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Why Business Owners Need Commercial Insurance

Are you a business owner in the Jacksonville, FL area? If so, it’s important that you consider getting business insurance. What is business or commercial insurance? This is important insurance that protects you from liability and financial loss in the event of a lawsuit. 

Not My Fault

Sometimes lawsuits arise out of something that is no fault of your own. Even if you do everything right, there is a possibility of injury or damage to others or their property when you create a product or perform a service for them. How do you protect yourself?

What Commercial Insurance Covers

Good commercial insurance in Jacksonville, FL should cover the following (to comply with insurance laws):

  • Property damage: covers damage to others’ property as a result of your products or services
  • Commercial Auto: covers accidents resulting in damage to your company vehicles or accidents involving others’ property
  • Workers’ compensation (required in Florida): covers workers’ compensation claims that result from company actions or conditions or that occur at work

Why You Need It

If you have a business that works with others’ property such as vehicles, recreational equipment, real estate, or other properties, it can be quite costly if you damage someone’s property.

Commercial auto coverage will cover you in the event of an accident that damages your company vehicle or other vehicles that you are using under your business name.

Workers’ compensation is required coverage in Florida, so you should always carry this.

About Liability Insurance

Liability insurance for your business is just as important as an auto liability. This type of insurance pays for damages, injury, and loss of another person who proves that your company’s actions caused their loss or injury. This is necessary insurance to protect your assets.

Start Here

One company you should check out to learn more about this type of insurance is 925 Partners in Jacksonville. They have all of the types of commercial insurance that you need to protect your company from the unexpected.

When you worry about what the future might bring and need to protect your business from liability contact 925 Partners and rest easier. 

7 Terms You Should Know for Commercial Insurance

Whether you own a small business or a larger company, you’ll need to have some level of commercial insurance. It can be a good idea to know some of the basics before you shop around for your insurance provider and the specific policies you want or need. The team at 925 Partners of Jacksonville, FL, and the surrounding area can provide you with many of these answers, though there are some terms you should know in advance.

Business Owners Policy (BOP)

This is a package policy with liability and property insurance combined so that small business can spend less when they have to get multiple policies.

Business Interruption Insurance

This is put in place if your business needs to shut down, and it’s because of a covered loss reason. The coverage typically will reimburse for the expenses you’d have if your business had continued operations.

Commercial Auto Insurance

Commercial auto insurance provides coverage to your employees and company’s vehicles if there’s been injuries and/or damage. It does not matter if these automobiles are owned, rented, or leased. The policy also covers any passengers at the time.

Employer’s Liability Insurance

This protects an employer if their employee files a lawsuit after being injured in the workplace or while conducting work duties. Workers’ compensation benefits don’t allow much room for the employee to sue after such an injury.

General Liability

This is a broader version of the employer’s liability. The company can be held liable for injuries or damages to another party while on the premises (as well as those that occur from company property or employees during their assigned work duties off the premises).

Loss Control

A means for a company to help minimize how much loss they experience.

Named Peril

A hazard or event that is listed and covered by your policy – in many instances, a certain type of policy will only cover those that are clearly outlined in your insurance policy document.

It’s much easier to sign up for commercial insurance with the help of experts. Talk to someone at 925 Partners of the Jacksonville, FL area, and you won’t be disappointed.

Is Commercial Insurance Required in Florida?

There is no one-size-fits-all commercial insurance policy for your business in Jacksonville, FL. Still, some parts of commercial insurance will be required if you want to operate a business in the state of Florida. There are two types of commercial insurance required in the state, but an agent at 925 Partners can help you determine which coverage is best for your business, even if it isn’t required. 

If you want to operate a business in Florida and have four or more employees, whether part-time or full time, then you will need to have workers compensation insurance. If you run a business in the construction industry, then you must have this type of commercial insurance, even if you have only one employee. Workers’ compensation covers medical bills for any work-related illnesses or injuries. If you have business-owned vehicles in the state, then you will also need to have a commercial auto insurance policy. The policy should have $10,000 for liability for bodily injury and $10,000 for property damage liability. Just like personal auto insurance, it covers property damage and injuries after accidents. Keep in mind that a personal auto policy will generally exclude you if you are using your car for commercial purposes.

Even if it is not required, it’s still best for businesses to have some added liability protection. General liability can be needed to cover common risks, such as customer injuries and property damage. Professional liability insurance can be used to protect you if your work depends on the expertise and includes things such as client lawsuits. Depending on the size of your business, you may be able to get a business owner’s policy to help you bundle general liability insurance and property insurance and protect your company against a variety of different business risks.

Contact 925 Partners in Jacksonville, FL to get a quote on commercial insurance.

3 Commercial Insurance Tips for Jacksonville Area Business Owners

Commercial insurance can make the difference between overcoming a catastrophe and having to close one’s business. 925 Partners is here to help guide business owners in the greater Jacksonville, FL area during the commercial insurance selection process. These three tips can help you find a policy that provides the appropriate coverage and the right level to help keep your business protected.

3 Tips for Choosing a Commercial Insurance Policy

  • Calculate your inventory when it is at its highest level — Inventory can be a significant asset that can be difficult to value as it fluctuates throughout the year. Make sure that your protection level is equal to the highest level of value.
  • Your commercial fleet or other vehicles that are used for business purposes — If your business relies on your fleet to get the job done, it can be devastating to have those vehicles off the road. Make sure that you have coverage that will protect you during those downtimes. The same holds true if your employees are using their own vehicles for business. Make sure that your policy provides all of the coverage you need. 
  • Make sure that your liability protection is adequate — Slip and fall accidents and other liability situations can cause some severe headaches for business owners. If you are in an industry that experiences a high level of liability risk, be sure that your commercial policy provides adequate coverage. Working with a local agent to determine the right coverage can make all the difference.

Ready to learn more about how the right commercial insurance policy can help keep your Jacksonville, FL area business protected? Contact the team at 925 Partners today and let us help you with all of your insurance needs.

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