Frequently Asked Questions About
Commercial General Liability Insurance
How much does commercial insurance cost?
Costs can vary widely based on industry and are also determined by zip code and often payroll and/or gross sales. Request a free quote to get an exact number.
What kind of business insurance do I need?
Most business owners need General Liability Insurance at the very least. If you have any non-owner employees, you will need workers compensation insurance too.
What is a Certificate of Insurance?
A Certificate of Insurance is proof of coverage. It lists the type and amount of liability coverage you have and other policy information when a third party requests it.
Is business insurance tax deductible?
Yes. you can deduct the cost of commercial insurance premiums. The IRS considers insurance a cost of doing business as long it benefits the business & serves a business purpose.
Engraving Business Insurance Florida
Engraving Business Insurance Florida Engravers cut text or design into a hard surface or plate made of copper or steel. Ink is rolled across the incised plate, and the surface is wiped clean, allowing the ink in the engraved grooves to be imprinted. Engraving can also be done using computers and photographic techniques.
You've trained to be a professional engraver. You know your stuff, you may have had plenty of experience and you're always careful. While it can provide you with a rewarding career, owning an engraving business is also associated with several risks. The unexpected can still strike.
We all tend to think it won't happen to us, but an oversight or an accident that happens in an instant can be disastrous. The major risks being professional errors, stolen goods from your store, or injuries from the engraving equipment. Protect against these risks by obtaining the right types of engraving business insurance Florida.
Engraving business insurance Florida protects your company from lawsuits with rates as low as $37/mo. Get a fast quote and your certificate of insurance now.
Do I Need Business Insurance For My Engraving Business?
Following are some of the engraving business insurance Florida coverages that are available to FL engravers:
General Liability - Your business wouldn't be much without customers coming through the door. Unfortunately, interacting with clients brings the risk of lawsuits, which are not cheap. The Court Statistics Project reports that the median cost of a business liability lawsuit is about $54,000. The good news is that General Liability Insurance can help manage the risks presented by clients.
For instance, if a customer slips and falls on a newly cleaned floor in your store, this engraving business insurance Florida coverage will help with any resulting medical expenses. This will also cover costs of repair or replacement of personal property of others.
Business Property - This is used to provide coverage in the event your building is damaged or destroyed. It's also used to cover upgrades or alterations that were done to the property. It's important that a buildings replacement cost estimate is performed to ensure it's covered up to its full replacement value.
Tenants Improvements - This is coverage for improvements done to your premises when you are a tenant. In the event of a loss at your premises causing damage to the building, your landlord's insurance will usually put the structure of the premises back to what they are when the building was erected, but that office in the corner that you built wouldn't automatically be rebuilt by your landlords insurance company. This insurance will pay for such improvements that you made.
Glass breakage - As an engraver, if you work with a lot of expensive exterior glass, this policy will cover you if the break the glass. Glass coverage will, under some policies, also provide engraving business insurance Florida coverage for illuminated signage, such as neon or other signs. The cost of lettering and signage on windows should be included in the value of insurance along with coverage for temporarily boarding up the breakages.
Tenant Legal Liability - Consider adding tenant legal Liability coverage if you are operating your business on rented property. This engraving business insurance Florida option helps protect you in the event you are sued for causing damage at the premises you rent. For example, if you shut off the heat before leaving your rented property for an extended time and as a result, a pipe bursts, FL tenant legal liability insurance may help cover the expenses.
Workers Compensation - Workers comp is mandated in most states for any non-owner employees. FL workers comp can help cover medical costs and a portion of lost wages for an employee who becomes ill or injured when operating engraving machines. Another example of when this insurance can help you is if your cleaning crew left a very slippery floor the night before work and didn't use non-skid wax. One of your employees slips on the slippery floor and gets injured. Workers Compensation insurance can pay for the employee's medical costs and any lost wages from being out of work.
Business Interruption - What happens if a fire or some other incident causes you to close for a short period? Expenses still must be paid, so you need this engraving business insurance Florida policy to protect you and your engraving business from this peril. It pays for:
- Lost net income
- Continuing expense (such as rent, salaries, taxes, etc.)
- If you find a place to relocate temporarily, the policy pays for relocation fees.
Business Owners Policy (BOP) - Business owner's policy combines typical insurance coverage options into one standard package. Ii is offered at premiums that are less than if each coverage was bought separately. Typically, BOP consists of property, general liability, business interruption and other coverages common to your businesses. BOP simplifies the insurance process and saves you money.
How Much Does Engraving Business Insurance Cost?
The price you pay for your insurance is dependent upon a few key factors such as the sums insured you require in respect of property damage insurance, the exact nature of the shop that you operate and whether you have had any previous claims and your trading history.
Florida Engraving Risks & Exposures
Premises liability exposure is generally minimal as visitor access is limited to waiting areas. All customer waiting areas should be in good condition. Access should be limited in the processing area. Parking areas and sidewalks should be in good repair and kept clear of ice and snow.
If the engraver outsources some of its work, certificates of insurance should be maintained to verify that adequate limits of liability are carried.
Professional exposure comes from errors and omissions which can range from blurry plates to misspellings to missing a critical deadline. Documentation is vital in preventing errors. All copy, including changes, must be reviewed and agreed upon before the type is set.
Environmental impairment exposure can be high due to waste disposal of solvents which can contaminate ground water, soil, or air. Contracts should be in place to dispose of all environmentally dangerous chemicals. Spill procedures must be in place to prevent the accidental discharge of inks through the drains.
Workers compensation exposure is high due to the use of chemicals and operation of machinery. Workers can be injured by electrical shocks, excessive heat, slips and falls, back sprains from lifting, cuts, dust inhalation, and repetitive motion injuries. Training is required for any employee operating machinery. Safety equipment is a must. Lifting techniques should be reviewed to prevent back injuries. Information regarding chemicals should be available to employees along with early warning signs of problems. Workstations should be ergonomically designed.
Property exposures are substantial due to the combination of flammable liquids, primarily inks and solvents, large quantities of combustible paper, the use of hot metals and molds, and the numerous ignition sources from the engraving machinery and equipment. Electrical wiring must meet current codes and be adequate for the occupancy. Ongoing maintenance of equipment is critical as even a small fire can result in substantial damage.
There should be automatic shutoffs to prevent overheating. Smoke detectors and fire suppression devices are highly recommended. Extension cords should not be used. Flammable liquids must be stored in a cool place away from heat sources with no more than one day's supply in the processing area. Smoking should be prohibited.
Crime exposure is from employee dishonesty. Background checks, including criminal history, should be performed on all employees handling money. There must be a separation of duties between persons handling deposits and disbursements and reconciling bank statements. Audits conducted at least annually are important.
Inland marine exposure is from accounts receivable if the engraver offers credit, bailees customers, computers, goods in transit if deliveries are made, and valuable papers and records for customers' and vendors' records. All data should be duplicated and stored off premises for easy restoration after a loss.
Business auto exposures depend on whether the engraver picks up its own supplies or delivers end products to customers. If vehicles are provided to employees to take home, there must be a written policy regarding personal and permissive use. All drivers must be trained in handling the type of items being carried, including appropriate tie-down procedures, and they must also be trained in the operating the particular vehicle. Driving records must be acceptable and checked regularly. All vehicles must be maintained on a regular schedule with records kept in a central location.
FL Engraving Business Insurance
There are additional types of insurance that may be a good fit for your specific engraving business. By discussing the ins-and-outs of your particular business, you can help your insurance agent determine your various exposures. Your agent can then help you find the right coverage to mitigate those specific risks.
Florida Economic Data And Commercial Insurance Requirements
If you are thinking about starting up a business in the state of Florida, it's important to understand the economic standing of the state before you set up shop. Furthermore, you should understand the rules and regulations regarding FL commercial insurance.
With this information, you will be able to determine if Florida is the right place for your business, and if so, what type of insurance you will need to carry to protect yourself, your employees, and the people that you serve.
Economic Trends For Businesses In FL
Florida is known as the sunshine state, and the economic outlook for this state is just as bright as the weather. It is estimated that the economy in Florida will reach $1 trillion by the end of the 2019 calendar year. However, while financially, the economy is expected to boom, it is forecasted that job growth will decline.
The reason for the economic boom? While businesses do certainly contribute to the economy, industry isn't the reason why Florida's economy is expected to soar; the residents that move to the state are largely responsible for its economic growth. Approximately 898 people move to Florida every day, and those new residents bring a tremendous amount of income for the state.
In terms of job growth, the rate of new jobs has been its highest since 2007; however, it is forecasted to slow during 2018. Approximately 180,000 new jobs will be added in 2018, which is slightly less than the new jobs that were added in 2017.
The industries that contribute the most to Florida's economy include:
- Aviation & Aerospace
- Financial Services
- International Trade
- Life Sciences
Commercial Insurance: Regulations & Limits In Florida
The Florida Office of Insurance Regulation regulates insurance in FL. The only type of coverage that business owners must carry is workers' compensation. Organizations in any industry must carry this type of coverage if they employ a staff of hourly or salaried workers. But, organizations that employ three or less people are not legally required to carry this type of coverage.
Business owners are also required to carry commercial auto insurance if they use any vehicles for their operations, such as making deliveries or transporting goods. Commercial liability insurance is another type of coverage that Florida business owners should consider carrying, though they are not legally required to have this type of insurance.
Additional Resources For Miscellaneous & Non-Profit Insurance
Find informative articles on miscellaneous businesses including the types of commercial insurance they need, costs and other considerations.
- Agriculture, Forestry, Fishing & Hunting
- Assisted Living Facilities
- Employment / Staffing Agency
- Engraving Business
- Facility Support Services
- Mail Order
- Parking Lot
- Personal Concierge
- Photofinishing Lab
- Private Water Districts
- Process Server
- Public Liability
- RV Parks & Campgrounds
- Unmanned Aerial Vehicles (UAV) Drone
- Wedding Planner
An insurance contract is an agreement where one party obligates itself to make good the financial loss or damage sustained by a second party when a designated event occurs. The event must be fortuitous and happen by accident. The named insured must have insurable interest at the time of loss. One final point is that in order for any contract to be considered insurance, there must be a risk of loss.
Fortuitous Event - An occurrence largely beyond the control of any involved party; happening by chance; accidental; for example: fire, lightning, windstorm, explosion or flood.
Insurable Interest - In order to recover from a loss to property, the holder must have an insurable interest in the property at the time of the event or occurrence. An insurable interest is any right, title or interest in property where the holder of that right, title or interest sustains financial loss if the property is damaged or destroyed. Any lawful and substantial economic interest in the safety or preservation of the property from loss, destruction or damage also constitutes an insurable interest.
An entity does not have to be the property owner to have an insurable interest in it. Examples include, but are not limited to, mortgagees, trustees, vendors, lessees and bailees. Insurable interest for any entity must exist at the time the loss occurs.
Risk Of Loss - If property could never be destroyed, there is no risk of loss. If property must necessarily disintegrate or be destroyed, there is no risk of loss. Between these two extremes is the exposure of risk that can be insured.
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