Florida Commercial Liability Insurance

If you are starting a new business in Florida, you’re going to need a commercial liability insurance policy.

What does this mean? How do you determine coverage? What kind of protection does my business receive? How does this process work?

What is commercial liability insurance?  

Commercial Liability insurance policy also is known as general liability, it protects your company’s assets and pays for its legal obligation in the event of a bodily injury or property loss your company caused to a third party. Additionally, liability policy covers legal defense, settlements or awards should your company get legally sued.

Some of the type covered liability claims are non-monetary losses directly involved with the injured party, compensatory damages, and punitive damages. Another important fact about general liability insurance is, it financially protects your company against any liability claim in the event you caused damage to your neighbor’s property. Lastly, it also deals with claims of copyright infringement, misleading advertising, libel or slander that affects your competitor business negatively.

Does your business require liability insurance?

Getting liability insurance is a wise investment that is cost-effective. We live in a litigious world, and when you least manage your operation, you might have a claim knocking on your door. This small investment is low in comparison to the thousands or possibly a million of dollars that court may award to the injured party.

How do you determine the coverage?

General liability coverage varies by the class of business you operate and the severity of the risk you might encounter. For example, an electrical contractor needs more liability coverage than a public relation agency, or a consultant agency. Another factor that plays an essential role is the location of your business.

For example, State of Florida may award more money in claims pertaining damage to plaintiffs than other States. Before choosing a policy, speak with G. Zein Insurance Services on getting the right advice.

How does business liability insurance work?

Many insurance companies work the same when pertaining to commercial general liability policy. It highlights the maximum amount the company is willing to pay for any liability claim. For instance, if you own a small business and get sued for $300,000 for medical expenses due to a bodily injury occurred at your company work site, or due to your product sold in the market, plus an additional $150,000 in legal fees. Thus, your policy limit automatically max-out at $300,000, so you become responsible for paying the difference of $150,000. It is preferable to carry a minimum of $1,000,000 liability limit to be well protected.

What to do to receive a Business liability insurance quote?

Make sure you shop around before making a decision, call G. Zein Insurance Services today at (954) 454-9599, an experienced broker since 1987 in the field, we are ready to save you time, money and answer all your questions.