Whether you started a business as an entrepreneur, a storefront, or a manufacturing operation in Miami, FL, you need commercial insurance. Here’s the thing, though. You do not need the same commercial insurance policy if you are an entrepreneur or a storefront operation or a manufacturer. Prestige Insurance Group wants you to understand the plethora of choices before you, so you choose the right insurance for your business’ needs.
While everyone needs insurance that helps them accomplish business continuity and protects the business against loss, many differences exist, too. For example, a dry cleaning business requires inland marine insurance that protects the property of their clients while on their premises. A home business run by an entrepreneur requires liability, but not a business owner’s policy (BOP). If that business makes regular deliveries using the owners’ vehicle or a vehicle purchased for the business, that requires commercial auto insurance.
Here’s a quick guide to the types of commercial insurance.
- Construction insurance: also called builder’s risk insurance, covers commercial structures as they are built.
- Business interruption insurance: covers repair or replacement of real property resulting from a named peril and pays for the income lost due to the interruption of business as usual.
- Business owner’s policy (BOP): combines the four most necessary policies into a single package to cover the business’ liability and property. You can purchase coverage separately, but it typically costs you more when purchased that way.
- Commercial auto: similar to the auto insurance you purchase for your personal vehicle, but this automatically provides full coverage and covers every licensed driver who operates your fleet vehicles.
- Crime insurance: covers your business’ losses from property crimes like burglary, robbery, and theft.
- Debris removal insurance: this policy pays for removing debris following a named peril, such as a fire.
- Directors’ and officers’ liability insurance: Covers the legal costs and payouts of lawsuits involving a corporation’s or non-profit’s C-level officers and directors.
- Equipment breakdown insurance: also called boiler and machinery insurance, pays for the replacement or repair of boilers, machinery, and other equipment and also covers the business interruption losses incurred due to the breakdown.
- Errors and omissions insurance (E & O): only those businesses that could possibly injure a third-party via accidental error or mistake require this policy type. The most common businesses that purchase it include attorneys, medical practitioners, manufacturing firms, and publications.
- Glass insurance: storefront owners often purchase this policy, which covers the replacement of plate glass and broken windows from a range of causes, including named perils and vandalism.
- Inland marine insurance: covers damages to third party property stored on-premises and property in transit.
- Liability insurance: pays for injuries you cause to a third party.
- Professional liability: more commonly called malpractice, covers a business’s losses and attorney fees stemming from injury to a third party caused when a professional failed to provide the proper standard of care.
- Ordinance or law insurance: cover building demolition and re-construction to building code standards when the structure incurs significant damage.
- Property insurance: covers real or personal property damage.
- Tenant’s insurance: pays for repairs to damages occurring to the lessee’s building improvements and damages by employees of the lessee. It differs from renter’s insurance, which pays for damages to your belongings and property and belongings.
- Workers’ compensation insurance: Covers the cost of medical care and lost wages due to workplace injury or illness.
Stop by or call Prestige Insurance Group of Miami, FL today to learn how we can help insure your business. Let us help you determine which of the above policy types best suit your business and build a custom commercial insurance policy for you.