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If you are looking for the best site to research "Commercial Property Insurance in Florida" then you have come to the right place! Not only is Barbee Jackson Insurance a leading writer of Commercial Property Insurance Policies in Florida, but we are also the leading authority on the matter. We have over 20+ years of experience writing and handling claims throughout the State of Florida and are here to guide you through the process. As an Independent Insurance Agency we work with the leading insurance carriers to find you the right coverage at the best possible price.
Commercial Property Policies protects the business owner against damage to the property for a covered event. What is a covered event? A covered event might be Flood, Windstorm, Hail, Earthquake, Fire, Vandalism, Tornado, Hurricane, etc. You need to consult with a commercial insurance expert to make sure you are getting the right "covered events".
Coverage options will be described using the Insurance Services Office, Inc. (ISO) commercial property form/special form. It is the most widely used and accepted commercial property coverage form.
Commercial Building - Insures the covered building. The property can be insured at Replacement Cost (RC) or Actual Cash Value (ACV). In most cases you want a policy that is Replacement Cost, meaning you get the cost to rebuild the building at today's cost without depreciation. An Actual Cash Value policy depreciates the building, meaning you get today's cost to rebuild of a similar age and building type minus depreciation.
Business Personal Property - Covers the business property such as furnishings and equipment.
Inventory - Provides coverage for your inventory and can include a seasonable adjustment for peak season.
Other Structures - Provides coverage for structures that are not permanently attached to the building. This could be a fence or another building on the same property.
Business Income - Provides loss of income for the business after a covered loss. This coverage includes lost profits and expenses during the time the business is closed or under reconstruction.
Signage - Signage can be expensive so it is important to make sure that you check the policy limits when it comes to outside signs.
Package Policy - Package policies are available and include coverage enhancements like electronic data recovery, employment practice and sign coverage.
Let's start with the first question - Who writes? There are several large commercial carriers that still write commercial property in Florida. The largest two that most people are aware of are Nationwide Insurance (also known as Allied Insurance) and Auto-Owners Insurance. Both carriers a minimum or higher AM Best Rating of 'A+' with excellent claims handling, fast response, and outstanding rates. These two carriers have limited capacity for the amount of new business they are willing to write in any given year, so it's best to get an insurance quote from them early in the year. They also have limited ability to write commercial property close to the coast, typically they prefer buildings 5+ miles from the coast. Both carriers also have limits when it comes to age of the building, typically 2002 and newer but we have seen exceptions made in the past.
Outside the big-name carriers', you have some lesser known carriers such as Axis, Western Heritage, USLI, Rockhill, etc. Even though they are lesser known, they still provide excellent claims handling and do provide great rates. The biggest advantage for these carriers is they typically don't have the restrictions for age of building and distance to coast as the two larger, more well-known insurers. Needless to say, there are plenty of options to choose from in Florida.
The second and more complicated question, "Who is the Best Commercial Property Insurance Company?" That answer is very specific for your property. The first thing to consider is the financial strength. Most Florida carriers are good but you need to make sure they have the financial strength to last the aftermath of a large hurricane. You can do this by checking to see if they are AM Best Rated with an 'A' rating or better. The second is to check if they are Admitted or Non-Admitted. Click here for the Florida Office of Insurance Regulation active company search to check the status.
View our Blog "Admitted vs. Non-Admitted" to learn more about what this means and how it impacts you.
Now that we have answered the two BIG question let's review the coverage!
Want to find out more about Florida Commercial Property Insurance? Contact one of our property insurance specialists and we will help you design a policy that is tailored to your specific insurance needs.