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July 21, 2019

Ask the Experts

Preparing for the Unexpected

| 4/22/2019

Advanced Protection

Insurance is available to protect against almost any business risk. Consult with an insurance agent to determine which of the following types you’ll need, then compare terms and prices to find what’s right for you.

For your property
General Liability protects a business against financial loss resulting from bodily injury, property damage, medical expenses, libel, slander, lawsuits and settlement bonds or judgments.

Product Liability protects against financial loss resulting from a defective product that causes injury or bodily harm.

Professional Liability protects against financial loss resulting from malpractice, errors and negligence.

Commercial Property protects against loss and damage of company property due to events such as fire, smoke, wind and hail storms, civil disobedience and vandalism.

Home-Based Business Insurance A rider added to your homeowners insurance that offers some protection for business equipment and liability coverage for third-party injuries.

Business Owner's Policy combines all of the typical coverage options in a single package at a reduced price; generally available only to businesses with fewer than 100 employees.

Additional options:
Flood Property insurance does not cover damage from floodwaters, whether from rivers, lakes or oceans; however, business owners may insure their building and contents for up to $500,000 each through the federal government’s National Flood Insurance Program.

Windstorm Available through Citizens Property Insurance Corp., the state-created insurance provider, or private insurers; type of construction, size, location and proximity to water determine cost and availability.

Business Interruption Pays ongoing expenses such as rent, utilities and, in some cases, payroll when a business must close due to an insured property loss — i.e., in the aftermath of a hurricane.

 

For your people
Directors and Officers Liability Protects the company and individual executives should employees, shareholders, government agencies and/or others sue directors and officers over financial losses due to alleged company mismanagement.

Key Employee Protects a business following the death of an individual considered vital to the firm’s success. Similar to a life insurance policy, except the death benefit is paid to the company rather than to the individual’s family.

Workers’ Compensation Florida law requires employers with four or more full- or part-time employees to have workers’ compensation coverage for their employees. Sole proprietors and partners are not considered employees; corporate officers are, unless exempt.

 

For your ideas
Intangible assets — your company’s reputation, name recognition, know-how and/or creative ideas — have no physical existence, but they have commercial value and should be protected by one of the following:

Patent A patent is a property right granted by the U.S. Patent and Trademark Office to an inventor to exclude others from making, using or selling the invention without permission for a specified period of time. Visit www.uspto.gov for information and filing instructions.

Trademark Words, symbols, names, internet domain names, packaging and labeling that distinguish one company’s products from another’s may be registered as trademarks through the U.S. Patent and Trademark Office or, for more limited state protection, through the Florida Department of State, Division of Corporations.

Copyright An author’s exclusive right to use his or her original writing, musical compositions, artistic designs and other works of expression is automatic when a work is created, and lasts 70 years after death. Official registration is optional in most cases; for protection, simply add the word “copyright” or © symbol, first year of publication and name of copyright owner(s) at the top of the page.

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