Business Coverage Options
Aviation
Aviation insurance is divided into several types of insurance coverage:
Public Liability Insurance
This coverage, often referred to as third-party liability covers aircraft owners for damage that their aircraft does to third party property, such as houses, cars, crops, airport facilities and other aircraft struck in a collision. It does not provide coverage for damage to the insured aircraft itself or coverage for passengers injured on the insured aircraft.
After an accident, an insurance company will compensate victims for their losses, but if a settlement cannot be reached then the case is usually taken to court to decide liability and the number of damages. Public liability insurance is mandatory in most countries and is usually purchased in specified total amounts per incident, such as $1,000,000 or $5,000,000.
Passenger Liability Insurance
Passenger liability protects passengers riding in the accident aircraft who are injured or killed. In many countries, this coverage is mandatory only for commercial or large aircraft. Coverage is often sold on a “per-seat” basis, with a specified limit for each passenger seat.
Combined Single Limit (CSL)
CSL coverage combines public liability and passenger liability coverage into a single coverage with a single overall limit per accident. This type of coverage provides more flexibility in paying claims for liability, especially if passengers are injured, but little damage is done to third party property on the ground.
Ground Risk Hull Insurance Not In Motion
This provides coverage for the insured aircraft against damage when it is on the ground and not in motion. This would provide protection for the aircraft for such events as fire, theft, vandalism, flood, mudslides, animal damage, wind or hailstorms, hangar collapse or for uninsured vehicles or aircraft striking the aircraft. The amount of coverage may be a blue book value or an agreed value that was set when the policy was purchased.
The use of the insurance term “hull” to refer to the insured aircraft betrays the origins of aviation insurance in marine insurance. Most hull insurance includes a deductible to discourage small or nuisance claims.
Ground Risk Hull Insurance In Motion (Taxiing)
This coverage is similar to ground risk hull insurance, not in motion, but provides coverage while the aircraft is taxiing, but not while taking off or landing. Normally coverage ceases at the start of the take-off roll and is in force only once the aircraft has completed its subsequent landing.
Due to disputes between aircraft owners and insurance companies about whether the accident aircraft was in fact taxiing or attempting to take-off this coverage has been discontinued by many insurance companies.
In-Flight Insurance
In-flight coverage protects an insured aircraft against damage during all phases of flight and ground operation, including while parked or stored. Naturally, it is more expensive than not-in-motion coverage since most aircraft are damaged while in motion.
Commercial Auto
Typical Coverage Includes:
Bodily Injury Liability
Coverage for damages that involve bodily injury to others for which you become responsible under law.
Property Damage Liability
Coverage for damage to property of others for which you become responsible under law.
Medical Payments
Coverage for reasonable and necessary medical expenses and funeral services for those who are accidentally injured while in your automobile or while getting into or out of your automobile.
Personal Injury Protection Coverage for medical, hospital, rehabilitation, loss of wages or loss of services costs resulting from injury to you or any resident family member. In case of death to the insured or a resident family member, death benefits and survivor benefits, if applicable, will be provided.
Other Coverages
Comprehensive: Protection for the loss of or damage to your vehicle and its equipment from all causes except collision, subject to the deductible on the policy.
Collision: Protection for the collision damage to your automobile and its equipment, subject to the deductible on the policy.
Uninsured Motorist: Coverage allows you to recover bodily injury damages due to an accident where the other party does not have insurance and is found legally liable.
Underinsured Motorist: Coverage allows you to recover bodily injury damages due to an accident where the other party is found legally liable and does not have adequate liability limits.
Additional Expense: Coverage for necessary additional expenses incurred as a result of a loss for which you are protected under comprehensive or collision coverage. These expenses include rental cars, food, lodging, and other incidental expenses.
Hired Auto Liability Coverage: Covers liability for automobiles hired under contract on behalf of or loaned to the named insured.
Hired Auto Physical Damage: Coverage for an automobile of any type, hired, borrowed or leased on a short term basis for use in the insured’s business.
Employer’s Non-Ownership Liability: Coverage for a private-passenger automobile used in the business of the named insured by any person, or the occasional and infrequent use of a commercial automobile in the business by any of your employees.
Commercial Property
Property insurance can cover the buildings that you own and/or business property and inventory against physical loss or damage.
If you don’t own your building, you’ll still need contents coverage. In most policies, property insurance for business contents covers furniture, fixtures, inventory, office equipment, and other supplies stored at your facility or off-premises. You may insure those items for replacement cost or for actual cash value (ACV), which pays only for the depreciated value of the property.
Replacement cost policies have higher premiums, however, they can help your business recover from a loss faster, since you can replace all of the lost or damaged property with new items. If you lease some of the equipment at your business, the leasing company may require that you insure the property at replacement value.
Types of Commercial Property Policies
Different types of commercial property policies protect against different risks, often called perils. Some policies will cover only those risks specifically named in the policy. Other policies will cover all risks unless the policy specifically excludes them. Be sure to read your policy carefully. You may need to buy additional coverages or specialized policies, such as flood, windstorm, or crime coverage, to fully protect your business.
Categories
Commercial property policies in Florida generally fall into one of three categories:
Basic form policies typically cover common risks or perils, such as damage from fire, lightning, windstorm, vehicles, aircraft, or civil commotion.
Broad form policies typically provide basic form coverage plus coverage for additional perils, such as water damage, structural collapse, sprinkler leakage, and losses caused by ice, sleet, or weight of snow.
Special form policies cover against all types of losses except those the policy specifically excludes. Common special form exclusions include losses from flood, earth movement, war, terrorism, nuclear disaster, wear and tear, and insects and vermin.
Most commercial property policies cover damage from windstorms, except in counties on the Florida coast. If your business is in one of Florida’s coastal counties, you’ll need a separate windstorm policy. Commercial property policies provide either replacement cost coverage, actual cash value coverage, or a combination of both. Replacement cost coverage will pay to replace your property with new property of like kind and quality, up to the policy’s dollar limit. An actual cash value policy will pay the replacement cost of the property minus depreciation due to age and normal wear and tear. Although replacement cost coverage is more expensive than actual cash value coverage, it might better ensure that your business fully recovers after a significant loss.
Condo Association
If you’re a commercial condo owner or a condo association board member then chances are you’ve been asking yourself that age-old question …Where do the unit owner’s responsibility end and mine begin? As a property owner and/or condo association board member, you have many coverage options available to you. Plans are dependent on the amount of coverage (or lack thereof) that you wish to extend to your unit owners.
At NSI Insurance we specialize in condominium association insurance. This means that you have a dedicated insurance agent by your side with the experience and knowledge to share with your Board of Directors as they make this very important decision each year. It also means we have long-standing relationships within the industry proven by our track record of performance in dealing with both the insurance companies, who provide the coverage and the clients in which we serve.
The laws affecting condominium association insurance have been known to change throughout the year. This unique legal structure requires special insurance forms to cover the many risks within a condominium association. We are prepared to keep our clients informed of any changes that might impact the association’s insurance coverage.
We are highly competitive throughout the state of Florida while still maintaining the absolute best interests of our clients. However, we will not sacrifice our integrity or professionalism just to be the lowest quote.
General Liability
Liability insurance is designed to protect the business against losses even if they are negligent or liable for damage, injury or loss to another’s property, reputation, or health. Typically, damages, legal defense fees and settlement charges are paid by the insuring company when a claim is filed against the business.
Bodily Injury Liability coverage may pay the affected person or firm for the cost of care, the loss of services and restitution for death that results from an injury.
Property Damage
In the event, your business causes damage to or causes the loss of use of someone else’s property, property damage coverage may pay for the value of the physical damage to the property; or the loss of use of that property.
Products and Completed Operations
A policy may provide coverage for your company’s completed products or services. If an injury occurs due to the use of your products or services provided, the policy would pay for the resulting damages and any legal expenses up to the policy limits.
Contractual Liability
General Liability coverage extends to any liability you may assume by entering into a variety of different types of contracts such as a building lease.
Liquor Liability
If you’re not in the business of manufacturing, distributing, selling, serving or furnishing alcoholic beverages, the policy may protect you in case someone claims you are legally liable for a liquor-related accident.
Hired Auto Coverage
Replaces or augments the liability coverage offered by auto rental agencies for example. Non-Owned Auto coverage protects your company in the event that your company is sued as a result of an auto accident that you or one of your employees has in a personal vehicle while on company business.
Medical Payments
If someone is injured by you or at your business site, the policy may pay for medical and funeral expenses incurred, up to policy limits, within one year of the accident. For example, if a customer tripped and fell on your premises and had to be hospitalized.
Trucking Insurance
A commercial truck insurance package has many different parts called coverages.
There are different ways to cover the many risks you face in operating your truck. Your coverage decisions will need to be enough to protect you from any potential catastrophes. Your livelihood can be taken away in a split second if you don’t have the proper coverages in place. With the proper amount of insurance, you will have peace of mind knowing that should a loss occur, you will be covered.
Typical coverage includes:
Primary Liability Insurance
This insurance is intended to cover damages to someone else’s property or an injury to someone else during an accident where you are at fault.
General Liability Insurance
This coverage will protect you from risks that happen off the road, such as a slip and fall at your office.
Physical Damage Coverage
This coverage will help fix damage to your truck if you are involved in an accident. This coverage sometimes protects your truck from theft as well.
Motor Truck Cargo Insurance
This coverage protects you if your load is damaged during transit.
Non-Trucking Liability Insurance
This insurance offers coverage for damages or injuries to others while the truck is not dispatched on a job.
Trailer Interchange Insurance
This covers a non-owned trailer being used under a trailer interchange agreement.
Medical Payments Insurance
This insurance covers medical bills if you or a passenger is injured while driving or riding in the truck. The available coverages for this type of commercial truck insurance vary from state to state.
Uninsured Motorist
This insurance provides protection if you are in an accident with someone who does not have any insurance or does not have enough insurance.
Trucking Umbrella Policy
In most cases, you may need more protection than your existing policy maximums. An umbrella policy will provide excess liability coverage.
Workers Compensation
Worker’s compensation insurance pays benefits to your employees if they are injured while on the job. Specifically, it covers their medical bills, a portion of lost wages, vocational rehabilitation and death benefits. Almost every state requires by law that employers carry some form of worker’s compensation insurance. Because the coverage amount is established by state law, benefits do not vary from company to company within the same state.
What does worker’s compensation cover?
Worker’s compensation covers all the employees of the business. Special provisions must be made if employees work out-of-state. It can cover the business owner if the business is a corporation, and the owner is actively involved in the business.
How does worker’s compensation work?
When a worker suffers an injury, even a minor one, it is immediately reported to the worker’s compensation insurance carrier. The employee seeks necessary medical attention, and the insurance company pays the bills. If the employee misses work because of the injury, the insurance company pays the employee limited benefits for the lost time. If the employee is not able to return to the job due to a permanent injury, the insurer pays to re-train the employee for another line of work. If the employee dies, the insurer pays a death benefit to the employee’s family.
Is insurance for Worker’s Compensation required in Florida?
In the State of Florida in accordance with the Statutes, businesses do not have to have Workers Compensation until it has more than 3 employees. This is true for all industries except for construction. Owners may exempt themselves with the following form State Election of Coverage Application. You should take into consideration that although you are not required to have Workers Compensation, your business is still responsible for any accident or employment disease/illness that an employee may incur.
