Be Prepared for Disaster with Business Insurance, Florida!

When you build your business and obtain a basic business insurance policy, don’t assume that you’re covered for everything. Unless you review your policy with an expert, you may be unaware of some conditions and exclusions. Do you know what’s excluded from business insurance, Florida employers?

If you’ve taken out a standard policy without an extensive evaluation of your business insurance needs, you may not be covered for:

1.    Some types of natural disasters – for example, flood or earthquake. Where natural disasters can strike isn’t quite as predictable as we once thought it was!

2.    Business interruption that may occur due to a disaster, lengthy power failure, damage due to a fire in adjacent premises, or equipment breakdown. There are a range of events that have the capacity to shut a business down for weeks or months and during that period, your business may still have regular expenses to meet.

3.    Professional indemnity or errors and omissions insurance. Do you provide a professional service or offer advice to your clients? If you were found liable for damages after providing negligent service or incorrect advice, the costs could be significant.

Another important thing to remember is to regularly review your business insurance. Florida business owners should do this because:

–    Your insurance needs may change if you alter or add to your services or assets; and
–    You’re obliged to tell your insurer about any changes that increase their risk.

How well do you know your policy?