Orlando, Fla.—During the last quarter of the year, it is important to review your business performance, and all the changes necessary to compensate any potential loss of income caused by the pandemic. But not all businesses are equal. Some may have even discovered additional revenues in products or services in high demand during this period. Whatever your case is, before you finalize budgeting for 2021, it is important to review your business insurance protection. These changes that took place during this year may change your risk levels and make you either under or over insured as you move forward.
A Business Owners Policy insurance, combines both property and liability coverage into one package. It’s popular among a variety of small and medium-sized businesses such as restaurants, wholesalers, retail stores and contractors.
Business Owners Policy
Property insurance for buildings and contents owned by the company -- there are two different forms, standard and special, which provides more comprehensive coverage.
Business interruption insurance, which covers the loss of income resulting from a fire or other catastrophe that disrupts the operation of the business. It can also include the extra expense of operating out of a temporary location.
Liability protection, which covers your company's legal responsibility for the harm it may cause to others. This harm is a result of things that you and your employees do or fail to do in your business operations that may cause bodily injury or property damage due to defective products, faulty installations and errors in services provided.
Professional liability, auto insurance, worker’s compensation or health and disability insurance are however not covered by your BOP. You'll need separate insurance policies to cover professional services, vehicles and your employees.
Professional Liability
This type of insurance coverage protects individuals and companies from assuming the full cost of defending a lawsuit that claims negligence of the individual or business. A claim of negligence, malpractice or misrepresentation is not covered under a general liability insurance policy, which makes professional liability insurance crucial for those who provide a service or advice for a fee. Depending on the profession, professional liability insurance may have different names like malpractice, or E&O insurance.
Commercial Auto
A commercial auto insurance policy is required under most circumstances when a vehicle is used for business purposes and meets certain other requirements. Among the factors that need to be met in order to obtain a business automobile insurance policy, aside from its registration include— ownership by a corporation, use in hauling goods for hire, and gross weight of the vehicle.
Workers Compensation
This type of insurance is needed protect employers from lawsuits resulting from workplace accidents and to provide medical care and compensation for lost income to employees hurt in their place of work. It covers workers injured whether they're hurt on the workplace premises or elsewhere, or in auto accidents while on business. It also covers work-related illnesses. Almost in every state, businesses are required to buy workers compensation insurance.
It is always highly recommended to have a consultation with your insurance agency, to discuss whether the amount you have budgeted for next year’s plan is accurate or may need up or down adjustments. Remember to ask for compared rates between different carriers, because that is another way to save and stay on budget.
At Garzor Insurance our experienced professionals are dedicated to providing commercial insurance coverage for businesses in Florida as well as Georgia, Texas, and now many other states across the U.S.A. If you have questions about business insurance, or any other commercial 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.
Mariana Morante
Licensed Insurance Agent
