What’s Commercial Insurance for Miami Business Owners?

Commercial insurance is coverage designed for corporations and businesses. It covers the following:

• Ownership
• Employees
• The business

Commercial business insurance is a little bit different than personal insurance. It can cover multiple employees and stakeholders. It also has higher coverage limits because there’s more physical property at stake. There are a few types of commercial insurance that you should consider for your organization. 

Property Insurance 

Property insurance provides coverage for the items that you store on your property. These items can include:

• Tools
• Inventory
• Computers
• Desks
• Furniture
• And more

Companies, especially small ones, need property insurance. You might receive financial reimbursement for your property in the event of theft or damage. 

General Liability Insurance 

All businesses need a general liability insurance policy. It protects against general business risks. Common risks include:

• Medical payments
• Bodily injury
• Property damage 

If your company gets found liable for third-party damage or injury, your general liability insurance policy will cover you.

Workers’ Compensation 

Your business will benefit from workers’ compensation, even if you run a small business with a few employees. Without this insurance policy, you might have to compensate your employees out of pocket for damages they incurred due to workplace injuries. 

Workers’ comp is usually compulsory for a business with more than one employee. The premium cost for workers’ comp is nothing compared to what you might have to pay if an employee gets injured on your property. 

Business Interruption Insurance 

Many things might interrupt your business’s flow. They can include:

• Cyberattacks
• Power outages
• Major storms

Your business will be covered throughout the incident with business interruption insurance. This insurance policy provides funding to replace income lost during this time. Some other things you might receive compensation for include:

• Lease or rent payments
• Revenue
• Employee wages
• Taxes
• Relocation downtime
• Loan payments 

Cyber Insurance

Unfortunately, hackers are a common occurrence in today’s reality. A cyber liability insurance policy can protect you, your employees, and your customers against data breaches. 

During a cyber attack, personal information can get accessed by hackers. This insurance plan will protect your business, helping cover costs that might arise from a data breach.