Orlando, Fla./June 2023—From extreme weather conditions to increased customer foot traffic, businesses should be prepared for the unexpected during the summer. Commercial insurance is an important tool to ensure businesses are protected from a variety of potential risks. Whether it's a storm that damages property, a customer injured on the premises, or a lawsuit that may arise for any number of reasons, commercial insurance can provide the necessary coverage to protect businesses from financial loss. Business owners should consider purchasing commercial insurance to protect their operations from unexpected events that could occur during the summer.
Basic insurance coverages include:
Commercial insurance can provide a variety of coverages, from property damage to liability protection. Property coverage protects businesses and their assets in the event of natural disasters such as floods or fires, while liability coverage provides protection against lawsuits resulting from negligence or other claims made against the business. In addition, businesses should consider obtaining product liability insurance to protect them if a customer is injured.
In addition, businesses should consider specialized insurance options, such as cyber insurance, which can provide protection against cyber attacks, data breaches, and other online risks. Cyber insurance can help cover the costs associated with responding to a data breach, repairing or restoring systems, providing credit monitoring for customers, and more. It can also provide coverage for legal fees and costs associated with regulatory investigations or settlements. Cyber insurance can be a critical tool for businesses that store sensitive data or conduct business online, helping them mitigate the financial losses associated with a cyber attack or data breach.
In Florida and Texas, for example, having a complete insurance coverage is key to keeping your business afloat, when adversity hits.
Some examples of businesses that have suffered major financial losses due to inadequate insurance protection include a Florida-based architectural firm whose building project was destroyed by a hurricane and a Texas-based company that was sued by a customer for a faulty product, resulting in a jury award of over $1 million. In both cases, the companies lacked sufficient insurance coverage to protect them against such an event. In the case of the architectural firm, they were not carrying property insurance that covered the full value of their building project, leaving them on the hook for the remaining costs. In the case of the Texas company, they did not have product liability insurance, leaving them liable for the award. In both cases, adequate insurance coverage could have provided protection against major financial losses.
Risk assessment is an integral part of determining the right insurance coverage for businesses. By assessing the risks associated with a business, companies can gain an understanding of the types of insurance coverages they need to protect their business from potential losses. Risk assessment should include identifying the specific risks associated with the business, evaluating the likelihood and potential impact of those risks, and understanding the legal requirements and regulations that must be met. With this information, businesses can customize their insurance coverage to protect against the risks they face, ensuring they are adequately covered for anything that could happen. This will not only help businesses avoid major financial losses, but also help them ensure they are in compliance with applicable rules and regulations.
At Garzor Insurance we care about your business.
Our experienced professionals are dedicated to providing commercial and personal insurance options in Florida as well as Texas, and now many other states across the U.S. If you also have questions about truck or other commercial vehicles insurance, or any other business insurance aspects, please do not hesitate to visit us online at Garzor Insurance, or you may want to call us directly at (321) 206-8035.