Published: May 4, 2025 • Category: Business Insurance
We typically do not give much thought to insurance until something goes wrong. Ensuring your coverage is on point could make all the difference between a minor setback and a business-ending loss. Use this checklist to review your commercial insurance program.
General Liability Insurance
Every business needs general liability coverage. It protects against third-party claims of bodily injury, property damage, and personal injury (such as libel or slander). Check that your per-occurrence and aggregate limits are high enough to cover a major lawsuit in today’s litigious environment.
- Per-occurrence limit: at least $1 million recommended
- Aggregate limit: at least $2 million recommended
- Products and completed operations coverage included
Commercial Property Insurance
If you own or lease a building, or have significant equipment and inventory, commercial property coverage is essential. Verify your policy covers:
- Building and tenant improvements at replacement cost, not actual cash value
- Business personal property (furniture, equipment, inventory)
- Electronic data and equipment breakdown
- Named perils vs. open perils — open perils is broader and preferred
Workers’ Compensation Insurance
Florida law requires workers’ compensation for most businesses with employees. Even sole proprietors in construction trades are required to carry it. Confirm your policy covers all employees, including part-time workers, and that your classification codes are correct — incorrect codes can mean you are paying too much or too little.
Business Interruption Coverage
If a covered loss (fire, hurricane) forces you to shut down temporarily, business interruption insurance replaces lost income and covers ongoing expenses like rent and payroll. Check that your waiting period, coverage period, and revenue replacement amount align with your actual operations.
Commercial Auto Insurance
If any vehicle is used for business purposes, it needs a commercial auto policy. Personal auto policies typically exclude business use. Verify that hired and non-owned auto liability is included to cover employees driving their personal vehicles for work.
Umbrella / Excess Liability
A commercial umbrella policy sits above your primary liability limits and kicks in when a claim exceeds those limits. For most small to mid-size businesses, a $1 to $2 million umbrella is a low-cost way to add significant protection.
Schedule an Annual Review
Your business changes every year — revenues grow, you add employees, you buy new equipment. Schedule an annual review with Insure USA, Inc. to make sure your coverage keeps pace. Call (321) 235-7377 or get a commercial insurance quote today.