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.
Florida Parking Lot Insurance
Florida Parking Lot Insurance. Owning and operating a garage may seem like a simple business, but there are many liability risks you face as an owner. When people are on your property, there are at risk of being injured. If a person gets injured on your property, you could be held liable.
Parking facilities can be flat, on-the-ground lots or multi-story above- or below-ground garages. Customers can be charged hourly, daily, or monthly. Facilities can be stand-alone businesses or be owned by another firm. Some have car washing, charging stations for electrically powered vehicles, toilet facilities, or valets. Some public transit systems offer "park and ride" lots for suburban commuters who ride public transportation into urban areas. Some businesses that own the facilities contract the day-to-day running of the operation to an outside firm.
Having insurance is the best way for you to protect your business. What you need comprehensive insurance to protect your business from the damage of lawsuits. In this post, we'll take a look at some of the different Florida parking lot insurance policies you can get to protect your lot.
Florida parking lot insurance protects your garage from lawsuits with rates as low as $77/mo. Get a fast quote and your certificate of insurance now.
Liability Protection For Your Parking Business
Having liability insurance allows you to protect your business from many of the risks that can destroy it. Financial losses from third-party injury or property damage can be devastating for your garage when you don't have Florida parking lot insurance. Following are some of the different insurance policies you can consider to protect your business:
Commercial General Liability Insurance - Having this type of policy for your business gives you broad protection from many of the risks involved with this business. A Florida parking lot insurance covers you from many of the costs associated with lawsuits against your business. The most common claim against parking lots is 'slip-and-fall' usually after a rain or snow.
Garagkeepers Liability Insurance - FL parking lots accept their customers cars for parking, and they assume a legal liability for doing do. Garagekeepers liability insurance covers this exposure. It covers the parking lot if a customer's vehicle is damaged due to their negligence while it is in their care, custody or control.
Business Property Insurance - This Florida parking lot insurance policy keeps your business protected from fire, vandalism, smoke or any other event that can cause damage to your property. It also can protect the contents inside the garage and buildings you use for the operation of your parking business.
Business property insurance can also include business interruption coverage. When your business has to cease operations for a period, this is the insurance provides you with the coverage you need. It helps to cover the parts of your business such as rent, employee salaries, and other expenses that occur when your business operations are halted.
Business Owners Policy - This type of Florida parking lot insurance policy is designed to fit the needs of many small businesses. It creates and affordable package for property, liability, and business interruption coverage.
Employee Theft And Crime Coverage - This insurance protects your parking business from any costs associated with theft or dishonesty in your business by employees. This insurance provides coverage for any fraudulent acts in your business. You can't control what your employees do, but at least you can control the type of protection you have when they do something wrong.
FL Business Auto Insurance - When your business owns vehicles, you must have insurance to protect those vehicles. Commercial auto insurance is how you protect them. With business auto insurance you protect your vehicles if they get in an accident while working for your business.
Workers' Compensation - Workers comp is mandatory in most states for any non owner employees With FL workers comp, your employees get medical assistance if they are injured while working for you. Any medical cost associated with the injury is covered when you have this insurance for your business. If an employee is injured and the injury results in the death of that employee then this insurance will pay benefits to the surviving family of the victim.
Steps To Minimize Parking Garage Losses
When you own a parking lot or large garage, there are things you can do to increase the safety and the security of it. This will reduce the amount of slip and fall type claims you are exposed to. The best way to minimize cost is to fill potholes, clear sidewalks of obstructions and fix anything you find that can cause damage to the people who use your facilities. Anything you feel an individual may sue your business for you must take the time to have it fixed.
Florida Parking Garage Operations Risks & Exposures
Premises liability exposure is moderate due to public access to the parking lots. Facilities must have a level, smooth, unobstructed surfaces to avoid trips and falls. The parking spaces, traffic flow within the facility, and exits must be lighted and well-marked. Snow and ice should be promptly removed.
If the facility provides services 24 hours a day, the safety of patrons is critical, as the business may be held liable for injuries due to assault or robbery by third parties. Call boxes should be conveniently placed throughout the facility in the event of an emergency. Attendants should be on duty at all times.
Surveillance cameras and security guard services are recommended for high-crime areas. Personal injury exposures include assault, invasion of privacy, and discrimination should there not be enough handicapped parking spaces available to meet local codes.
Garagekeepers exposure comes from the care, custody, and control of the vehicles left in the lots. Fencing or chains should be in place to prevent unauthorized access and theft. Valet parking requires controls and procedures to avoid giving the wrong key to the wrong driver.
Property exposure depends on whether the facility is an open-air lot with only a small shelter house or a full aboveground or belowground parking structure. While exposure to fire is low, all are subject to vehicle and vandalism damage. Parking garages may collapse from earthquakes or the ongoing vibrational movement of vehicles.
Automobile exposure is minimal unless there are a number of lots and employees use vehicles to pick up cash for deposits. All drivers should have a valid driver's license and an acceptable MVR. Any owned vehicles must be maintained with documentation kept.
Workers compensation exposure is moderate due to the constant movement of vehicles and from holdup and/or assault. Pay booths located in isolated areas, and especially those open 24 hours per day, are particularly subject to holdups. All employees must be trained in safety procedures to protect themselves and the customer in case of robbery. Protective equipment such as bulletproof cages, surveillance cameras, panic buttons, and guards may be needed.
Crime exposure is high from employee dishonesty and theft of money and securities, from either holdup or safe burglary. Employee dishonesty is controlled through background checks, control of the cash register through surveillance cameras and cash register tapes, disciplined controls, and division of duties. Thieves may be drawn to the accumulation of cash on premises.
Bank drops should be made at irregular intervals throughout the day. As parking lots are targets for holdups, cashiers should be protected. Depending on the area, they may need to stay in a bulletproof enclosure. Security officers, panic buttons, and other techniques should be used to help in curtailing crime. Holdup controls at the lots are best managed by frequent pickups and bank deposits.
Inland marine exposure comes from accounts receivables if the business offers long-term parking and valuable papers and records for permits and contracts. There may be computers used for recordkeeping or signs. Duplicates of all data should be made and kept off premises for easy replication in the event of a loss.
FL Parking Lot Insurance
As an owner of a parking lot or a FL garage, you should have Florida parking lot insurance policy to protect your business from the many risks you face. Now that you have an idea of the different insurance types available it's a good time to speak with a professional insurance agent and find the right insurance for you.
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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Quotes from leading small business insurance carriers including: ACE, AmTrust, Chubb, Cincinnati, CNA, Colony, Employers, Evanston, Fireman's, Foremost, Guard, Hanover, Hiscox, Liberty Mutual, LLoyd's of London, Markel, MSA, Nationwide, Penn America, Philadelphia, Prime, Progressive, Scottsdale, The Hartford, Travelers, USLI, Utica First, Western World, Zurich & others.