Most businesses require a significant amount of investment in physical assets. Even companies who are no longer “Brick and Mortar” make a significant investment in office space and technology. Having the right kind of property insurance will help a business owner rest easy at night.
Buildings
This is the most obvious kind of property coverage a business might need. Fires, wind, and flooding all pose a great risk to buildings in Florida. Erb and Young has decades of experience writing insurance for buildings in Florida. Erb and Young agents know which companies have the best rates for the different areas of the state. Certain companies have better rates and coverage for coastal properties, while others offer better packages for buildings in the middle of the state.
Business Personal Property
The property such as furniture, computer equipment, and machinery a business uses at its premises would be considered building personal property. Just like coverage for buildings, an agent must know the ins and outs of the Florida property insurance market to get the best rates and coverage available.
Tools, Mobile Equipment, Goods in Storage, Transit or Installation
A company that performs work outside of a central location will require tools and mobile equipment. They may have property that is being, delivered or installed. These items are typically covered by an “inland marine” policy. The coverage has nothing to do with the ocean, but is essential for covering business property not at the business premises. These coverages are also often referred to as a “Floater”.
Business Income and Extra Expense
If a business’ property is damaged, it could take days, weeks, or even months for that business to resume normal operations. A Business does not stop incurring normal expenses just because it is not operational. Debts, payroll, utilities, and other expenses must be paid even when the business is not earning its normal revenue. Business Income and Extra expense coverage provides reimbursement for lost income and extra expenses incurred after a loss such as a fire or hurricane.
Flood Insurance
Most commercial property policies do not cover losses caused by flooding. A separate flood insurance policy is usually necessary for businesses to protect their buildings and business personal property from damage due to flooding.