Small Business
Insurance
It doesn’t matter whether you are two electricians who work together or a multi-location corporation. Our trusted commercial agents will work with you to develop a customized and cost-effective plan that helps you manage risk and exposure, cover a full range of business assets and employment benefits, and protect current and future business performance through cost-efficiency coverage.
We know that your business is as important to you as your family, and it deserves the same quality of protection and care. Our comprehensive approach for business insurance covers your most critical needs today, as well as those related to the future. One quick call is all it takes to get started.- Property Insurance
- Generally speaking, the goal of doing business is to maximize profits, while continuing to lessen overall costs. This however requires making strategic plans that account for anticipated expenses as well as outline actions for accurately reinvesting the profits. Your business property are assets that provide you with the ability to care for your family and allow you to operate your business for the long haul. Your business insurance policy needs to do this for you, too. Our insurance pros are highly-skilled and super friendly, so please give us a call to discuss your business insurance needs,
- Liability Insurance
- With a variety of coverage options and state laws to abide by, you need someone on your side with superior insurance knowledge to help you secure the most effective business insurance plan for your needs. Broward Hall Insurance Agency was founded in 1957 with the goal of caring for our clients as our own family. We understand the risks involved in operating a small, medium or large company. We absolutely can help you understand the type of insurance policy you need and how to save you money, too.
Popular Insurance Types
Here are the answers to common Small Business Insurance questions.
What type of insurance do I need to cover my business?
Commercial insurance includes two main categories of insurance to cover the various coverage lines, property insurance, and liability insurance. Your business may not need all of the types of coverage that are available. Your insurance agent should be able to advise you as to the exposures that are typical in your industry and propose coverage options that address your circumstances. It is your responsibility, however, to select the options you need to adequately cover your business exposures.
What limit of insurance is adequate for my property?
A separate limit must be determined for each building or structure, and for the business personal contents of each building or structure. Most companies require you to fully insure the value of your building at either the actual cash value (ACV) or the cost to rebuild. An ACV basis takes into account depreciation of the building, whereas Replacement Cost is the cost to repair or replace without applying depreciation. The building limit also includes the value of permanently installed fixtures, machinery and equipment, so be sure to consider those items when determining the value of the building. If a building is not insured to the extent required by the policy, you can be subject to a coinsurance penalty at the time of a loss.
How does the coinsurance penalty apply?
The coinsurance penalty is determined by the ratio of the limit of insurance you are carrying on the building or property to the limit the policy requires you to carry. For example, if the cost to replace a building is $100,000 and the policy requires you to insure to 100%, you should carry $100,000 on that building. If you have chosen to insure the building for $80,000, the policy will only cover 80% (80,000/100,000) of any covered loss, less the deductible.
I am just an individual with a small business. I do not have any employees, I work alone. Do I need insurance?
Yes, even though you may operate under your individual name, you are still conducting business and have an exposure to liability claims.
What’s the minimum amount of coverage I can purchase for my business?
Depending on your type of business and underwriting guidelines, you may be able to purchase liability limits as low as $100,000. We do recommend higher limits of coverage as the cost is normally minimal for much better coverage.
Is there a specific insurance policy designed for small businesses?
Many new business owners opt for a business owner’s policy (BOP). This policy includes coverage designed specifically for small businesses.
Ask about insurance packages that can bring better coverage for up to 20% less cost.
Disclaimer: Above questions and answers are intended to be generalized information and may or may not be the specific wording of your insurance contract. Your specific policy contract coverages and definitions will prevail. For specific questions of coverage, please contact your insurance provider. Generalized questions are not an offer of coverage. If you would like an insurance proposal, please contact our office.