ivermectin (Ivermectin) where to buy Safeguard your business and its future with the proper coverage

Key takeaways:

  • Florida only requires workers’ compensation and commercial auto insurance for businesses, but just meeting the minimum requirements leaves you hanging in the event of a theft, fire, or other risks. 
  • Having commercial property insurance is a must to fully protect your business’s assets.
  • If you lease space, your landlord’s insurance isn’t going to cover what’s inside your business. Commercial property insurance covers the valuable computers, assets, and heavy equipment you utilize to keep your business viable.
  • Hurricanes and flooding are two South Florida hazards that are not covered in a commercial property insurance policy and require separate policies.
  • When crafting your policy, consider deductibles and whether you should purchase one that reimburses you for actual cash value or replacement cost. The difference between the two could mean the survival of your business.

When it comes to insuring your Florida business, the state requires that you carry workers’ compensation insurance for your employees. That’s it. Only complying with minimum requirements, however, leaves you exposed in many areas and a single risky event can mean big losses.  

To be adequately protected, you need commercial property insurance. This insurance covers commercial buildings and their contents from losses due to fire, wind, theft, and other damaging events. These policies can be purchased to cover just one building and its contents or multiple locations, depending on your needs. 

We are going to cover what commercial property insurance does and does not cover, what you can expect regarding reimbursement, and what you, as a Florida business, should pay special attention to. Your agent will be your best source for information on your business’s unique insurance needs when it comes to specifics, of course. Let’s dive in! 

What is commercial property insurance and what does it cover?

Commercial property insurance protects your commercial building and everything in it. Note that if you are leasing your business location, your landlord likely has insurance to cover the building, but that insurance will not reimburse you for any losses you suffer. You are responsible for your business property and the interior of your location. This is what makes commercial property insurance so essential. Not having it can cause you to lose everything you’ve worked so hard to build. 

Your policy will help pay for damage or loss from any named perils, including fire, theft, vandalism, and wind damage, as well as burglaries, but not normal wear and tear or natural disasters. The wind damage part of this coverage is especially important for Florida businesses, which are vulnerable to wind-damaging events such as hurricanes. It’s important to note, however, that hurricane coverage is not included in a commercial property insurance policy and requires a separate endorsement added to your standard policy. 

When it comes to the contents of your business, your policy covers pretty much everything moveable, including items such as:

  • Office supplies: pens, calculators, tape dispensers, staplers, paper
  • Furniture: chairs, desks, conference tables, file cabinets
  • Furnishings: rugs, blinds, drapes, whiteboards
  • Computers: laptops, desktops, servers, monitors, keyboards
  • Electronics: mobile phones, tablets, televisions 
  • Heavy equipment: forklifts, hydraulics, cranes, and other construction equipment
  • Machinery: photocopiers, 3D printers
  • Inventory

Business personal property is only covered if it’s kept in specific locations. If you have items in storage or keep any business assets in your home, you will need coverage that extends to those locations, so it’s important to talk to your agent about multiple location coverage. 

What commercial property insurance does not cover

Commercial property insurance doesn’t cover flooding or hurricanes. As mentioned previously, you can purchase hurricane coverage, and in Florida, it doesn’t pay to go without it. While flooding is something that often occurs during a hurricane, your hurricane policy only covers the same damage as your commercial property insurance but is specific to hurricanes. It does not cover flood damage.

Flood damage can occur outside of hurricanes as well. Flood insurance is provided through the Federal Emergency Management Agency (FEMA) and covers damage done to heating and plumbing, furnaces, water heaters, major and built-in appliances, and fuel tanks. It also covers solar energy equipment along with permanently installed carpet, cabinets, bookcases, and paneling. If you have a detached garage you use at your business location, you’re covered there, too. However, all damage has to occur as a direct result of flooding. 

Commercial property insurance deductibles and payment calculations

When it comes to insurance, you always have choices. Higher deductibles mean a lower premium, but you have to make sure you have cash on hand to cover your portion of the loss. You can choose the type of deductible: a percentage deductible wherein you pay a percentage of the value or a flat deductible, which means you pay a flat rate no matter the loss. Another thing you should consider is how you want your payment calculated if you should suffer a loss.

Replacement cost (RC) and actual cash value (ACV) are used by insurers to calculate what they will pay for any losses. With ACV, if you suffer a loss, the insurer will look at the current market value of the property. For example, if a thief stole a laptop computer that was purchased a year ago, your insurer will look at its current value regardless of what you paid for it. Depreciation is a big part of this type of calculation.

When it comes to RC, the insurer will pay you the actual cost of replacing your property, which means that for that stolen laptop, you would receive enough money to buy a brand-new laptop of equal quality, no matter the age of the one that was stolen. Premiums for RC coverage are more expensive than for ACV coverage. However, if you suffered a flood or severe hurricane damage, it’s doubtful that ACV would make your South Florida business whole. 

It just makes sense to have commercial property insurance. It protects the assets that are mission-critical for your business, and your agent can customize and optimize your policies to meet the unique needs of your business.

Commercial property insurance tailored to the needs of Florida businesses

Commercial property insurance is essential for any business because damage to your assets means damage to your bottom line. You’ve worked hard to build your company, and at Avante, we’ll work just as hard to build the complete coverage your organization needs with a deductible that works for you. Reach out today because life and weather are unpredictable. At Avante, we’re always standing by.

This blog and website are made available by the publisher for educational and informational purposes only. It is not to be used as a substitute for competent insurance, legal, or tax advice from a licensed professional in your state.