Is Commercial Insurance Required in Florida?

Commercial insurance is not legally required in Florida for all businesses, per se. Still, there are specific types of insurance that some businesses may need to have based on their specific operations and circumstances. Our agents at B & G Insurance, serving the Miami, FL area, understand that you have worked hard to open your own business, and they want to help you protect your investment through the proper amount of commercial insurance.

Commercial Insurance Coverage Options

Workers’ Compensation Insurance

In Florida, if your business has four or more employees, you are required under the law to have workers’ compensation insurance. This type of coverage will provide your employees with benefits if they are hurt on the job, protecting you from lawsuits.

 Commercial Auto Insurance

If your business owns or uses personal vehicles for business purposes, you must have commercial auto liability insurance. This type of insurance will help cover accidents and damages involving company-related vehicles.

Professional Liability Insurance

Professional liability insurance is critical to have as a business owner since it can protect you against claims of negligence or malpractice.

General Liability Insurance

General liability insurance is just as important as professional liability insurance since it can protect you against lawsuits if someone is injured at your business or your business somehow damages their property.

Business Property Insurance

Business property insurance is vital to have in place if you own the physical location where your business is housed. This can also help you out, though, even if you rent the space for your business since it can cover your inventory if it is stolen, damaged, or lost due to covered events, such as a fire or natural disaster.

Contact B & G Insurance in Miami, FL

Our agents at B & G Insurance, serving the Miami, FL area, are ready to assist you in creating the best commercial insurance policy for you and your business. Call today to get your policy started!

How Commercial Insurance Can Help Your Business If It’s Sued

No matter how well you run your business, the possibility always exists that it could be sued. If this happens, having commercial insurance from B & G Insurance in Miami, FL can help protect your company’s assets. The following information will help you understand how commercial insurance can benefit your business if it is sued.

The basics of commercial insurance and what it covers.

Commercial insurance is a vital tool that helps employers and employees protect against liabilities, damage to property, and accidents. Commercial insurance provides valuable peace of mind by customizing coverage to fit the specific needs of a business in the face of potential hazards.

Most commercial insurance policies will cover the cost of repairs or replacement if the business’s property is damaged or destroyed. This can include buildings, equipment, inventory, and other business assets. Liability coverage is also available with commercial insurance. This can protect the business from lawsuits if someone is injured on the property or if the company is found to be liable for damages. Worker injury coverage can help pay for medical expenses and lost wages if an employee is injured while working.

How commercial insurance can help you if your business is sued.

Commercial insurance can help protect your business from lawsuits by providing financial assistance to help cover the costs of legal fees, settlements, and judgments. This type of coverage can also provide funds to pay for the expenses of defending your business in court. In some cases, commercial insurance may even cover the cost of punitive damages awarded to the plaintiff in a lawsuit.

B&G Insurance is a commercial insurance company serving Miami, FL. We specialize in providing insurance coverage for businesses of all sizes. Whether you need property insurance, liability insurance, or workers’ compensation insurance, we can help.

What commercial insurance is required in Florida?

Most states have some requirements for commercial insurance. It isn’t about protecting your business, however, it is about protecting other people from your business. It is up to you to decide on your own without being required to if you could benefit from some sort of protection. At B & G Insurance in Miami, FL, we have 40 years of combined experience. We will make sure that your business is in compliance with the commercial insurance requirements of the state of Florida. 

In the state of Florida, two types of commercial insurance are required: workers’ compensation and commercial auto insurance. If your business has 4 or more full or part-time employees, you must have workers’ compensation coverage. If your business owns any type of vehicle, you must have the basic amount of commercial auto insurance. The basic amount is $10,000 for property coverage and $10,000 for personal injury protection. 

Just because the state doesn’t mandate other types of commercial insurance coverage, it doesn’t mean that it is a good idea not to carry it. One in 12 businesses closes every year and some of them could survive if they had commercial insurance. 

Somewhere between 35 and 53 percent of businesses are sued in any given year. When your business gets sued, if you lose the case, you may have a large judgment against you and legal fees in addition to that. It may be enough to bankrupt your business and you will have to close your doors. Commercial liability insurance can protect you against this scenario. 

If your location is hit by a major theft, fire, or tornado,  you could lose all your equipment, your inventory, your office equipment, and lots more. With commercial property insurance, you will be able to replace what was lost. 

At B & G Insurance in Miami, FL, we are a full-service independent insurance agency and we work for our customers. Contact us to get a free quote. 

Determining What Commercial Trucking Coverage You Might Need

Modern-day America relies heavily on the trucking industry. Every day, truckers make their way cross-country, and at any moment an accident could happen. Whether cargo gets stolen or you are involved in a collision, you will want to have the right insurance policy to help cover your liability. If you are looking to purchase a policy for the first time, or need to find a new policy with new rates, consider contacting the experts at B & G Insurance in Miami, FL.

Like most other insurance policies, trucking insurance has general coverage options, and supplemental options, those that aren’t covered under a traditional policy. However, knowing which policies you need most can be difficult. This is why it is important to find an insurance agency that has industry experience and dedicates time to finding the right policy.

Coverage You’ll Want to Have on the Road

All truckers have one thing in common. They carry cargo from a starting point to a final destination. Whether a company hires a trucker through a trucking company, or as a contractor, they rely on the safe transportation and delivery of their cargo. Ultimately, however, there are some instances when accidents are outside of one’s control.

This is why cargo insurance is one of the best policies you can purchase as a trucker. With that said, it is best to ask for the assistance of a professional insurance agent when selecting from the many cargo insurance purchase options.

A professional agent with years of experience, like those at B & G Insurance in Miami, FL will assist you in finding the right option. There are countless exclusions for specific cargo loads, and which type you purchase will ultimately depend on the type of cargo you are transporting. 

For instance, explosive chemicals will require a different type of policy than a load of cattle headed cross-country. To find the best policy for your needs, contact your insurance agent today!

Three mistakes to avoid when you buy commercial insurance in Florida

As a business owner in Miami, FL, you need to make sure that you purchase adequate insurance coverage for your company. At B & G Insurance, we can assist you in exploring commercial insurance options to protect your company financially.

The following are three mistakes to avoid when you buy commercial insurance in Florida.

Failing to perform a risk assessment before purchasing a policy

A risk assessment is one of the most important things you need to do to understand your commercial insurance needs. A risk assessment will help you to identify potential liabilities. You can use this information to pinpoint which types of coverage you need. 

Buying the policy with the least expensive premiums

When it comes to any type of insurance policy, you get what you pay for. You need to evaluate your options carefully based on many factors. You definitely don’t want to be making any decisions based on price alone. 

In addition to considering the price of various policies, you also should consider what coverage policies include and what additional types of services and features the policy in question offers. 

Not reevaluating your commercial insurance needs periodically

A company’s commercial insurance needs will change over time. As your company grows, you’ll probably need more coverage. You’ll also potentially need more coverage if your company branches out into new products or services.

It’s a good idea to reevaluate your commercial insurance needs on an annual basis and make alterations to your policy as necessary. 

Do you need more information on your commercial insurance options in Miami, FL? We’re here to help at B & G Insurance. Get in touch with us to learn more about our commercial insurance policy options. 

3 Tips for Buying Commercial Insurance in Florida

Do you own a business in Miami, FL or around the state?

If so, you need commercial insurance. Why? To protect your business, inventory, reputation, employees, vehicles, and more. Whether you’re looking for a new policy or upgrading an existing one, the team at B & G Insurance has put together three quick tips for finding the right commercial policy at the right price.

1. Compare Several Insurance Quotes

Working with an insurance agent, compare several quotes before making a decision. You’ll need to go over the fine detail to compare coverage vs. cost. Take your time, come up with a list of questions, and then address these concerns with your insurance agent. 

2. Bundle Your Insurance Policies with one Company

Next, bundle your commercial policy with all your other insurance policies, including auto, home, life, umbrella, boat, and more to save money on your premiums. This is an easy way to save money on your commercial insurance policy. 

3. Work with a Reputable Insurance Agent

To find the right commercial insurance policy for your particular business, work with a reputable agent. They will know which policies cover what you’re looking for. Whether you own a hair salon, a retail store, or a landscaping company, a trusted agent will save you time by quickly locating several policies for you to compare.

To learn more about purchasing commercial insurance, contact the team at B & G Insurance in Miami, FL. We can be reached by phone or send us an email to schedule an appointment. Commercial insurance is a must to protect your livelihood from theft, damage, fire, and other unforeseen events. 

Managing Commercial Insurance Across International Businesses

At B & G Insurance, we have worked with many international businesses in Miami, FL, and the surrounding area. Each of these companies works with multiple satellite offices around the world and has unique commercial insurance needs. If this sounds like you, it is essential to understand how your commercial insurance demands change depending on your business reach.

International Law Can Complicate Your Insurance Needs

Operating in multiple countries, especially overseas, can complicate your insurance needs in multiple ways. First of all, many insurance laws in different countries vary wildly from American laws. For example, some may demand higher coverage than is typical in America.

If your business operates in these countries, you need to make sure that your policies meet their legal needs. Trying to navigate these waters with multiple policies can be a major pain. Thankfully, it can be avoided if you invest in international commercial insurance for your needs.

Thankfully, International Commercial Insurance Can Help

International commercial insurance works by providing coverage that meets the needs of every country in which you operate. For example, it will carefully balance the demands of each country’s laws in a way that makes sense and which ensures that you aren’t breaking any legal precedence.

Just as importantly, this type of insurance will cover issues that occur on your many operational sites. For example, if an employee in a European country gets injured, your liability coverage will pay for their treatment and ensure that you don’t suffer from a lawsuit.

So if you operate an international business or plan on expanding, you need to contact us at B & G Insurance to learn more about international commercial insurance. We have helped hundreds of Miami, FL area businesses get the coverage that they need to avoid serious problems.