3 Elements of Commercial Insurance

Commercial insurance is essential for any Miami Lakes, FL business owner. No matter the size or scale of your business, it’s vital to protect your investment. While there are many forms of commercial insurance, each designed to shield a company against unique risks, the following three are nearly universally useful. Jet Stream Insurance Group LLC is here to help you understand the protection your business needs. 

General Liability 

If your business injures someone or something in a way you are legally liable for, general liability insurance pays the awarded settlements up to policy limits. An umbrella policy can cover expenses that exceed these limits. 

This covers:

  • Third-party bodily injury and related medical bills
  • Third-party property damage
  • Advertising injury (libel, slander, copyright infringement, and similar)
  • Defense costs and legal fees related to the claim

Commercial Property 

Storms, fires, theft, burglary, and vandalism are risks that every business faces. These unanticipated events can damage the structure your company operates in and the equipment, inventory, furniture, and other essential property. Usually, you can choose between replacement cost or actual cash value policy coverage. The best way to decide which option works for your situation is to have your property professionally appraised and then work with your agent. 

It’s important to note that flooding typically requires a separate policy. 

Worker’s Compensation

Your labor pool represents both an asset and a risk pool. If a worker is injured on the job, worker’s compensation will pay their medical bills and some portion of lost wages, no matter where the fault lies. Florida also requires it if you have four or more employees, full or part-time.  

Call Jet Stream Insurance Group LLC today to discuss your Miami Lakes, FL business insurance policy. A professional agent will review your existing policy and business to ensure you have the commercial coverage you need.