Business insurance: broken down into a list of four types of insurance policies and briefly explained.

Property Insurance: Property insurance insures against loss or damage to the location of the business and its contents. It can also insure the property of others in your control when the loss occurs. Property insurance can be for a specific risk. For example, a fire insurance policy insures only against a fire loss to the location. A windstorm claim can be part for the property policy. A flood claim is a separate policy. The insured location can be owned, leased or rented. Premium rated per $100 of value. $300,000 build rate $.50 premium $1500.00

Liability Insurance: Liability insurance insures against liability legally imposed upon your business because of the negligence of the business or its employees. Put another way, it protects your business when the business is sued for negligence. Most landlords will want to be named as an Additional Insured on your liability. Premium rated per $1000 of exposure, this could be on payroll for construction or sales for non-construction. Restaurant with $650,000 in sales rated at $5.25/1000 premium $3412.50 per yr.

Workers Compensation: You will need to insure your employees against on-the-job injuries. In Florida you are required to carry Workers Compensation if you have 4 or more employees in a non-construction business. Any construction based business is required to carry Workers Compensation if there is one or more employees. Officers can be exempt from workers compensation but notification to be exempt must be completed. Rates are based on $100 gross payroll for full or part time employees. Restaurant class code 9082 rate $2.47 per $100 of
payroll. Annual payroll $150,000 premium $3705.00. One of the best programs for Workers Compensation is called pay as you go. Steve Chesnut has a Florida program for payroll and workers compensation where there is no money down and the payroll services is $1.50 per check. Call or email Steve for more info.

Commercial Auto: Your personal automobile policy does NOT cover vehicles used by your business. If your business uses vehicles or anything that is required to be titled by your state, then you need a commercial auto policy. Commercial auto coverage insures against property damage to vehicles and damage caused to others by those vehicles. Rated on year, make, model, and value of each vehicle. MVR of each drive will effect rate.

Steve Chesnut
239-841-7526
swc@comcast.net

Michael Monnot

941.518.7138
Mike@InfinityBusinessBrokers.com