The simple fact of the matter is that insurance needs can vary from region to region. If your business is located in an area with a high crime rate, then you might find that you'll need insurance that protects against theft. If your business is located in an area that is given to flooding, then you'll want flood insurance.
So, what types of insurance will be important to business owners located in Miami?
The Obvious Answer
And hurricanes have been known to do some damage to Florida. In fact, the most expensive U.S. hurricane in history, Hurricane Andrew, struck Florida in 1992. It caused about $25 billion in damage and killed 44 people.
The potential for a severe storm hitting Miami cannot be overstated. You risk losing your business if you aren't protected with a quality commercial property insurance policy that specifically covers storm damage.
Coverage For Flooding
It should be noted that a commercial property insurance policy will often cover your business for loss caused by a storm, but not necessarily for loss caused by a flood. You'll need specific coverage for that type of protection.
Fortunately, flood insurance is available to business owners in Miami. A qualify flood insurance policy will cover the costs of repairing (and, if necessary, replacing) commercial real estate damaged due to flooding. It will also cover the costs of replacing the furniture, fixtures, and equipment inside the building. If you decide to prepare your business for an anticipated flood with sandbagging, then you should know that commercial flood insurance will cover the costs of the sand bags, the trench work, and the labor associated with that effort. Finally, comprehensive flood insurance will also cover the costs associated with clean-up in the aftermath of a flood.
Coverage For Theft
Fortunately, a good commercial property insurance policy will not only cover your business against loss caused by a storm. It will also cover your business for loss caused by theft. So, if your business is the target of a burglary, then you'll be able to recover most of the loss caused by the crime.
You'll also find that some policies will even cover your business in the event of employee theft. Everyone hires the wrong kind of person once in a while, and you are probably no exception. If you do find that you hire someone who eventually steals from you, you'll be glad you had an insurance policy that covers your business for that type of loss.
There are numerous risks associated with operating a business in Miami. Be sure to transfer those risks to a reputable insurance company so that you can sleep better at night knowing that your business is covered in the event of unfortunate losses.