Finance

Different Types of Commercial Insurance to Know About

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Choosing the right commercial insurance Florida policies is a chore that you cannot avoid. Not having enough insurance could sink the company and all of its employees if an unexpected disaster happens. Review the different types of coverage options that are provided by commercial insurance companies in Florida.

General Liability

Commercial general liability insurance is designed to cover the costs of accidents and injuries that happen on business property. There is Coverage A to cover bodily injuries or property damages, Coverage B for personal or advertising injuries and Coverage C to cover medical payments. The types of exclusions vary with each individual policy. Common exclusions are related to pollution, employment, contracts, advertising, etc.

Workers’ Compensation Insurance

Workers’ compensation insurance covers the costs of employment-related accidents and injuries. Employees are denied the right to sue the employer for damages. Instead, they receive long-term compensation for lost wages, medical bills and living expenses. The amount of funding that they receive is based on their total wages and the number of workdays.

Equipment Breakdown

Few companies run successfully without the use of commercial equipment. Equipment breakdown insurance covers the high-cost repairs or replacements of machinery that is used regularly or every day. A learning center may have this type of coverage for their computer labs, and a restaurant needs this coverage for kitchen appliances and point-of-sale displays.

Business Interruption

A disaster happens to every business at some point, regardless of its size or years of experience. Business interruption insurance helps to maintain the operations of a business after it’s been stopped by a fire, theft, natural disaster, etc. The business owner is compensated for all unearned profits and unnecessary expenses, including income, rent, utilities and temporary relocations. This type of coverage is ideal for businesses that have histories of crime. These crimes may include fraud committed by employees, such as embezzling or hacking, theft, robbery or burglary.

There are more than enough commercial insurance Florida insurance policies to choose from. Different companies will need different types of coverage based on their needs and budget. A small business that operates in a downtown district will need crime insurance but not equipment breakdown coverage. A large business that operates near the coast where hurricanes are frequent will need business interruption insurance. Moran Insurance is a leader among commercial insurance companies in Florida. They provide exceptional services to customers in need of valuable protections for their businesses.

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