Tag Archives: Business owner’s policy

11 How much does restaurant insurance cost

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


11 How much does commercial property insurance cost

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.


11 Commercial Property Insurance

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


11 Commercial Property Insurance for Your Business

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.

11 Florida Commercial Insurance Coverage And The Various Steps Business Owners Should Consider

What falls under the scope of Florida Commercial Insurance?

There is more to Florida Commercial Insurance than merely ensuring that any commercial vehicle you operate in Florida is fully covered and insured. As such, we, at LNC Insurance Providers make a distinction between Commercial Insurance and Commercial Auto Insurance and work with A1 rated insurance companies to provide commercial coverage for the following products:

  • Truck insurance
  • Two truck insurance
  • Van insurance
  • Box truck insurance
  • Dump truck insurance
  • General liability insurance
  • Workers comp insurance
  • Contractors insurance
  • Business owner’s policy
  • Professional liability insurance

If you are reading this article, then you already know that being a business owner presents a range of challenges that can make or break a company. A lack of preparedness, namely a lack of a plan to acquire adequate insurance coverage for your business investment can indeed be one of many factors that could cause your business, any business to fail.

To that end, reaching out to the experts in Florida for Commercial Insurance Products could be the first and most important steps you can take right now to ensure that your company is properly and adequately protected.

Let's Talk About Commercial Insurance in Florida

Call us now and find out what you need to know.

What constitutes the right kind of Commercial Auto Insurance in Florida?

If you need to insure a fleet of vehicles, trucks or vans, we can write policies that will offer protection against liabilities for property damage and bodily insurance.

LNC Insurance Providers recommendation include physical damage and liability protection under a sound policy coverage particularly when certain circumstances may present situations where a personal auto policy coverage may not be sufficient.

What about General liability insurance in Florida

It is important to remember that under Florida state law, a Florida general liability insurance is indeed required for most business owners. Such policy coverage is designed to protect FL business owners from direct and indirect damages to other parties. The right liability insurance will help business owners pay for damages when they are caused by the action of your business, and or business representatives. A Florida general liability coverage will provide payment towards property damage and or personal injuries even when those affected involve visitors, customers, and or sub-contractors. Call us today and let us walk you through your options, including the various levels of insurance deductibles and policy limits.

Do you really need Workers comp insurance in Florida?

Certain types of industries do require employers to provide workers comp insurance. For example, in Florida, construction companies with one or more employees are required to provide worker’s compensation insurance to their employees.  Florida Farmers must also carry coverage when they employ five and more workers. Florida has specific requirements as to the types of legal entity in need of insurance coverage. There are differences for example between sole proprietorships who would be typically unable to receive compensation benefits under a policy that is issued to the sole proprietor and businesses established as parnethership.

Florida workers compensation insurance falls under a complex set of guidelines and we highly recommend you call us for more information.

[su_note]Questions about Commercial Insurance in Florida? Let Liz and her team of experts give you the answer that matters.[/su_note]

Florida Contractors Insurance

If you operate a Contractor's business in the state of Florida, then you know that irrespective of the types of services you and your employees provide to your local community, the failure to have adequate insurance protection could be catastrophic for your business. Accidents, human errors and other unfortunate incidents can have a devastating effect on contractors who do no carry a Florida Contractor's Insurance.

What about independent sub-contractors? It is important to realize that every 1099 contractors in Florida need adequate liability coverage even if they work for a company who is already covered.  Indeed, enterprising lawyers are known to go layer by layer in search of the one source that will provide their clients the most compensation.  It may be that the company you contract for will be the one targeted, but there are circumstances where you too might the subject of such an inquiry.

Here are a the independent sub-contractors we provide coverage for:

  1. Electricians
  2. Plumbers
  3. Roofers
  4. Masons
  5. Mechanics
  6. Carpenters


[su_note]Questions about Commercial Insurance in Florida? Let Liz and her team of experts give you the answer that matters.[/su_note]

Florida Business Owners Package (BOP) Policy

Over the past few years, businesses have come under increasing pressure to trim their running expenses in order to stay afloat. Companies can look for savings in a variety of ways and unfortunately, sometimes may decide to take a gamble on the inherent foundation of their business investment: Florida BOP Insurance

Protection you cannot afford to be without. In an ideal world, businesses would never have to rely on insurance coverage for expenses, liabilities and claims caused by the actions of themselves or those of the people they employ or even service.  The sad truth is that accidents do happen and sometimes these accidents may be so severe that the entire premise of a business survival may in the balance. A Florida BOP acts as a protection in case of such accidents and may be the difference between a business that survive a particular challenge and one that doesn't because of the luck of insurance.

[su_note]Questions about Commercial Insurance in Florida? Let Liz and her team of experts give you the answer that matters.[/su_note]