General Liability covers your business for many of the public and product liability risks. Generally, liability insurance covers only the risk of being sued for negligence or strict liability torts. This is usually mandated either by the policy language itself or case law or statutes in the jurisdiction where the insured resides or does business. In other words, liability insurance does not protect against liability resulting from crimes or intentional torts committed by the insured. This is intended to prevent criminals, particularly organized crime, from obtaining liability insurance to cover the costs of defending themselves in criminal actions brought by the state or civil actions brought by their victims. A contrary rule would encourage the commission of crime, and allow insurance companies to indirectly profit from it, by allowing criminals to insure themselves from adverse consequences of their own actions.
As a business owner, you need the same kinds of insurance coverage for the car you use in your business as you do for a car used for personal travel — liability, collision and comprehensive, medical payments and coverage for uninsured motorists. In fact, many business people use the same vehicle for both business and pleasure. If the vehicle is owned by the business, make sure the name of the business appears on the policy as the “principal insured” rather than your name. This will avoid possible confusion in the event that you need to file a claim or a claim is filed against you. While the major coverage’s are the same, a business auto policy differs from a personal auto policy in many technical respects. Ask our agent to explain all the differences and options.
Commercial Umbrella is a liability coverage that goes beyond your liability coverage. Once your liability has been exhausted the umbrella coverage kicks in. Commercial Property in Florida has to deal with many different aspects: Hurricane Deductibles Non Hurricane Deductibles Theft Deductibles Sink Hole Coverage Theft
Typically you find that Commercial Property will be sold on either a stand alone policy, package policy or a business owner’s policy also called a “BOP”. The BOP policy is a more comprehensive policy and is the best way to purchase property insurance. If this is not an option you can get one of the other two different types. Make sure you find out the gaps or holes in the policy prior to purchasing.
What is Workers Comp?.
Workers Compensation is also known as Workers Comp, Workmen’s Compensation and some variations of the terms. Workers Compensation is insurance for the employees for if he or she gets hurt or injured on the job and can’t perform their duties. Workers Compensation has to be provided by the employer. The rule of thumb is if you are a non-construction business you are not required to provide unless there are 4 or more employees. The officers and owners are excluded if you wish to exempt them. For the Construction industry you are required to carry if you have any employees.