Common Questions

General liability insurance (CGL), is a standard policy that protects your business from a variety of claims that could arise during normal operations. This coverage includes:

• Bodily Injury: If a customer slips and falls at your place of business.
• Property Damage: If an employee accidentally damages a client's property.
• Personal and Advertising Injury: Covers claims of libel, slander, or copyright infringement in your business's marketing or communications.

A standard commercial property policy does not cover lost revenue. To protect your business from this kind of financial loss, you need to add a specific endorsement called Business Interruption or Business Income coverage. This essential policy will cover lost profits and operating expenses, including payroll and rent, if a covered event, such as a hurricane, forces your business to close temporarily.

In Florida, workers' compensation insurance is mandatory for most businesses. For non-construction companies, it is required when you have four or more employees, whether full-time or part-time. In the construction industry, the requirement is stricter: every business with at least one employee (including the owner) must carry this coverage.

When you use your personal vehicle for business purposes like a home inspector does, you will likely need to add a commercial-use endorsement to your personal policy or purchase a commercial auto policy so that you have coverage in the event of an accident.

This is a critical distinction. If an employee is injured on your property, they are covered by your Workers' Compensation policy. If a customer or other third party is injured, they are covered by your General Liability policy. You need both to be fully protected.

In most cases, commercial insurance premiums are tax-deductible as 'ordinary and necessary' business expenses, according to the Internal Revenue Service (IRS). However, it's always advisable to consult with a tax professional to ensure you are meeting all legal requirements.

There are several ways to reduce your insurance costs:

• Bundle Policies: Combine your general liability, commercial property, and business income coverage into a single Business Owners Policy (BOP).
• Increase Deductibles: A higher deductible means you pay more out-of-pocket for a claim, but it can significantly lower your premium.
• Install Safety Systems: Businesses with strong safety protocols, fire alarms, video surveillance, and security systems are often rewarded with lower premiums.

Yes. All businesses, regardless of size, are vulnerable to cyberattacks. Cyber liability insurance is becoming a necessity as it covers the financial fallout from a data breach, including the costs of notifying affected customers, legal fees, and regulatory fines.

• Notify Your Insurer: Report the incident to your insurance agent or carrier as soon as possible.
• Document, Document, Document: We can’t stress enough the importance of taking photos and videos of any damage. Create a detailed inventory of damaged property and keep a detailed record of all communications.
• Protect the Property: Take reasonable measures to prevent further damage, such as boarding up a broken window or putting up a "wet floor" sign. Keep receipts for any expenses incurred, as they may be reimbursable under your policy.
• Cooperate: Work with the insurance adjuster who will be assigned to evaluate the validity of your claim.