Hello, and welcome back to our blog. At Forerunner Insurance Group, we want to make sure those who own a business here in Florida have the proper protection they need to safeguard their company, their employees, and their customers. In our recent post, we began looking at some of the things you should know about commercial property insurance and the benefits of commercial coverage. These included looking at what commercial insurance is, what it covers, and some of the exclusions. We also discussed how a commercial property policy can safeguard your business from damages and losses as the result of severe weather, theft (theft committed by unassociated thieves and employee theft), and vandalism. Let’s continue exploring more of the advantages of commercial property insurance in the second installment of our short blog series.
Commercial Insurance is Necessary
For those who own a building in Florida, you will definitely want to insure it; in most cases, your bank or mortgage lender requires that you carry commercial building insurance. For those business owners who rent a building or office, retail, warehouse space, or the like, the landlord will likely require some type of property insurance to cover your business contents, assets, equipment, and general property.
Protect Yourself and Your Employees
The last thing any business owner wants is for themselves, their employees, customers, or the general public to be harmed in any way at their place of business. Commercial liability coverage protects you and your employees from claims involving bodily injuries, which can safeguard you from costly expenses that could arise should an incident require lawsuits, investigations, and court settlements. If an employee or customer suffers an injury on your property and files a claim for damages or you are sued, commercial insurance covers the insurance company’s investigation, as well as attorney fees, medical expenses, and settlement costs. Commercial property liability does not cover employee injuries, as those would be covered under a workers compensation policy.
Aside from water damage, fires can absolutely devastate a business. According to the National Fire Protection Agency (NFPA), as many as one out of every four businesses that suffer a loss due to natural events, including fires, do not reopen afterward. A commercially insured building or the property has a much greater chance of recovering from a fire than one that has no coverage or an inefficient policy. Commercial insurance can really help with smoke odor removal, fire damage restoration, and general cleaning. Additionally, commercial coverage can help a business get back on their feet by replacing damaged equipment, supplies, and helping recover losses for inventory.
Protect a Home-Based Business
For those business owners using a home as a business space, homeowner policies may cover some aspects of the business, however, it often depends on how much of the space is being used for company-related activities. For those using a large portion of their home to provide services to clients such as massage therapy or yoga, or for those using a large section of the home to manufacture or produce goods for sale, it is wise to talk to an agent about a commercial property policy. Additionally, it’s best to know what your homeowner’s policy covers and what the guideline or requirements are if your home doubles as a business.
Contact Forerunner Insurance
When it comes to your business, protecting your property, contents, assets, and most importantly, the people, is of the utmost importance. Rather than thinking of commercial insurance as an additional business expense, look at it as a 24/7 watchdog protecting you and your business. If you are planning to start a new business here in Florida and want to request an insurance quote, or would like to compare your current commercial coverage to other policies that may be more affordable and offer better protection, call our team at Forerunner Insurance Group for a free quote. You can also click here to fill out our online form. Our team of insurance experts will find the best policy to fit the specific needs of your business at an affordable price. Thank you for reading our blog and be sure to tune into our blog regularly for updates, tips, and advice relating to all things insurance.