General liability business insurance is a powerful part of operating many kinds of businesses in Florida. While business income coverage and equipment breakdown are useful to have, often these are less important for a strip mall than for factories and other “production” types businesses. For strip malls, general liability business insurance, property, signage and umbrella coverage are far more powerful at protecting your asset.
Umbrella Coverage
Umbrella coverage is the type of insurance a lot of people need but not very many business owners actually have. While general liability business insurance is a powerful tool for your toolbox, umbrella coverage is like a pipe wrench — not useful in 9 out of 10 situations but indispensible when you do need it. Umbrella coverage takes your insurance and basically puts it on steroids by filling in some of the largest gaps your existing coverage leaves. While this isn’t a replacement for other, more specific types of coverage, umbrella insurance keeps you out of bankruptcy when the situation gets real.
With most kinds of business insurance, you have fairly low limits. In some policies, getting less than half a million dollars worth of coverage is actually possible. If you have ever seen the ambulance chaser advertisements or read news stories on how people sue each other, half a million in this day and age is practically nothing. Do you want “nothing” coverage, or do you want something to actually protect you from what will really happen if and when someone sues you? With umbrella insurance, you have up to five million dollars or more for when someone really wants to get a paycheck out of you and has an excuse to do so. This is the type of insurance so many property and business owners don’t have but should.
General Liability Coverage
General liability business insurance is one of the most powerful pieces of your insurance puzzle. Liability coverage keeps you from taking serious financial damage if and when someone falls on your property in a heavy rain, the odd snow (yes we do periodically get snow here in FL!) or just because they have a clumsy moment. General liability coverage is often the difference between paying hundreds of thousands of dollars out of pocket or paying your deductible and having the insurance company fight on your behalf in court.
Property Coverage
Liability coverage is great for protecting you from other people, but Mother Nature can be just as cruel. When you take on a reasonable level of property coverage, you protect your investment in your strip mall and won’t have to pay for every kind of damage. In some cases, you may be covered for a portion of your deductible. In most other cases, provided you and your agent settle on appropriate types of property coverage for Florida, your deductible will be the most you have to pay when a natural disaster or a stray vehicle pays a visit to your property.
Outdoor Sign Coverage
Outdoor signs are not always covered by general liability business insurance or general property coverage, so this is something you should ask your agent about before it becomes a problem. Outdoor signs are vulnerable to vandalism and wind, which hurt your business’s performance overall. Furthermore, if your sign falls and hurts someone or damages their vehicle, you can be held liable for this. Outdoor sign coverage is worth looking into.
Make sure you have enough insurance to protect yourself and your property from harm.
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Locally Owned, Casual Approach, Professional Results
Pablo Beach Insurance Group has been proudly serving our local communities since 2005. While we are serious about providing the right insurance coverages to protect what matters most to you, we still embody the Florida lifestyle.