Types of Commercial Insurance Policies

By Insurance Carrier

Commercial insurance companies in Florida provide insurance for firms to safeguard their operations and assets. Continue reading to discover the various types of commercial insurance coverage that are available.

General Liability

Sometimes, a client may get injured while visiting your establishment because of some action or inaction by you or your workers. General liability insurance intends to cover probable medical expenses and legal fees in such an event. This insurance may also cover libel and other sorts of “advertising harm.”

Property Insurance

When you purchase a property, you also acquire equipment. Protecting your property and contents is critical to protecting it against loss or substantial damage.

Commercial property insurance protects your company by insuring these valuables, such as inventory. This kind of insurance aids company owners since it protects both the legal occupier and the contents in the case of theft or damage. You can rely on professional insurance adjusters in Florida to review your claim.

Cyber Insurance

Cyber insurance compensates for damages caused by data breaches. Sensitive information may be in the wrong hands after a data breach. A cyber liability insurance policy will protect a company against the expenses associated with a data breach.

Identity thieves target small firms because they have fewer security precautions. As a result, having cyber liability insurance in place may be critical, particularly for small firms.

Business Interruption Insurance

Severe weather, local power grid problems, or cyberattacks might impact your company’s operations. Business interruption insurance guarantees protection against disruptions to your business operations. This insurance safeguards your company against loss of revenue.

Commercial Auto Insurance

Why do firms need business automobile insurance? Companies endure a wide range of costs. Employing individuals who get fair pay, first-rate benefits, and stability is costly. Accidents happen to even the most cautious individuals. However, it is a prudent business practice to insure your assets and workers.

Coverage for Employment Liability Insurance (EPLI)

Employment-related lawsuits are as common as property claims for a firm. If you have workers, your company is eligible for EPLI. This coverage protects firms against employee allegations of improper or unfair conduct. Even when it’s unintentional, breaching a worker’s rights may have severe effects.

EPLI coverage may be claims-made or occurrence-based. Most EPLI plans are claims-made, which means coverage begins when the insured makes the first claim.

EPLI policies include a wide variety of coverage choices and pricing. If your firm has workers, suppliers, or consumers, you should consider acquiring EPLI coverage. No matter how large or small, employers are vulnerable to lawsuits from former, current, or prospective employees.

Workers’ Compensation

Company owners may think that workers’ compensation is an unnecessary cost. They may believe that if an accident occurs at their workplace, they will bear the expenses themselves. However, workers’ compensation insurance is a requirement for all businesses.

On-the-job accident damages might reach millions of dollars without a workers’ compensation policy. Businesses that do not have enough insurance expose themselves to hefty penalties and lawsuits.

The stability and prosperity of every firm depend on its insurance coverage. Are you looking for professional insurance adjusters in Florida? Contact Alpha Public Insurance Adjusters today.