Business Insurance
Your business is unlike any other. It has unique needs and circumstances that require having insurance that provides adequate coverage at an economical price.
At Sikora & Moore, we have 70 years of combined insurance experience, and we will match you with an insurance plan that fits the needs of your company.
Commercial Property Insurance
As a business owner, you already know to expect the unexpected. Whether it’s a string of burglaries in your area, a malicious vandal, a fire or a burst pipe, commercial property insurance protects your business investment.
In Florida, this type of insurance not only covers the standalone building, but it also includes what’s inside your building, including machinery, inventory, equipment, and fixtures.
Further, anything that’s within 100 feet of the building is also covered, including equipment and materials. Having adequate commercial property insurance protection is vital, and can help you rebuild your business if something unforeseen happens.
Commercial Vehicle Insurance
If you have a personal vehicle that you occasionally drive for business, it’s imperative to check to see if your auto insurance policy covers any business-related uses. Usually, you’ll need a separate commercial vehicle policy.
As your business expands, you may end up with a fleet of vehicles used exclusively for business operations. In those cases, you need a dedicated commercial vehicle insurance policy to prove coverage.
There are several types of commercial vehicle insurance, and Sikora & Moore will match you with the one that best fits the current and future needs of your business. Policies that include interstate coverage, lost wages, non-owned auto coverage, and loaners may or may not be necessary for your line of work and will affect the price of your policy.
General Liability Insurance
While property and vehicle insurance both cover claims and damages to your property and vehicle, general liability insurance is designed to cover liability claims explicitly made against your business.
Examples of these claims could include someone being injured at your facility or sustaining an injury (or worse) from using your product. Another example is an advertising injury claim, in which your business is protected if another company claims that the policyholder stole ideas, infringed on copyright, or committed libel or slander.
The type of coverage you need will vary depending on your business. If your location is retail or you have clients and customers visiting frequently, you may need more coverage than a company that has few visitors.
Claims can get expensive, and this insurance provides coverage associated with attorney’s fees, court costs, settlements, administrative costs, and more.
Builder’s Risk Insurance
As vulnerable to the elements as a finished building is, an unfinished building is even more at risk. Natural disasters, vandalism, and theft are frequent occurrences at build sites, and having insurance coverage is vital to receive reimbursement if the worst-case scenario happens.
Other coverage includes soft costs, ordinance or law, business income, and extra expense. However, it should be noted that accidents and injuries are not typically covered in this type of policy.
Builder’s risk insurance can cover both the construction phase of a building as well as renovations. In fact, there are three distinctions available:
1. Ground-up new construction
2. Remodeling
3. Installation
Excess Liability Insurance
Excess liability insurance isn’t required for all businesses, but it can be a smart move in many cases. This type of insurance is designed to provide coverage above the normal limits of a policy.
It is sometimes confused with umbrella insurance. While both types of policies cover amounts beyond a traditional plan, an umbrella policy will also broaden coverage for items that aren’t in the original policy.
Excess liability, on the other hand, is purely monetary. If your primary policy maxes out on coverage, this policy will pick up the slack.
In addition to providing more coverage, an excess liability policy is advantageous because the coverage can be secured at a lower out of pocket cost than simply adding a higher level of coverage to your main policy.
Professional Liability Insurance
Despite your best intentions and diligence, you could be subject to a claim of misrepresentation or negligence, which would be covered under professional liability insurance. Also referred to as errors and omissions insurance, this type of policy can help cover the costs of defending your business in both legitimate and frivolous lawsuits.
This type of insurance does not include criminal or purpose activity, though it usually extends to violation of good faith and fair dealing, as well as providing inaccurate advice. Depending on your industry, you may need more or less coverage. Sikora & Moore can help match you with a policy that offers all the protection you need at a fair and reasonable price.