3 Consideration When Buying Florida Commercial Insurance

Purchasing commercial insurance isn't only necessary but it is also good business. There are several things to consider however, when deciding on what plan, how much coverage and what needs to be insured etc. Below are the top three considerations when purchasing Florida commercial property insurance.

1. Consider the Risk Factors.

A company operating in Florida will have consideration that will differ from companies located in places like the Midwest for example. There never has been any concern about being ravaged by a hurricane in Ohio, this will obviously be a concern in a state like Florida. So determining if your business or locations are in an active weather area are definitely considerations. There are also risks associated with just daily business activities. An accounting firm will have vastly different risks by comparison to a taxi or transportation company.

2. Customer Protection and Property.

With more of a focus on customers, ensuring that public liability insurance is included will protect your customers which can be a big selling point depending on the type of business. Of course getting accurate and proper value estimates on the property held or stored by a business is essential. To create a better picture, imagine a mechanic who has at any given point several vehicles in the shop for repair. This is where protecting the customer is advantageous for the customer and the business owner. When it comes to property, a machine shop is much more likely to have more expensive equipment than a temporary staffing agency would. In both cases it is also important to find out how items are valued as there can be considerable differences between cash value and replacement cost estimations.

3. Flood Insurance Generally is not Included.

Discussing insurance for businesses located in Florida and other coastal states it probably goes without saying that flood insurance is always a concern. Now if someone were to evaluate every single insurance company in the state of Florida, one that has an inclusive flood insurance policy included in their commercial insurance plan may found. Yet this is still doubtful as it is standard for flood insurance to be separate from commercial insurance. It is somewhat comforting that most commercial insurance policies include disaster coverage, but again this for whatever reason does not include flood insurance. For that reason, it is important to make certain that coverage for this likelihood in a state like Florida is added.

This isn't a comprehensive list of considerations, but it is a good place to start. Giving this aspect of business operation its due diligence is only good business sense and will save time, money and even potentially the loss of a business if not done. One additional note, be sure to ask too many questions and have perfect clarity on what each coverage option covers and doesn't cover. Most agents will be more than happy to walk you through each step of the process, and in the end it will be worth the time an money spent.