St Petersburg Business Liability Insurance

St. Petersburg business liability insurance policies can be either claims made or occurrence policies. The type of policy that you need for your St. Petersburg business will depend on the activity of your work. Both claims made and occurrence policies have disadvantages and advantages, and choosing which Florida business liability insurance company is best for your Florida company is an important decision which can significantly impact your future costs and risks.

You also have a number of other decisions you need to make regarding your St. Petersburg business liability insurance. For example, if you or your employees will be using a car for work purposes, you may want to consider a commercial auto liability policy. And, if you have employees, you may want to consider employment practices liability insurance. Furthermore, if you're opening a liquor store or bar in St. Petersburg, you may want to consider liquor liability insurance.

Claims Made Versus Occurrence

Before you decide on a business liability insurance quote, you'll need to understand the difference between claimes made and an occurrence. Basically, a claims made policy is active during the time you're insured, whereas an occurrence policy stays active if there's any instance related to the period in which you were insured. Does that sound complicated? It's actually relatively simple. Then again, the subtleties are pretty complicated.

Here's an example to simplify the difference: say you're a contractor and your company builds a house. In a decade, you decide to stop working, and you stop paying for your St. Petersburg business liability insurance. A year after that, the people in the house you built discover that there is a mistake in the foundation, and they decide to sue you. If you no longer have liability insurance, you could be in big trouble.

However, if you had an occurrence policy during your working years, you're still covered. Or, if you had a claims made policy and you purchased tail coverage (and you're continuing to pay for tail coverage), then you are still insured. However, if you had a claims made policy and you did not choose to continue with tail coverage, you're uninsured and facing a serious risk.

In some ways, it seems like purchasing an occurrence policy is the safest way to go. However, occurrence policies are much more expensive than claims made policies, and they're not always available. Furthermore, your coverage limits won't be adjusted in relation to the growth of your St. Petersburg company, nor will they be adjusted for inflation. So, in 20 years, your policy limits may be extremely low.

On the other hand, purchasing a claims made policy won't solve all your problems either. Tail coverage is actually pretty expensive. So, the only way you can have a claims made policy without having to pay continued coverage, is if your work won't last into the future. If you're opening a store, for example, this is a viable option.

Discussing the different policies with a St. Petersburg business liability insurance agent can help you figure out what's best for your Florida company. The first thing you'll want to do is to figure out whether or not you can even get an occurrence policy, considering your industry and location. Obviously, if you can't, your decision will be much easier! If you can, however, a St. Petersburg, FL insurance agent can help you figure out which kind of policy is the best for you.

Additional Insurance Policies

St. Petersburg business liability insurance will protect your company from third-party claims related to property damage, advertising injury, and personal injury. However, it will not protect your company from claims related to your product or professional negligence. So, if your business is manufacturing a product, you may need to have product liability insurance. As a professional, you need to have St. Petersburg malpractice coverage.

Furthermore, while St. Petersburg business liability insurance will protect your business from third-party claims, it will not protect you from claims made by your employees. If you have employees, you probably need employment practices liability in addition to St. Petersburg business liability insurance. That way, if an employee sues your St. Petersburg, FL business for wrongful termination or harassment, you'll be protected.

If you or your employees will be driving for business, you may want to consider a commercial auto policy. Your personal auto coverage will most likely not be sufficient. You may want to consult with your Florida agent regarding whether or not you need a commercial policy to protect your vehicles. Or, you may be able to get an add-on to St. Petersburg business liability insurance that includes cars.

Insuring a business is more complicated than insuring a person or even a car. Businesses have specific risks that may require different policies. The best way to make sure that all of your risks are covered is to choose a reliable St. Petersburg business liability insurance agent to help you assess your needs.

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