help you find BOP policies, general liability policies, commercial car insurance policies and workers compensation policies as well as many other types of policies. In many cases, we can save you as much as 37 percent on your insurance costs.

To learn more about our affordable business insurance policies in Florida and to get a quote, call us at 813-689-8878.