What is Business Insurance?

If you are a business owner in Florida you have probably either purchased or considered purchasing some form of business insurance. Business insurance is intended to safeguard your business against certain types of losses. The type of losses that will be covered by your business insurance will depend on your specific policy, and the type of coverage you have purchased.

What types of coverage are available?

General Liability Insurance

General liability insurance helps protect your business from negligence related claims by third parties against your business. Thus, if your business has caused some type of property damage or personal injury, then this form of insurance would help offset some of the costs of these claims.

Commercial Property Insurance

Most businesses own some sort of physical assets. For many businesses, a significant loss in property can mean serious financial hardship. Whether those assets are real property or items such as inventory or supplies or equipment, commercial property insurance protects those business assets if they are damaged as the result of a covered loss. Covered events may include things such as fires, hurricanes, windstorms, thefts, vandalism, flooding, etc.

Business Interruption Coverage

Your inability to operate your business, even for a brief period of time, can be detrimental to a business and its income stream. Business interruption coverage is designed to protect lost income that results from a covered loss. Depending on your policy, your business interruption coverage may include both Business Income Coverage and Extra Expenses Coverage.

Business Income Coverage

Your business interruption coverage will generally provide at least some protection for loss of business income. Business income coverage protects lost income resulting from a covered loss. Of course, if you can still operate your business, even from a remote location, then you will be expected to continue to do so in order to minimize your loss. For example, if it is still feasible for you to continue to sell your goods or provide your services, even if it means at a diminished capacity, then you may be required to do so. A failure to do so may provide your insurer a reason to deny or limit your claim.

Extra Expenses Coverage

Extra expenses coverage is generally grouped with a business income provision. Extra expense coverage provides support for any added or additional expenditure that may arise when your business is interrupted by a covered loss. For example, if you have to spend extra money operating out of a new location, or if you have to shell out money to store your inventory at a new location to protect it, then “extra expense” coverage would reimburse you for those expenditures.   

Business Owner’s Policy

A Business Owner’s Policy is a favorite among small business owners because of its inclusive nature. This type of policy typically provides for some form of general liability coverage, commercial property coverage, and business interruption coverage. If you have business insurance it is important to review the specific language in your policy to determine the extent of your coverage, and your rights and responsibilities under your policy.

You can Miami Insurance Claims Lawyer J.P. Gonzalez-Sirgo by dialing his direct number at (786) 272-5841, calling the main office at (305) 461-1095, or Toll Free at 1 (866) 71-CLAIM or email Attorney Gonzalez-Sirgo directly at [email protected].

J.P. Gonzalez-Sirgo
J.P. Gonzalez-Sirgo, P.A.
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