Business Insurance Services

All small businesses encounter risk when serving their customers. These risks differ depending on the services they provide and the industry they are in. Commercial insurance services encompass several coverage types; selecting the right combination is vital for complete protection. Key policies include:

1 – Property Insurance

Property insurance is precisely what it sounds like. It protects your property, whether it’s your buildings, products, tools, and equipment used to produce your goods and services or the furnishings within the building.

2 – General Business Liability Insurance

This insurance is essential for any business that interacts with the public. This coverage protects your company against claims of customer bodily injury, property damage caused while on your property (for example—a runaway shopping cart slams into your car causing damage), and personal injury.

3 – Workers’ Compensation Insurance

Most employers conducting work in the State of Florida are required to provide workers’ compensation insurance for their employees. The specific employer coverage requirements are based on the type of industry.

For example, according to the Florida Department of Financial Services, construction industry employers with one (1) or more employees must have workers’ compensation coverage. Non-construction industry employers must carry unemployment insurance if they have four (4) or more employees. For agricultural businesses, employers with six (6) regular employees and/or twelve (12) seasonal workers who work more than 30 days during a season and/or more than a total of 45 days in the same calendar year must provide coverage for medical expenses and lost wages if employees are injured on the job.

Check out the Florida Department of Financial Services website for more information about workers’ compensation insurance requirements.

4 – Professional Liability Insurance

This insurance is vital for service-based businesses. This covers lawsuits due to professional mistakes or failure to deliver services. It is not required statewide but is needed for some local areas. In Florida, some Industries require liability insurance, such as:

• General Contractors
• HVAC Technicians
• Electricians
• Daycare Providers
• Class B Security Companies

5 – Commercial Auto Insurance

Commercial auto insurance is critical if you have a vehicle dedicated to the company’s business. Whether it is a work truck your business owns or uses vehicles for operations, any company car must have a commercial auto insurance policy before using it.

Another fact that some drivers overlook is if you use your vehicle to make deliveries from services such as GrubHub or as a ride-share service such as Lyft or Uber, you also need to get a commercial auto insurance policy or a special rider for your car insurance.

6 – Cyber Liability Insurance

Recent data breaches in companies such as: have made small businesses aware of the devastating effects of a cyber attack, ransomware, or data breach.

Here are just a few of the companies that have had data breaches so far in 2024:

• AT&T
• Dell
• Ticketmaster
• Bank of America

These breaches prove that even the best network security has vulnerabilities, so covering your assets with a robust cyber liability policy is an excellent idea.

7 – Business Interruption Insurance

Because of the unpredictable nature of events such as hurricanes in Florida. You might consider getting business interruption insurance. These interruptions are not all due to natural disasters. Other events that may disrupt your business include:

• Loss of essential utilities such as electricity, water, natural gas, etc.
• Interruption to dependent businesses such as suppliers, essential buyers, delivery services, etc.
• Government shutdowns

This insurance covers expenses that occur to your business if it is forced to shut down due to unforeseen circumstances. It will cover costs such as:

• Mortgage, Rent & Leases
• Employee Payroll
• Loan Payment
• Taxes

Conclusion

Selecting the right commercial insurance for your small business requires thoroughly evaluating your industry, risks, and growth plans. Be sure to select the proper insurance to safeguard your business’s long-term health and success.

Mizrahi and Garris Insurance Agency – Your Concierge Commercial Insurance Experts

At Mizrahi and Garris, we want to partner with you as your concierge commercial insurance consultants, guiding you through the coverage process. We want a lifelong partnership with your business to provide best-in-class service for all your coverage needs. We want to inform you through the quoting process, advocate for you during the claims process, and support you with the proper coverage for all your insurance needs. Do you want more information? Please call us at (904) 262-9202 or click “Free Quote” and one of our local insurance experts will reach out to you. We’ll help you find a protection plan perfectly customized to you and your family’s needs.