Commercial insurance is an essential piece of the puzzle when it comes to protecting your business. It provides coverage for potential losses and liabilities related to running a business. Each type of commercial insurance in Florida has its own set of regulations and requirements that must be followed. As such, we at Prestige Insurance Group in Miami, FL are uniquely positioned to help you understand the complexities of commercial insurance and ensure that your business has the proper coverage.
What is Commercial Insurance?
Commercial insurance is a policy designed to protect businesses from the financial risks they may face in their operations. It covers a broad range of activities, from liability arising from accidents or injuries on your property to damage to your business’s physical assets.
Types of Commercial Insurance
The types of commercial insurance that are available include:
- Liability insurance,
- Property insurance,
- Casualty insurance,
- Workers’ compensation insurance,
- Directors’ & officers’ liability insurance.
Each type of coverage protects different kinds of risks and liabilities. Liability insurance covers losses or injuries caused by the business, property, and casualty insurance covers losses or damages to physical assets. Workers’ compensation covers work-related illnesses and injuries, marine cargo insurance covers losses or damages to goods being transported, and directors’ & officers’ liability protects executives from legal action.
Benefits of Commercial Insurance
A comprehensive commercial insurance policy provides businesses with peace of mind knowing that their operations are protected from potential losses and liabilities. Commercial insurance also helps companies to save money by allowing them to offset the costs of potential liabilities. Moreover, having commercial insurance in place can help businesses maintain a healthy financial status which is essential for gaining access to capital and other resources.
Looking for commercial insurance that serves the Miami, FL area? The experts at Prestige Insurance Group are here to help. We specialize in finding the coverage that suits your business and will work with you to ensure you are adequately protected. Contact us today to learn more about our commercial insurance services. We look forward to hearing from you!
Prestige Insurance Group is here to help Miami, FL businesses with all of their insurance needs. If you want to upgrade your current commercial policy to one that is more comprehensive, we can help. Give us a call or stop by our office today to learn more about the options that are available to business owners in our area.
Why your business may need comprehensive insurance
When it comes to protecting your Miami-based business, you may have some questions about the right type of insurance and what will best meet your needs. Many small business owners start out with a primary policy that meets their basic needs. However, as the company grows, so too does the need for a more comprehensive commercial insurance policy.
If you have found yourself at the stage of your business’s growth where it’s time to upgrade your commercial insurance policy, there’s no reason to postpone making the change. Procrastination can only help to create gaps in your insurance coverage.
With a comprehensive policy, you can obtain a higher level of protection when it comes to losses to your property, equipment, or inventory. This type of policy can also provide protection in the event that your business has to shut down due to a covered event. This cash flow protection can make coming back after a closure much more doable and a lot less stressful for you.
Let us help you find the insurance that’s right for your business
If you are a business operator or owner in the greater Miami, FL area, you can rely on Prestige Insurance Group for all of your commercial insurance needs. Give our office a call today and set up an introductory consultation. We look forward to working with you!
Prestige Insurance Group offers commercial coverage to the Miami, FL community. We are aware that life can take an unexpected turn at any moment. We strive to make sure that our clients are prepared for whatever life brings. We will help you find a custom policy that suits your needs. We proudly serve the community as an independent agency.
The Advantages Of Commercial Insurance
A large part of the success of the Florida economy is thriving businesses. As a business owner, you want to maximize your investment. Commercial insurance is an asset. The policy protects your business in multiple ways. You are covered if any damages occur to your property or inventory. Liability coverage protects you if one of your customers is injured while visiting your business. Here is a closer look at the advantages of commercial insurance.
Protects Your Employees
Your employees are a valuable part of the success of your business. However, an injury in the workplace can cause a lot of uncertainty. The injured party may pursue litigation against you, damaging the short-term progress of your business. The morale of the entire workforce may decline, which causes more long-term problems. You can cover your business against these potential issues with workers’ compensation. Workers’ compensation takes care of your employees if they suffer an injury on the job, which helps protect your business.
Having a strong commercial insurance policy enhances the credibility of your business. It shows everyone that you are serious about operating at a high level. This can help your business attract new customers and the most talented workers on the market. You’ll gain an advantage over your competitors as well.
Prestige Insurance Group Will Help You Protect Your Assets
Visit our website to learn more information about commercial insurance.
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.