Commercial Business Insurance
Commercial business insurance is designed to protect your business from any number of risks that could result in financial troubles that are impossible to overcome. There are many forms of business insurance, including general liability, property and workers compensation insurance. Commercial property insurance, however, is designed to protect your business from problems that could cause a serious financial loss. It protects your physical assets, whether you own or lease the building.
What Business Property Insurance Covers
Business property insurance protects your assets in case of fire, water damage or storm damage, among other things. It’s one of the most important investments you can make to ensure the ongoing success of your business. Commercial property insurance protects:
- The building
- Furniture and any equipment
- Outdoor signage
- Landscaping and fencing
- Important Documents
- And the property of others
This is truly a necessity for any business owner and coverage may also be customized to meet your needs. Your coverage is typically defined by what’s covered as well as the events that may cause the loss.
Along with covering the assets listed above, typical coverage covers losses as a result of fire, lightning, windstorms, explosions, riots or strikes, vandalism and damage from an aircraft of vehicle. You may also choose additional coverage, or endorsements, to fill in the gaps:
- Breakdown of business equipment
- Business income loss
- Broken glass or a building collapse
- Volcanoes, earthquakes and floods
While business insurance in Miami, FL is typically very comprehensive, there are some things that won’t be covered, including workers’ compensation, which must be written separately. There are also some things that won’t be insured by any policy, including normal wear and tear (depreciation), software or hardware failure, power failure and missing property with no evidence of what happened.
How Your Rates are Determined
We strive to offer the most competitive commercial business insurance rates and the best coverage for your money. There are many factors as well as levels of risk that determine how much the insurance will cost, including the location of your business, the type of business, exposure to nearby risk and building construction. One of our experienced insurance advisers will be happy to work with you to reduce your risk or design a coverage plan to fits your needs and saves you money.
Most premiums for business insurance in Miami, FL are determined by multiplying the value of the building and contents by the value associated with the risk involved. The following things may determine your level of risk and your insurance rate:
- Construction materials and overall condition of the building. Newer buildings or those with updated wiring, plumbing and HVAC systems are more affordable to insure.
- Occupancy. Use of the building also impacts your rate. A restaurant, for example, usually has a higher risk than a flower shop. Your premiums may also go up if you share the space with another high-risk tenant.
- Safety. Buildings near a fire station or in an urban area will cost less to insure, especially if a sprinkler system or other safety features are installed.
- Exposure to risk. If your business operates in a high-crime area, your premiums will likely go up. Nearby neighbors can also impact your insurance premium.