A Commercial General Liability (CGL) policy protects your business from financial loss should you be liable for property damage or personal and advertising injury caused by your services, business operations or your employees. It covers non-professional negligent acts. Most businesses require some form of general liability insurance to protect company assets and sign important contracts.
This policy covers responsibility associated to the property of a business, operations and products of which damage was caused by design, and the installation or malfunctions. This insurance also responds in cases of legal claims for damages to third parties including expenses for attorneys’ fees, court costs or any loss of profits. Examples:
Property damage lawsuits: For example, say you rent the building of a restaurant and the kitchen goes on fire and destroys half the restaurant. The landlord then sues you for $200,000 worth of damages. A general liability policy will help cover the costs associated to the damages.
A slip and fall incident: For example, say a customer slips and falls in your store after you mopped the floor and breaks a leg. The customer then sues you for $120,000 of their medical costs. A general liability policy will help cover costs associated with this bodily injury.
A product liability incident: For example, say you own a hair salon and sell hair products. A customer purchases one of your shampoos and in result suffers an allergic reaction and has to miss a week of work. The customer then blames the shampoo for the illness and sues you for lost wages. A general liability policy can typically cover the legal expenses associated with product liability
An advertising lawsuit: For example, say you and your team created a new advertisement campaign on your website. Once it’s launched to the public, a few days later a company sues you $215,000 for copyright infringement. A general liability insurance will help cover any of these costs.
Although general liability isn’t always required, it is highly recommended to purchase in order to avoid any unexpected incidents. It’s better to have a peace of mind that your business is protected than to not be properly insured and have unexpected expenses and be in a financial burden from future lawsuits.
WHAT IS COVERED?
Workers’ compensation provides medical expenses, lost wages, and rehabilitation costs to employees who are injured or become ill as a result of their job. It also helps protect employers from potential damages that could harm a business based on workers’ comp claims. It is important to note that workers compensation does not cover negligence of an employee.
WHO NEEDS WORKERS’ COMPENSATION INSURANCE?
Construction Employers who have 1 or more employees, including any non-exempt business owners
Non-Construction Employers who have 4 or more employees including any non-exempt business owners
Agriculture – when there are 6 regular employees and/or 12 seasonal workers who work more than 30 days during a season, but no more than a total of 45 days in a calendar year
Exemptions are available to business owners who opt out of the insurance coverage protections for themselves and who meet the requirements for an exemption.
The purpose of filing an exemption is for an officer of a corporation or member of a limited liability company to exclude themselves from the workers’ compensation laws. Upon issuance of a Certificate of Election to be Exempt, the officer or member is not an employee and may not recover workers’ compensation benefits.
If you have additional questions or inquiries, you may visit The Division of Workers Compensation in the state of Florida for more details and up to date information https://www.myfloridacfo.com/division/wc/ . You can also contact Client Care Insurance for a quote or additional information.
WHAT IS PROFESSIONAL LIABILITY?
Professional liability insurance also known as Errors and Omissions (E&O), is an insurance that helps cover you and your company if you are found negligent in the professional services you provided, even if you haven’t made a mistake. Professionals who have expertise in a specific area require this type of insurance because general liability insurance policies do not offer protection against claims arising out of business or professional practices such as negligence, malpractice, or misrepresentation.
WHO NEEDS PROFESSIONAL LIABILITY INSURANCE?
Accountants and Tax Preparers
Engineers and Architecture
WHAT PROFESSIONAL LIABILITY TYPICALLY COVERS
Personal injury (e.g. libel or slander)
Work mistakes and oversights
Accusations of negligence
There are different variations of professional liability depending on your professional line of expertise. Please consult one of our agents to proper guide you in the right protection for you.
BUSINESS OWNER POLICY
COMMERCIAL PROPERTY INSURANCE
WHO NEEDS COMMERCIAL PROPERTY INSURANCE?
WHAT IS COMMERCIAL PROPERTY INSURANCE?
A commercial property insurance helps protect the building your business owns or leases and your business personal property, supplies and equipment, inventory, and furniture from the risks of disasters from covered losses such as fire, theft, acts of vandalism, lightning, and natural disasters.
WHAT BUSINESSES TYPICALLY HAVE PROPERTY INSURANCE?
If they own an office or building
Rent an office or storage space
Have valuable items such as computers, tools, or other business equipment
Rely on certain property to run the business
Stores accounting records and essential company documents
WHAT DETERMINES THE COST OF A COMMERCIAL PROPERTY INSURANCE?
- Property location
- Coverage limits
- Fire and theft protection
- Property value
- Type of building occupancy
Among other factors can determine the cost of the policy, it’s important to talk to your agent and request a quote for your specific business.
WHAT IS BUSINESS OWNER POLICY?
A business owner policy (BOP), is a package policy that combines all major property and liability risks in one. It is designed for small businesses to have the basic required protection in one policy at a premium less than having individual policies.
WHAT IS COVERED?
A BOP typically consists of three major parts, property insurance, business interruption insurance, and general liability.
1. Property insurance covers buildings and contents such as business furniture or equipment.
2. Business interruption insurance 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.
3. Liability protection covers your company’s legal responsibility for the harm it may cause to others. It protects your business from another person or business’ claims of bodily injury, associated medical costs and damage to their property.
It’s important to note that general liability does not protect your OWN property. If you want to have a complete policy that protects your property and the liability protection, consider buying a business owner policy.
All BOP’s can be customized to tailor to your business needs and protection by adding additional coverages for a premium.