Category Archives: Florida

What Kind of Insurance Do You Need For a Restaurant

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What Kind of Insurance Do You Need For a Restaurant?

  • Restaurant owners should consider business property insurance, which can cover the physical building and everything inside.
  • Liability insurance provides coverage if your business is at fault for injuries others and their property.
  • Workers’ compensation insurance is required in nearly all states if you have employees.

Question I’m a chef and I’m in the process of opening my own restaurant. When I research restaurant insurance, it makes my brain hurt. Can you tell me what kind of insurance restaurant owners like me should consider?

Answer Here’s the shortest answer to your question (and hopefully it doesn’t hurt your brain). Here are some insurance options that you may want to consider as a restaurant owner:

  • Property insurance
  • Fire coverage
  • Personal property coverage
  • Business expense coverage
  • Workers’ compensation insurance
  • Specialty insurance coverage

But as you’ve discovered, it gets complicated from there. Restaurants – especially businesses serving alcohol, making deliveries or offering valet parking – have unique risks. The type of insurance coverage you may select can be different, based on things like whether you rent or own the building or space the restaurant is in.

Within those types of insurance, you can get coverage for injuries, accidents and other losses that can happen in a restaurant in two important categories: 1) buildings and equipment and 2) liability.

What about building and equipment coverage?

Whether you rent your building or own it, you’ll want property insurance that protects the full value of the restaurant. If you rent, you may also want to consider property coverage that includes:

  • fire damage to the property;
  • personal property, such as appliances, chairs, tables and dishware;
  • additional business expense coverage, in case you need to relocate while the building is being repaired after a covered loss.

Are there coverage options that I may not even be thinking about?

Whether you rent or own the building, you may also want specialty insurance coverage. This type of insurance is customized coverage for losses that are unique to your business or industry. For example, some clients who own restaurants add sign and glass coverage, because outdoor signs and building glass are expensive and an easy target for vandals. One customer owns a restaurant filled with valuable sports memorabilia — autographed photos, collectible jerseys, balls signed by winning teams. These items are difficult and expensive to replace. He has additional fine arts coverage, which provides coverage against loss for these items.

If you rent the restaurant space and have made improvements to the building that your landlord didn’t reimburse you for, such as upgrading the commercial ventilation system, you may want to consider coverage for those investments in case one of these upgrades or improvements is damaged in a fire or other accident.

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How much does restaurant insurance cost

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How much does restaurant insurance cost in Florida?

The cost of restaurant insurance depends on the policies you choose, the unique risks your restaurant faces, and the value of your business property. Cost estimates are sourced from policies purchased by L and C Insurance customers.

Business owner’s policy costs for restaurants

Restaurant owners typically pay about $175 per month for a business owner’s policy (BOP), or a median annual premium of $2,080. The median value eliminates high and low outliers, providing better representation of typical restaurant insurance costs than the average value.

A BOP bundles general liability insurance with property insurance, usually at a discounted rate. Pricing is determined by your restaurant’s location, operations, and value of business property and equipment.

This policy may include business interruption insurance, which covers income lost at your restaurant due to an unexpected closure.

Median cost per year: $2,030
Policy limit: $1 million per occurrence
Policy deductible: $1,000

Learn how to save money on your policy, which coverage limits to choose. Call L and C Insurance Providers at 888-913-6988

Workers’ compensation costs for restaurants

The median cost of workers’ compensation insurance is about $125 per month for a restaurant, or $1,480 annually. The cost of a policy varies significantly depending on the state and your business operations.

Workers’ compensation insurance is required in almost every state for businesses with employees. Even when it’s not required, it’s a smart purchase in the restaurant industry, where employees routinely cut, chop, and fry in hot oil.

This coverage helps pay medical costs and lost wages for employees who are injured on the job. Most policies include employer’s liability insurance, which protects restaurant owners against lawsuits related to workplace injuries.

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Liquor liability insurance costs for restaurants

The median cost of liquor liability insurance is about $45 per month for a restaurant, or $545 annually. This policy protects restaurants that serve alcohol from liability for the actions of intoxicated customers. In some jurisdictions, your restaurant might need liquor liability insurance in order to obtain a liquor license.

Median cost per year: $545
Generic policy limit: $1 million

General liability costs for restaurants

Restaurants pay a median premium of less than $70 per month for general liability insurance, or $805 annually. This policy protects restaurants against customer injuries and customer property damage, along with advertising injuries.

Insureon’s licensed agents typically recommend purchasing a business owner’s policy, which bundles general liability insurance with commercial property insurance at a discounted rate. It protects your own business property along with covering common business risks.

Median cost per year: $805
Policy limit: $1 million per occurrence
Policy deductible: None

 

How much does commercial property insurance cost

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Cost of commercial property insurance

The size of your building, the value of your equipment, and other factors help determine the cost of property insurance (also called hazard insurance).

Median costs for Insureon customers

The median cost of commercial property insurance is $63 per month or $755 per year with a limit of $60,000 and a median deductible of $1,000. The median offers a more accurate estimate of what your business is likely to pay than the average cost of property insurance because it excludes outlier high and low premiums.

Many Insureon small business customers (16%) pay less than $500 per year and 42% pay between $500 and $1,000 annually for property insurance. However, most customers opt for a business owner’s policy, which combines commercial property insurance with general liability insurance at a discount.

Cost of commercial property insurance for Insureon small business customers.

Factors that impact property insurance costs

Geography. This can help your provider determine which environmental risks your business may face, such as flooding, tornadoes, etc. Land value and local law can also affect what premiums you pay.

Size of business premises. A large office or factory building will likely cost more to insure than a single rented room.

Safety and security. Is your business located in a high-crime area? Does your business possess toxic materials or engage in dangerous activities like mining? Do you have stringent security measures? These can all affect insurance rates.

Age of building. Old buildings can be more susceptible to certain types of damage, so they may cost more to insure. For example, a fire caused by old electrical wiring could translate into costly repairs.

Fire protection. Property with easy access to a fire department and fire hydrants may cost less to insure. Sprinkler systems and fire alarms help reduce insurance costs, too.

Type of equipment. Heavy industrial equipment will cost more to insure than an at-home business’s sewing machine.

Age of equipment. You may pay higher premiums if your equipment is hard to repair because of scarce parts, or if it’s more likely to break down because of heavy use. Alternatively, it might be cheaper to repair older equipment than buy state-of-the-art technology.

Property valuation method. Replacement value coverage costs more than actual cash value coverage. The former pays out for the cost of a brand-new item, while the latter pays out for the item’s depreciated value.

Types of hazards covered. A policy that covers open perils costs more than a policy that covers named perils. Open perils coverage protects against all losses except those specifically excluded in the policy. Named perils coverage only protects against losses listed in the policy.

Bundle property insurance in a BOP for savings

To save money, many small business owners opt for a business owner’s policy (BOP). A BOP combines commercial property insurance with general liability insurance at a lower rate than purchasing each policy separately. Fill out Insureon’s free online application to compare quotes for a business owner’s policy.

 

How do I shop for Florida Restaurant Insurance

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3 TIPS FOR FINDING FLORIDA RESTAURANT INSURANCE?

  • Start Early. To get the best rates on Florida restaurant insurance you will need to shop around. That’s where we come in. Having an agent that understands your business will make this much easier for you. L and C Insurance providers offers specialized programs for the Florida restaurant insurance industry.
  • Estimate your gross sales, your gross inventory (food costs), and the total dollar amount of your furnishings and equipment.
  • Insurance costs can be based on total annual sales revenue and/or total square footage of your restaurant, so be sure to have this information available for a quote.

WHAT IS REQUIRED FOR FLORIDA RESTAURANT INSURANCE?

  • Restaurant insurance can be diverse, so coverage will vary from one restaurant to another. The basic insurance coverage for a restaurant consists of general liability and property coverage.
  • General liability insurance will typically protects the restaurant in the event one or more patrons are injured on the premises. For example, slip and fall.
  • Property insurance would cover a building, and/or the contents inside the building, including all of the furniture, equipment, POS systems, computers, cooking equipment, coolers, etc.
  • Liquor liability is also recommended for restaurants that serve alcohol. The liquor liability insurance can protect a restaurant in the event a claim occurs that is alcohol related.
  • Food spoilage can also be purchase to insure your food inventory in the event of a power outage.
  • If you deliver food, you would also want to make sure you have insurance coverage for the vehicles that the restaurant uses for delivery.

WHAT COVERAGES ARE AVAILABLE ON A FLORIDA RESTAURANT INSURANCE POLICY?

  • Building Coverage. This covers the building or buildings on the premises. Special Form coverage is the broadest form of coverage. A lot of carriers only offer basic form coverage, which is limited. While you can purchase a “difference in conditions” policy to supplement some of the lacking coverage in a basic policy, the special form is still your best bet if it is available in your area.
  • Other Structures. This can cover signs or other structures not attached to your building.
  • Boiler and Machinery. Covers your mechanical equipment.
  • Liability. This will respond in the event someone is injured on your premises.
  • Medical payments. This pays in the event there is a minor injury on your premises.
  • Food Spoilage. If you lose electricity you lose your freezers and coolers. This could cost thousands of dollars if your food spoils.
  • Business Income. If your business is destroyed by fire or hurricane, business income will pay you for your lost revenues while your business is being rebuilt.

WHAT COVERAGES MIGHT BE EXCLUDED ON A FLORIDA RESTAURANT INSURANCE POLICY?

  • Flood. No Florida restaurant insurance policy covers flood. If you are in an area at risk of flood you should purchase a separate policy to cover this.
  • Typically property coverage only applies to buildings. Make sure signs and other structures on the premises are also covered.
  • Food spoilage is something you must request coverage for. It is typically not covered in a commercial liability policy.
  • Business income is optional. Most companies need this coverage to stay afloat in the event of a disaster.

HOW CAN I SAVE MONEY ON FLORIDA RESTAURANT INSURANCE?

  • The best way to save money on your Florida restaurant insurance in Florida is to shop around. Our experts have access to the top Florida insurance companies.
  • Age of building discount or surcharge. Most companies offer discounts based on the age of the buildings. Newer buildings receive discounts due to more stringent building codes that have been applied in recent years. Older buildings typically receive surcharges based on age. This is due in part to less stringent building codes used in years past.
  • Territory. Where the restaurant is located can make a substantial difference in premium. Some Florida counties have higher rates than others. Proximity to the coast will also be a factor.
  • Deductible. You may increase your deductible in order to reduce your premium, but you should carefully consider such factors as how much of a discount you will receive for a given deductible, and how much you can afford to pay for each claim.
  • Location. If the building is more than 1,000 feet from a fire hydrant and/or more than 5 miles from a fire department you will find yourself paying a much higher insurance rate.
  • Type of construction. Masonry buildings are less expensive to insure than frame buildings due to their fire ratings.
  • Carrier appetite. Certain companies experience better claims histories with certain buildings, locations, and age groups. Their rates reflect this by offering lower rates to those groups they have found the best experience with.

Florida Commercial Property Insurance

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Commercial property insurance

Commercial property insurance pays to repair or replace stolen, lost, or damaged business property. It covers your business’s physical location and other assets like equipment.

Does your small business need commercial property insurance?

If you own or rent an office or workspace, you likely need commercial property insurance, also called business hazard insurance.

Landlords often require proof of commercial property coverage from their business tenants. And lenders typically mandate commercial property insurance for the life of the mortgage.

Though landlords carry property insurance for their buildings, they won’t take responsibility for any expensive business property a tenant keeps in the space.

Even when it’s not required, commercial property insurance is important for any small business that owns property. This coverage insures expensive equipment as well as inventory.

How does commercial property insurance protect your business?

Commercial property insurance covers your business’s real estate and its contents. It helps pay for repair or replacement when business property is lost, damaged, or destroyed.

Your business assets aren’t just expensive – they keep your business running. With commercial property insurance, you’ll be able to afford repairs for necessary equipment after an unexpected event like a fire or a break-in.

Businesses that purchase a policy typically:

  • Own or rent a building, store, or office
  • Own or rent expensive equipment or tools
  • Have products or inventory
  • Depend on other valuable business assets

How to get business insurance coverage today

Easily apply online, compare quotes from top carriers in seconds, and get your certificate of insurance the same day.

 

Details that you may need for a homeowners insurance quote

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Getting a homeowners quote can only take a few minutes when you have all of your information at hand. Knowing the details of your house, including what kind of safety features you have installed, may help you qualify for money-saving discounts and help ensure that you choose the coverage that meets your needs.

There can be more questions involved in getting a homeowners quote than a car insurance quote, so it can be helpful to gather your paperwork and be ready to answer specific questions about your home in advance. Here’s a checklist to help you get started.

1. Who lives at your house?

You may be asked for contact information about you and anyone else who lives at your house, how long you’ve lived there, your marital status, whether you run a business from the home and whether you own a dog or any pets.

2. What’s your insurance history?

It’s good to be ready with details about your existing coverage, if your home is already covered by homeowners insurance. Do you have a mortgage on the home? Are there any prior insurance claims? How much would it cost you to rebuild your home?

3. What’s your house like?

You’ll likely be asked a series of questions, including the year your house was built, the type and age of the roof, the style of the home, its exterior finish and whether or not you have a garage. You’ll also probably want to know the square footage of your home and may be asked for details on the number of bathrooms or fireplaces. This information helps determine the cost to rebuild your home and may help with determining the amount of coverage that fits your needs.

4. What improvements have you made?

If you have made upgrades to your home since you bought it, such as replacing the roof, installing a central air system, finishing your basement, remodeling a kitchen or other updates that increase the value of your home, your existing homeowners policy may not reflect the current value and replacement cost of your home.

5. What kind of safety devices do you have?

If you have certain safety devices, including smart or connected home technology, a security system or fire sprinklers, you may qualify for a discount on your insurance.

Having all of this information ready to go can make it easier for you to get a quote and can help you get coverage to protect you and your family that fits your needs.

 

Commercial Property Insurance

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What Is Commercial Property Insurance?

Commercial property insurance is an essential coverage for business owners, especially when running a home-based business. It helps protect the owned or rented property that you use to operate your business, such as your:

  • Building
  • Equipment
  • Tools
  • Inventory
  • Furniture
  • Personal property

For home-based business owners, this type of commercial insurance provides more coverage than homeowners insurance. You may have heard other names for this type of insurance, including:

  • Commercial building insurance
  • Business personal property insurance
  • Commercial real estate insurance
  • Non-residential building insurance

What Does Commercial Building Insurance Cover?

Commercial building insurance helps protect your business’ physical assets, like your owned or rented building and the equipment you use to operate your company. It can help your business if:

  • A fire damages or destroys your computers
  • Lightning strikes the building that you have business renters insurance on
  • Someone breaks into your building and steals your inventory

It can also help protect business assets, like income, because it includes business interruption coverage. If you can’t open because of covered property damage, this coverage can help replace lost income.

We know every business has unique needs. That’s why we’ve made it easy for you to customize your commercial property insurance policy. You can add more protection for things like valuable papers and records, which can help cover your costs to:

  • Reproduce important documents
  • Provide temporary storage
  • Move records to avoid a loss

What Doesn’t Commercial Property Insurance Cover?

Be aware that your commercial property insurance policy doesn’t cover every type of property damage. This coverage can’t help your business if:

  • Your customer drops their laptop when they trip over a box in your office
  • One of your employees puts a hole in your client’s wall
  • You get into an accident while making a delivery to a customer and damage your vehicle
  • A nearby brook overflows after a heavy rainfall causes flooding near your building and damages your inventory
  • You or your employees intentionally damage property
  • You can get other types of commercial insurance to give your business comprehensive coverage that can help cover these kinds of claims.

Bundle Commercial Property Insurance With Essential Coverage Through a Business Owner’s Policy (BOP)

You can get commercial property coverage as a standalone policy. But many small businesses choose to get a Business Owner’s Policy (BOP), which combines three essential coverages into one:

  • Commercial property insurance, explained throughout this page.
  • General liability insurance to help cover claims that your business caused bodily injury or property damage to someone else.
  • Business income insurance, or business interruption insurance, to help replace your lost income if you can’t open because of covered property damage.
  • Get a commercial property insurance quote to find out how this coverage or a BOP can help your business.

Learn How To Reduce Your Risk Exposure

There are steps you can take to help reduce your company’s risk exposures. For example, you can create a plan to regularly examine and test your company’s alarm and sprinkler systems in your building or home office. This gives you an opportunity to fix any issues and make sure you’re prepared for a disaster.

Bigger companies that need large business property insurance can work with our risk engineering consultants to:

  • Create a safe work environment
  • Help reduce loss
  • Improve operations

 

Commercial Property Insurance for Your Business

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Business and Commercial Property Insurance

Creating a comprehensive plan is important when it comes to small business insurance. We make it our business to figure out the best way to have your back. It’s why we offer a wide range of insurance to help protect your company. You can combine different types of coverage into cost-effective endorsements to add to your policy.

Get a quote today and learn how we can help protect your company with commercial property insurance.

Common Questions About Commercial Real Estate Insurance

 

Do I Need Commercial Property Insurance?

If you own, rent or lease commercial property of any kind, then you should have commercial property insurance. Although it’s not required by law, it’s something you may want to consider. Without it, you’re responsible for paying the costs to fix or replace your damaged business property. This can be expensive and the out-of-pocket costs can put your company at financial risk.

What Is Evidence of Commercial Property Insurance?

Evidence of commercial property insurance is also known as proof of insurance or a certificate of insurance (COI). Your company may need a COI to prove you have commercial property coverage to help protect your business property. We know your time is valuable, so we make it quick and easy to get a certificate of insurance online.

What Are the Different Types of Commercial Insurance?

There are many different types of commercial insurance. Each coverage can help protect your company from various claims. Other types of commercial insurance include:

  • Commercial auto insurance
  • Commercial flood insurance
  • Commercial umbrella insurance
  • Errors and omission insurance
  • Workers’ compensation insurance

What Is the Standard Deductible in a Commercial Property Insurance Policy?

Deductible amounts can vary by state and between insurers. They can range from a couple hundred to a few thousand dollars. You’ll choose a deductible amount when you get your commercial property insurance policy. Generally, if you pick a higher deductible, it’ll lower your commercial property insurance cost.

You can check your policy if you’re unsure how much your commercial property insurance deductible is.

Business insurance coverage is critical to protecting your company from risks, including property loss and repairing or replacing property, such as after a fire, storm or theft. Business insurance can help cover the costs of legal claims made against your business and can help cover an injured worker’s lost wages. Without insurance, a significant loss could be devastating to the livelihood of your business. Some states also require businesses hold certain types of insurance coverages in order to legally operate there.

Workers compensation insurance can help protect both you and your employees after a work-related injury. General liability insurance can help protect your company in the event that someone makes a claim against it. Management and professional liability insurance can help protect you from a range of risks, from Errors & Omissions to Cyber Risk.

For small businesses, a Business Owner’s Policy, also known as BOP insurance, combines three critical coverages – Commercial General Liability, Commercial Property, and Business Income and Extra Expense coverage – into one convenient policy.

Choosing the Right Florida Homeowners Insurance

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Home Insurance

Choosing the Right Florida Homeowners Insurance

Homeowners insurance is very important. It protects your home, what’s inside, and your other assets in the event of disasters, accidents, theft and more.  Insurance varies from standard coverage to additional coverage that includes floods, earthquakes, etc. However, not everyone wants the same coverage for their home, apartment or condo.

Everyone has different needs and talking about the precautions and evaluations of those needs can help protect your family and make the most of your insurance coverage. Meet with your insurance agent every year to review your policy. They can help you find the best policy and coverage for your particular needs.

Here are some questions to keep in mind when looking for the right coverage for you:

  • Has your home recently suffered damage due to storms, accidents or anything of the sort?
  • Has your home been remodeled or expanded?
  • Do you have money set aside to cover the deductible if you have a loss? (For most homes in Florida, the insurance deductible is 2 percent of the policy limits.)
  • Do you have an inventory of your possessions?
  • Do you have flood insurance?

It’s also important to know what windstorm mitigation features the home has. This will impact the Florida Homeowners policy that you will buy and how much will it costs.

Features such as hurricane shutters, new roof will impact the type of policy you should have.

At L and C insurance providers we provide 10 different Homeowners insurance policies that can help provide the best coverage at the best possible rate.

 

Carefree Boating Insurance Coverage

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Carefree Boating Insurance Coverage – For Less

Get a quote today. Enjoy the peace of mind that comes when you protect your vessel with boat and yacht insurance. There are several ways you can save on boat insurance while enjoying broad protection for your family, yourself and your investment.

Boat and Yacht Insurance Discounts

Multi-Policy Discounts

Save money on boat insurance. If you already hold an auto insurance and/or home or other boat/yacht policies, you may be eligible for multi-policy discounts. Multipolicy discounts can range from 15% to 33%

Boat Equipment Credits

Equipment credits are available when you have certain equipment onboard, such as GPS, radar, CO2 detectors and alarm systems. These can help save you money on boat insurance.

Boat Education Discounts

You may be eligible to save up to 5% per boat for passing certain safe boating courses, including those offered by the U.S. Power Squadron and the U.S. Coast Guard; and up to 10% per boat for advanced courses, such as a Captain’s license.

Large Yacht Lay-Up Discounts

Receive yacht insurance discounts for your large yacht* for times when your vessel is laid-up (decommissioned).

Featured Boat Insurance Discounts

Save When You Bundle

There are benefits to bundling. You could save up to 13% on your car insurance when you also purchase your home/condo insurance and other insurance policies including boat insurance, from Travelers.