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Below are two Examples of Recent Business Owners Proposals

Sample Quote 1Businessowner's Policy
Quoted Coverages Limits
Commercial Building$50,000
Commercial Personal Property$40,000
Business InterruptionActual Loss For 12 Months
General Liability$1,000,000
Damage To Rented Premises$100,000
Medical Payments$5,000
Products Completed Operations Aggregate$2,000,000
TOTAL ANNUAL PREMIUM$517

Sample Quote 2Businessowner's Policy
Quoted Coverages Limits
Commercial Building$200,000
Commercial Personal Property$80,000
Business InterruptionActual Loss For 12 Months
General Liability$1,000,000
Damage To Rented Premises$200,000
Medical Payments$5,000
Products Completed Operations Aggregate$2,000,000
TOTAL ANNUAL PREMIUM$737


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What is a Business Owner’s Policy (BOP)?

A Business Owner’s Policy (BOP) combines business property and business liability insurance into one convenient policy. A BOP helps cover your business from claims resulting from things like fire, theft or another covered disaster and from claims involving bodily injury, property damage and personal and advertising injury that could arise from your business’ operations.

Businesses can tailor a Business Owner’s Policy (BOP) to help meet their unique needs by adding optional coverages like data breach, business income for off-premises utility services and other specialized coverages to their BOP.

Who needs a Business Owner’s Policy?

You should consider a business owner’s policy if:

    • Your business has a physical location, whether it’s out of your home or a rented or owned office, store or other work place.
    • There’s a possibility of you being sued – for example, by a customer who was injured at your work place.
    • You have assets that could be stolen or damaged – whether they’re digital assets, customer data, equipment, furniture, cash or inventory.

What’s the advantage of a Business Owner’s Policy?

Purchasing a BOP is smart and convenient. It simplifies coverage needs by including business property and business liability, two important coverages that most businesses need, in one policy. Compared to purchasing separate policies for business property and business liability, The Business Owner's Policy (BOP) offers businesses a way to save money while getting broad coverage for things like fire, theft, lawsuits and loss of income. It’s an even smarter and more convenient choice because other important coverages can be added to it. Businesses with specific needs can tailor their business owner’s policy by adding additional coverages like business income for off-premises utility services, data breach and more, to suit the particular needs of their company.

What does a Business Owner’s Policy (BOP) typically include?

      • Business Property Insurance
        The Business property insurance can help protect the property your business owns, leases or rents, including things like buildings, equipment, inventory, furniture and fixtures. It provides coverage for loss of accounts receivable and valuable papers and records.
      • Business Liability Insurance
        When it comes to liability protection, the broader the coverage the better. That's why The BOP provides business liability insurance that helps cover your business in the event it is sued for causing harm to a person and/or damage to property. It also helps cover the cost of your defense – because businesses can be sued even if they did nothing wrong.
      • Business Income Coverage
        If unexpected events cause a suspension in your operations resulting from a covered cause of loss, The BOP insurance will help replace loss of income to help you meet your continuing financial obligations such as rent or payroll.

There are additional coverages that you can add to your business owner’s policy to help to tailor coverage to your specific needs. Here are two popular optional coverages that are frequently added to a Business Owner’s Policy:

Data Breach Coverage

Any business that handles or stores private customer, patient or employee information is at risk for a data breach. When this sensitive information is lost or stolen, it’s important to act quickly to restore confidence in your business. If a breach occurs, A Data breach coverage can help pay for the expenses to notify impacted individuals, engage credit monitoring services (if warranted), public relations and more. We also offer coverage to help with defense and settlement or judgment costs in the event your business is sued because of a breach. And coverage is provided even if private data is stored internationally. Additional coverage options can help:

      • Replace lost income and pay for extra expenses incurred to keep your business running if your business must close temporarily or slow operations due to a covered data breach.
      • Protect a business from a data breach that occurred prior to the policy effective date.
      • Pay for extortion expenses and ransom payments associated with the threat of a data breach.

Professional Liability (Errors and Omissions) Coverage

You put your professional judgment and expertise on the line just about every day. Even if you’ve done nothing wrong, your business can be sued by a customer or client claiming a negligent act, error or omission in the professional services you provided. Add Professional Liability (Errors and Omissions) coverage to your BOP insurance to help protect your business from this type of claim. Some types of businesses may not be eligible for this coverage.

Beyond the Business Owner's Policy

Do you have employees?
For businesses with employees, Workers’ Compensation Insurance is important. Purchased separately from a Business Owner’s Policy (BOP)and mandatory in most states, Workers’ Compensation coverage pays an employee or employee’s family for medical costs in the event of a work related injury, illness or death. Workers’ Compensation also helps cover an employee’s income if they are out of work due to a covered illness or injury.

Does your business own, rent or lease vehicles?

For companies that use cars and trucks for their business, Commercial Auto Insurance is another important policy you should consider. Help protect your business from the potentially devastating financial losses your company could incur if you are or an employee is found at fault for an auto accident.

We are familiar with the unique circumstances and needs that Florida Business Owners face.

Simply call 888-913-6988 or complete our online quote request form.

Liz Fernandez at L & C Insurance Providers will help you find affordable Florida Business Owners Insurance to protect one of your business.

What Is Business Insurance?

Business insurance includes a broad range of policy options designed to protect a business from financial loss. Every commercial operation has its own unique set of risks, which means a commercial insurance policy must be tailored to the business. Many factors, from the size of your company, to the number of workers you employ, the materials they handle and whether you have business vehicles, will determine the specific coverage you need to mitigate risk and protect your company’s financials.
Many business owners find that they must turn to a number of different insurance companies to get all of the coverage needed to cover their risks. If you work with L and C Insurance Providers you can get all of your business insurance policies from one office.

What Does Business Insurance Cover?

Business insurance coverage for a commercial operation can include the following and more:

  • General liability insurance: Covers third party liability claims for injuries to other people.
  • Professional liability and malpractice insurance: Covers professionals against loss due to negligent professional duty, wrongful acts, and advice and services that lead to another person’s loss or injury.
  • Product liability insurance: Covers against faulty products and damage, illness, injury or death that may occur from using a faulty product.
  • Property insurance: Covers loss and damage to your commercial business property due to fires, storms and other causes.
  • Commercial vehicle insurance: Covers commercial vehicles and drivers for collision, liability, property damage, personal injury and "comprehensive" (now known as "other than collision").
  • Workers compensation: Covers your employees if they become ill or injured while working on the job.
  • Loss of income: Covers your business expenses such as rent and employee wages if you can’t operate your business
  • Key person insurance: Covers loss of income that may result from the head of the business or other key personnel becoming incapacitated or passing away (also known as key man insurance).
  • Cyber-crime insurance: Provides protection for risks due to Internet use and online communications
  • Records retention policies: Covers loss of important data and financial records.
  • Specialty coverage: Insurance that covers various specific business risks, such as those of landlords, farmers, and commercial operations that put on one-day events, such as seminars or concerts.

How Does Business Insurance Work?

Business insurance is a contract between the insurance company and the business. The insurance company agrees to share the business risk with the business entity in exchange for premium payments. In the event of a covered loss, the insurance company pays for the financial losses the business incurs up to the limit of the policy after the deductible amount is paid by the business filing a claim.
At the time of a loss, the business will typically file a claim. If a fire destroys a portion of the business premises, for example, the company will file a claim against the property insurance policy. An adjuster will assess the damage and process the claim. The company will then receive the appropriate amount of compensation for the loss.
There are many different scenarios with regard to business risk and how insurance claims are filed. For example, in the event that the incident is a loss suffered by a customer of the company, the injured party will likely file a claim against the businesses’ liability policy. How the claim is processed depends upon the size of the claim, whether the matter can be settled with an insurance payment, and if the claim results in a lawsuit.

How Much Is Business Insurance?

The cost of Business insurance varies. A number of factors affect how much business insurance costs, because it depends on the type of business and the types of coverage appropriate for that commercial operation. Cost also depends on the size of the business. A small, home-based business can often be adequately insured for $300 per year, while insurance for a large company with many employees and a wide range of business risks could $100,000 per year.
The costs of business insurance can be reduced with effective risk management practices, and by comparing costs from several different insurance carriers. An agent with L and C Insurance who specializes in commercial insurance can help with this process, and can manage a company’s complete business insurance portfolio through one office.

Is Business Insurance Tax Deductible?

Business insurance is tax deductible, as long as the coverage is for the purpose of operating a business, profession, or a trade. Businesses may not deduct their business insurance premiums if the coverage is for the purpose of a self-insurance reserve fund or a loss of earning insurance policy.

Is Business Insurance Required by Law?

Business insurance is required by law, but only under certain conditions. The following business insurance is required by law if it is applicable to your situation:

Unemployment insurance: Applies to a business that has employees and may be obligated to pay unemployment insurance taxes under prescribed conditions; if these conditions are applicable to your business, then you must register your business with the state work force’s agency.

Workers compensation insurance: If your business has employees, you are most likely legally obligated to carry workers’ compensation insurance, either on a self-insured basis or through a commercial insurance carrier or a state worker’s compensation program. Workers compensation laws vary by state.

Professional liability insurance: Some states require specified professionals to carry insurance against professional liability.

Disability insurance: Several states require that a business have partial wage replacement insurance coverage for employees eligible for non-work related injury or illness. These states include California, Hawaii, New Jersey, New York, Puerto Rico and Rhode Island.

What Business Insurance Do I Need?

Depending on the nature of your business and any insurance which you are legally obligated to carry, the following types of business insurance should be considered essential:

  • General liability insurance: Coverage against accidents, injuries and negligence claims
  • Product liability insurance: Coverage against product defects
  • Professional liability insurance: Covers professionals against malpractice, negligence or errors
  • Commercial property insurance: Covers against damage to your business property, such as from fire or a severe storm
  • Business interruption insurance: Protects your business if you are no longer able to conduct your business because of a loss
  • Home-based business insurance: Covers against general or professional liability.

Because commercial insurance needs to be tailored to each business based on risks, it is critical to work with an agent who will get to know your company and ensure that your coverage adequately protects your business investment.

Does Business Insurance Cover Embezzlement?

If your business carries commercial crime/theft coverage, your business insurance will cover employee fraud and embezzlement.

There are several different forms of employee dishonesty coverage. For example, you can purchase several types of fidelity bonds, either to protect the business in the event of dishonest acts by all employees, or by named employees.

Does Does Business Insurance Cover Flood Damage?

In order for your business insurance to cover flood damage, your company must carry a separate flood insurance policy or endorsement. The typical commercial property insurance policy covers specific water damage situations but excludes flooding. The wording and water damage exclusions vary from one insurance company to another. Be sure to review your policy carefully and discuss your specific risks and concerns with an independent agent in the Trusted Choice network who can help you get the coverage you need.

Does Business Insurance Cover Lawsuits?

Business insurance covers lawsuits as long as you have the appropriate business liability insurance for your situation and enough liability coverage to pay your legal costs. To ensure that enough liability coverage is in place for extreme circumstances like a lawsuit that exceeds $1 million in damages, many businesses buy a commercial umbrella liability policy.
Certain liability exclusions also apply, such as if an injury or damage was expected, or was caused intentionally. Some policies also have something called a “workmanship” exclusion, and some exclude coverage of punitive damages. Liability insurance is available in many different forms, including:

  • General liability
  • Professional liability, "errors and omissions" and malpractice
  • Directors and officers liability
  • Product liability
  • Premises or property liability
  • Employer’s liability
  • Employment practices liability
  • Environmental and pollution liability

What Does General Liability Insurance Cover?

General liability insurance provides insurance protection for a company’s assets, financial obligations, legal defense, and any settlements or judgments awarded to an injured party. It may also include claims for copyright infringement, false or misleading advertising, or libel and slander. If a patron is injured in some way in the course of doing business with your company, your general liability insurance will provide coverage.

What Does General Liability Insurance Cover?

Errors and omissions insurance (or "E and O") covers a business for a service rendered which did not have the expected or promised results, or which results in a loss or personal injury suffered by the person receiving those services. It also covers situations where the individual or company failed to render service at all. These are known as errors and omissions. As an example of errors and omissions insurance, if a financial advisor provided investment advice that resulted in a client’s financial loss, those circumstances could result in an errors and omissions liability claim.
This type of insurance is also known as malpractice insurance (for medical practitioners) and professional liability insurance for practicing lawyers and other professionals.

Why Us?

We know that you have choices when it comes to choosing a homeowner of flood insurance company.

All we ask is that you give us an opportunity to show you what we can do for you. We will not disappoint you.

Over 10 Years Experience

We are a Florida Independent Insurance broker. We have been helping Floridians for over 10 years. We only work with Rated A+ companies, so you don't have to worry in the event of a claim. All of our carriers offer 24/7 claim support.

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