When an unexpected incident occurs in your business, the property and casualty coverage you have in place makes a big difference in your ability to stay in business.
A comprehensive business insurance program helps shield your employees, clients, and customers from the consequences of a tragic event. It can also protect you from the financial complications.
Commercial Property Insurance
Fires, windstorms, and other undesirable events can occur when you least expect them. The resulting damage might not completely destroy your building and contents; but if you can’t make timely repairs, even a minor incident temporarily shuts down your business. Employees and customers may choose to move on, and that puts your business into a financial tailspin.
The right property insurance pays for replacement and repairs. It helps you recover from a minor event or a major catastrophe.
General Liability Insurance
Injury and property damage claims are legally and financially complicated. When someone is injured on your property, you could be responsible for medical bills, lost wages and other expenses. A personal injury suit could keep you in court for years to come.
A General Liability insurance carrier investigates liability incidents. They pay the damages for which your business is legally liable or defend you if the incident isn’t your fault.
Worker’s Compensation Insurance
If your employee is injured on the job, in most cases you are legally responsible for his or her expenses until they return to work. Worker’s Compensation Insurance helps you handle that responsibility.
The company underwriting your business insurance reviews compensation claims. If a claim is valid, they make payments on your behalf and handle the case to its conclusion.
Commercial Auto Insurance
Drivers in Florida are required to have Personal Injury Protection (PIP) coverage for accident-related injuries. If a driver or passenger is injured, the owner’s insurance company pays. It’s a simple idea, but unfortunately it’s more complicated than that. If injuries exceed Florida’s “tort threshold”–permanent disability, loss of bodily function, significant disfigurement, or death–injured parties retain the right to sue.
If your employee is involved in an accident while driving your business vehicle, high dollar claims or a personal injury judgment, put your business assets in jeopardy. Your agent helps you avoid that dilemma by helping you choose policies with the right coverages and adequate limits to cover your commercial auto exposures.
Product Liability Insurance
Product Liability Insurance isn’t just for manufacturers. If your business markets, distributes, or performs any activity that places products into a customer’s hands, you have a product liability exposure.
If your product injures a person, they may present a claim against you or name you in a lawsuit… even if you did nothing wrong. Your product liability insurance company investigates any claims presented, pays them if you are liable, or defends them if you are not.
Professional Liability Insurance
Even if you are a highly conscientious doctor, architect, or other professional, errors occur. Professional malpractice cases lead to major claims and big judgments. When you have Professional Liability Insurance, a claim staff investigates and pays claims on your behalf. If you are not legally liable, they pay to defend you.
Insurance is important
As you see, there are a lot of complicated, and incredibly involved, details to contemplate when you’re reviewing the business insurance products you need to help keep your business going strong. Fortunately, your great Florida Insurance Agents like Pablo Beach Insurance Group are here to help with any and all additional information.