Tampa Business Liability Insurance

Tampa business liability insurance with protect your company against the majority of third-party claims. Tampa business liability insurance has the duty to defend and indeed to indemnify. So, if a claim is brought against your company regarding personal injury, advertising injury, or property damage, your Tampa business liability policy will protect you.

Depending on the particular risks of your Florida company, in other words, the potential for lawsuits, you may need very high limits on your Tampa business liability insurance. If that's the case, it may be better for you to purchase umbrella Florida liability insurance coverage up the limits on the policy. An umbrella liability policy is often a less expensive way to get higher limits.

Tampa General Commercial Insurance

Basic Tampa business liability insurance covers you for three types of claims. If someone is injured on your property and brings a claim against you, your policy will cover you. So, if someone walks into your office, trips and breaks an arm, you're covered. This is called a bodily injury claim.

Your Tampa business liability insurance also covers advertising injury. Advertising injury is a claim regarding defamation, libel, or some other offense related to your advertising. Note that advertising may have a broader definition than you think. Advertising, for example, could be a statement made by your employee on behalf of the company. However, defining advertising in the Tampa courtroom can be somewhat complicated.

While advertising may have a pretty flexible definition in some circumstances, it's important that you realize some types of advertising may not be covered. For example, forums, social media, and other online activity, may not be covered under your advertising injury policy. You should confirm with your Tampa business liability insurance agent before assuming anything is covered. Also, ask your Florida insurer to give you a clear definition of "advertising".

Your Tampa business liability insurance also covers personal injury. Personal injury, unlike bodily injury, refers to libel, slander, copyright infringement, and related claims. However, if you lie, cheat practice honestly in any way, your business insurance will be null. It's important to realize that insurance is only meant to protect you in the case of mistake or accident.

It's also important to understand what your Tampa commercial liability policy doesn't cover. First of all, if you're producing or manufacturing a product, your basic policy won't cover claims related to the product. Second of all, if you're offering professional advice, or acting in any kind of professional capacity, you probably need malpractice in addition to basic coverage.

Your Tampa business liability insurance won't cover you for malpractice cases, or claims related to professional error or negligence. Furthermore, you want to consider particular aspects of your Tampa, FL business if applicable. For example, if you're serving alcohol, you need a policy for liquor. If your business uses cars, you probably need a commercial auto policy.

Also, almost all businesses need property and casualty coverage. Your liability policy covers property damage, but it doesn't reimburse you for property itself. Rather, it covers claims related property damage. So, you need a policy to protect your property in the case of a natural disaster.

Florida Umbrella Liability Insurance

If you a claim against your company settles for $2 million, and your general policy only covers $ 1 million, an umbrella policy will pick up the final $1 million. Basically, umbrella insurance bumps up your coverage limits. You can only have umbrella coverage in addition to a commercial policy for your Tampa, FL business, though. In other words, your umbrella policy can replace your main coverage.

Purchasing umbrella insurance for your business is a good idea if you're in a very high-risk industry. Umbrella policies often have a high deductible, but a cushion of a few million can go a long way. so, if you're concerned that your limits are set high enough, you may want to talk to your agent or insurer about umbrella policy.

Your commercial policy probably has two limits, an aggregate limit and an occurrence limit. The occurrence limit is the amount your insurer is willing to pay in one single incident, and the aggregate limit the total amount that your insurer is willing to pay overtime. Usually, your aggregate limit is about twice your occurrence limit. You should make sure that these limits seem sufficiently high for your company, and don't forget that lawsuits can be surprisingly expensive.

Insuring a company isn't as easy as insuring a car or person. Companies have specific risks, and every industry requires different policies. The best way to find a good insurer and make sure that all of your risks are covered, is to find a good agent. A smart Tampa business liability insurance agent can help you assess your particular risks and choose a high-quality insurer.

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