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Florida Commercial Property Insurance (QUOTES, COST & COVERAGE)

Get Florida commercial property insurance quotes, cost & coverage fast. Property insurance covers the FL building your business owns or leases and your business personal property, including equipment, tools inventory, & furniture.

Florida Commercial Property Insurance

What if a fire breaks out in your storage room and burns your entire business to the ground? What if a major storm hits and your building’s roof blows off, destroying all of your assets? What if someone comes along and decides to spray paint graffiti all over your storefront?

These are just some of the possibilities that could occur when you rent or own a FL commercial property for your business.

While you hope that none of these things happen, as the saying goes: hope for the best, but plan for the worst. Florida commercial property insurance is your best plan in the event that the worst case scenario occurs. This type of insurance coverage protects your business from major financial losses if anything bad happens.

Does My Business Need Florida Commercial Property Insurance?

Any business owner that has physical assets that are vital for earning revenue should have Florida commercial property insurance. It is extremely important because it ensures that your business will not suffer large out-of-pocket costs as a result of any damages that may occur from no fault of their own.

What Does Florida Commercial Property Insurance Cover?

Florida commercial property insurance is an insurance policy that covers the business property that you lease or own from any damage caused by most natural disasters, fire, theft or vandalism. It also covers your personal property, such as any tools, equipment, inventory, furniture and any other items that you may have within the property. Moreover, this type of insurance policy covers assets, such as accounts receivable and lost income.

There are several things that FL commercial property insurance can cover. Some of the items that are protected under this type of policy include:

  • The structure or building
  • Your business inventory
  • Other peoples’ property
  • Any furniture and other equipment within the building
  • Fencing
  • Landscaping
  • Exterior signs

Business owners can adjust their coverage so that suits their individual needs. For example, they can choose a basic policy, or they can add extra protections to ensure that almost all of the property of their business is protected.

What Florida Commercial Property Insurance Doesn’t Cover

CFlorida commercial property insurance typically does not cover:

  • FL commercial vehicles.
  • Property damage resulting from employee errors.
  • Property that was not purchased for business use
  • Personal belongings that may be used by the business.
  • Amounts beyond the policy limits and property value.
  • Intentionally damage caused by the business owner or employees

Types Of FL Business Property Insurance Coverage

When it comes to Florida commercial property insurance, people who own a business have several options to choose from and can adjust their polices to their needs. However, there are three basic categories of coverage:

  • Basic Coverage. A basic commercial insurance policy insures a business against fires, storms, smoke, explosions, and vandalism.
  • Broad Coverage. This type of insurance covers everything that basic coverage does, but it also includes damage to glass, water damage, and any damage that is caused by fallen objects.
  • All-risk Coverage. This covers everything that basic and broad coverage offer, and it also includes theft, as well as any other direct physical losses.

There are also specific types of Florida commercial property insurance coverage. Some examples include:

  • Ordinance coverage. This will provide you with money for any additional costs that are associated with repairing or rebuilding your structure after it has been damaged in order to ensure that it meets building codes.
  • Valuable papers. This offers limited coverage for any valuable papers that your business may record, such as receipts and other documents.
  • Extra expenses. With this coverage, you will receive additional money to return your business back to the condition it was in before it was damaged.
  • Personal property coverage for employees. If your employees have any personal property on the premises of your business, this coverage will provide money to replace or repair those items if they become damaged.
  • Crime coverage. With this coverage, you will be protected from various types of crimes, such as robbery, forgery and theft.

How Much Does Florida Commercial Property Insurance Cost?

How much does Florida commercial property insurance cost? The premiums vary depending on the amount of risk exposure, and it depends on the endorsements and deductible selected. The cost of commercial property insurance varies. Following are some of the main factors that go into the price of a policy:

  • Construction: How the building was built and its condition. Masonry or brick buildings don’t burn as fast as wooden frame.
  • Occupancy: Who occupies the building influences the rates. Companies with higher fire risk (like pizza ovens, kilns etc.) can pay more.
  • Risk: The insurer will determine an overall risk for the business and building before issuing a rate.
  • Location: Insurers look at the location of the business. If it is located in a high-crime neighborhood, then the rates are higher.
  • Protection: Things like alarms and sprinkler systems can reduce rates. Proximity to a fire station or fire hydrant also can help reduce costs.

Further Reading On Business Property Insurance

FL Commercial Property Insurance Quotes

Florida Insurance

Request a Florida Commercial Property Insurance quote in Anaheim, Bakersfield, Chula Vista, Concord, Corona, Elk Grove, Escondido, Fontana, Fremont, Fresno, Fullerton, Garden Grove, Glendale, Hayward, Huntington Beach, Irvine, Lancaster, Long Beach, Los Angeles, Modesto, Moreno Valley, Oakland, Oceanside, Ontario, Orange, Oxnard, Palmdale, Pasadena, Pomona, Rancho Cucamonga, Riverside, Roseville, Sacramento, Salinas, San Bernardino, San Diego, San Francisco, San Jose, Santa Ana, Santa Clara, Santa Clarita, Santa Rosa, Simi Valley, Stockton, Sunnyvale, Thousand Oaks, Torrance, Vallejo, Victorville, Visalia and all other cities in FL.

The Florida Department of Insurance

The FL Dept. of Insurance is the regulatory agency behind the insurance rules for the state of Florida. If you want to understand these rules, then this is definitely the agency that you need to focus on. Let’s start with limits within the state.

Florida Minimum Insurance Limits
  • For¬†auto insurance, Florida requires $15,000 per person and $30,000 per accident.
  • For¬†life insurance, there are certain regulations in place to determine how someone is able to get or offer life insurance, but there are no limits listed.
  • For¬†commercial insurance, insurance agents may offer broker or casualty insurance as well as covered property insurance, covered causes of loss, specified perils and open perils along with a number of coverage forms like builder’s risk, legal liability, building ordinance, glass, peak season, inflation guard and peak element.
FL Insurance Regulations

As for regular insurance regulations there are a lot of things that Florida provides that you can look up. For example, there are deadlines for the insurer to pay the claim or deny it, deadlines for submitting paperwork to prove a loss for insurance reimbursement, specific information your insurance company is required to give you and regulations on what information you have to provide to your insurance company.

One of the Florida regulations calls for you to be treated by your insurance company in good faith. This means that your insurer must be considered of your needs and must communicate completely and honestly with you about your policy and everything that you need to know about it in order to make a good decision. In turn, you are legally obligated to be honest and cooperative with your insurance company when it comes to your claim.

You should also be aware that your insurance company is required to offer prompt, honest and complete communications. The company and all of its representatives must respond to your communications within 15 calendar days with a complete response based upon the facts that are known.

Finally, be aware that your insurance company is required to have a fair claims process. Unless it is specified in your policy, you do not have to use the forms that are provided to you by your insurance provider in order to make a claim. You can create a list of losses on your own if you need to. In addition, insurers are not able to ask for unreasonable proof of loss. If you provide photographic evidence or video of items that you lost, insurers are not able to ask you to provide additional information.

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