Why You Should Consider Hurricane Insurance For Your Business

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It’s that time of year again: hurricane season in Florida. Although Florida is known as the “Sunshine State” for a number of reasons, this doesn’t always mean that living in Florida is a vacation. Florida is also known for severe weather, which include high winds, damaging rains, a tornado or two and probably the worst – hurricanes.

Although Florida residents and business owners know that insurance is important, it is not required, particularly for businesses. But just because commercial insurance isn’t required doesn’t mean that you shouldn’t have it.

What You Probably Don’t Know about Hurricane Insurance

Most business owners may not realize that property insurance might not include hurricane insurance. Hurricane insurance is usually an add-on that costs extra to include in their policies. The location of the business and other factors, such as the proximity to the coast all determine the cost of coverage.

In the event that a hurricane hits and causes damage to your business property, it could cost you a pretty penny. In fact, damages from a recent storm totaled over $100,000 in damaged property and equipment for one business. Could your business survive a financial hit like that?

The Difference Between Hurricane Insurance and Flood Insurance

Most business owners assume that if a hurricane results in a flood that hurricane insurance is enough to cover the damage. However, flood insurance is a separate policy all together. Like hurricane insurance, flood insurance is another add-on that costs extra.

Hurricane insurance and flood insurance for business are well worth the added costs, especially in an area that is prone to hurricanes. It is a small price to pay to recoup some of the losses from a severe storm than being forced to shut your doors for good.

How Synergy Insurance Can Help

The team at Synergy Insurance specializes in writing insurance policies for homeowners and businesses in the state of Florida. Since hurricane season is now in full swing, Synergy Insurance wants to ensure that business owners recognize why they should have insurance and understand that hurricane insurance and flood insurance are separate.homeowners insurance

This year’s storm season is expected to be busy in the Atlantic, so the team at Synergy Insurance wants business owners to be prepared in advance. Contact our team today for questions, or click the button to get a free quote.



Why is Commercial Liability Important?

commercial liability

As a business owner, you know that commercial liability insurance covers you from your own mistakes. Whether the mistake was real or only perceived as a mistake by a customer, liability insurance helps you out when you find yourself in legal hot water. If you’ve struggled to fully grasp just what a liability policy does and does not cover, you’re not alone. Here’s an easy reference that will help you understand the importance of commercial coverage for your business.

What Does Commercial Liability Cover?

Commercial liability covers legal fees, investigatory charges, and potential settlements. It often covers bodily injury or property damage for certain types of accidents, and will even cover copyright violations.

There are plenty of risks in the business world. If an employee sues you for wrongful discrimination, or a competitor accuses you of copying their marketing strategy, you’ll want commercial coverage to help you either settle the claim or fight it in court.

What’s Not Covered with Commercial Liability?

Commercial coverage doesn’t typically include employee injuries, punitive damages, or professional mistakes. Punitive settlements refer to money given to an injured party over and above the face value of their injuries (e.g., settlements given for emotional damages).

Business owners need separate worker’s compensation insurance to cover employee injuries and professional liability to cover professional mistakes. (An example of a professional mistake would be a baker who made two cakes, German Chocolate and Chocolate Peanut Swirl, and then sent the swirl cake to the wrong person, who happened to have a severe peanut allergy.)

How Much Commercial Liability Is Enough?

A single lawsuit could cost you tens- to hundreds of thousands of dollars before it’s ever settled. Liability policies have financial limits that you must remain aware of as your business ebbs and flows.

No matter how hard you work to keep incidents to a minimum, it’s impossible to cut liability risks down to zero. Whether you work on your own or maintain a small business with more than 50 employees, it’s important you seek the counsel of a trusted insurance agent to help you decide how much commercial liability is right for you.

homeowners insuranceIf you have questions about how to better protect your business with liability insurance, call Synergy Insurance to find out more about our policies, or visit us online for to get a Free Commercial Liability Quote. Our experienced agents make it easy to find the limits and coverage you’ll need in the event of a liability claim.

The Retail Rush: How to Cope with Increased Traffic During the Holidays

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The Black Friday stampede keeps everyone on their toes, but it’s not the only event that poses a threat to your retail establishment. The holiday season brings both an increase in sales and an increase in damages to inventory (and customers or employees). For a safer and less stressful holiday rush, keep these tips in mind during all your last-minute sales.

Contingency Plans for the Holiday Rush

Plan ahead to improve the customer’s experience. Direct the flow of traffic in as many ways as possible so everyone knows where to go and what to do. Frenzied holiday shoppers need boundaries, so use ropes or barriers at exits and entrances as well as friendly employees to make navigating the store seamless and stress-free for your customers.

OSHA even recommends you talk to your local fire department of your plans so you can be certain you’re in compliance with safety regulations.

The Big Event 

When you hire new blood during the holiday season to help get you through the busiest months, you can count on some communication and training issues. Make sure teams have a way to assemble and share information so all employees are on the same page.

Each individual team member should know exactly what their role is in case of emergency, and there should be clear rules about the most common scenarios that may occur (e.g., a fight breaks out, a customer falls down, inventory is knocked over, etc.) 

business insuranceSynergy Insurance Group knows how crazy the holidays can be, which is why we want to cover business owners in Florida and help ensure a successful holiday shopping season. Give us a call if you’re looking for a better policy. We have plenty of options to protect your financial future and keep you covered through the holidays and all year long.

Is Your Business Protected with Commercial General Liability Coverage?

general liability

Halloween is typically a happy and harmless holiday. Unfortunately, it does mark the beginning of a lengthy holiday season when businesses see an increase to property damage including theft and vandalism. It’s a good time of year to take a second look at your insurance policy and make sure it protects your small business with comprehensive coverage. The first line of defense against common damages is to invest in a strong offense with commercial general liability insurance.

Benefits of Commercial General Liability Coverage

Running a small business comes with inherent risks. It’s important to prepare for potential future damages to your business by getting the coverage you need now. General liability insurance is the easiest and smartest way to safeguard your business against property damage and lawsuits/claims.

Commercial general liability insurance covers a wide range of situations, so you won’t need to pay for damages out-of-pocket, or even worse—shut down operations until you come up with the funds. In addition to defending against the threat of Halloween pranksters, this insurance option also covers:

  • The cost of medical bills if someone is injured on your property.
  • Repair or replacement costs if property damage is caused by yourself or an employee.
  • Legal costs or settlement costs associated with a lawsuit where you or the company is sued for damages.
  • Damages caused to a rental property, for those who rent their buildings.

During the holidays, thefts and vandalism rise across the US. Crimes peak in December, but a fair share of pranksters come out in full force at Halloween too. With easy availability of masks and costumes during Halloween, it makes sense that petty criminals target local businesses. Investing in proper security not only protects your business, a comprehensive insurance policy will also give you peace of mind.

Keep Your Business Safe from the Ghouls This Halloween

storm prepDon’t let vandals get the best of you this Halloween. With better insurance protection you can guarantee this year’s celebrations are safe and happy. Interested in learning more about how commercial general liability coverage can help your business? Visit us at Synergy Insurance Group online today to get a free quote or to speak with an agent.

Is your business protected from a major storm? Download our Disaster Preparedness Plan today filled with tips, emergency hotlines and checklists to keep you safe. Click the image to get your copy!

What is Business Interruption Insurance and Why You Need It

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Florida is known for its glorious weather, beautiful beaches, and severe storms. Not every day in Florida is paradise, especially during the summer months. In fact, June 1st is the official start of hurricane season. If a hurricane hits your business, are you prepared? Do you have the necessary coverage to recoup losses from damaged or lost property? What happens if your business is forced to shut down for several days or weeks until the damage is cleared or your building is repaired or rebuilt? Can you afford to take a loss like that?

Most business owners can’t. So what do you do? Let’s take a look at business interruption insurance and how it can help your business.

What is Business Interruption Insurance?

What exactly is business interruption insurance? This type of insurance covers the loss of any income that a business may encounter after a hurricane or another type of natural disaster. This type of insurance will help business owners with the loss of profits or income that would have been generated during the time a business is being rebuilt or repaired.

It’s also important to note that this type of insurance is separate from hurricane insurance. This means that if a business owner chooses to purchase hurricane insurance, business interruption insurance is a separate add-on, which costs extra. Similar to hurricane insurance, the amount that is covered depends on the policy amount, which is determined by risks associated with a particular business.

In the state of Florida, business interruption insurance is incredibly important, particularly for businesses located along the coast who may be at a higher risk of shutting down for repairs. This type of insurance will protect a business from being stranded after a disaster.

How Synergy Insurance Can Help

Synergy Insurance specializes in writing insurance policies for people and businesses throughout the state of Florida. In addition to serving their customers, the team at Synergy also wants to ensure that their customers and businesses are well informed and aware of how their policies work so that they can prepare for potential accidents and/ or disasters.

Is Workers’ Compensation Required?

workers comp

If you run a business, you may have some small business insurance, such as a commercial auto policy or professional liability insurance. When it comes to workers compensation insurance, you may have some questions.

  • But what about “workers’ comp”?
  • Is it worth it?
  • Is it required?
  • Should you get it?

Many business owners are unsure if they are required to carry workers’ compensation insurance. Depending on the type of business you run, workers’ compensation may be required in the state of Florida.

So, what exactly is workers’ comp and do you need it?

Let’s find out.

What is “Workers’ Comp”?

Workers’ compensation is insurance that protects both the employee and employer in the event an employee is harmed on the job. Workers’ compensation will provide compensation to the employee for their lost wages, medical expenses, and even long-term care, in the event of severe injuries and/ or illnesses. If an employee collects workers’ comp, then by law they cannot sue the employer. It protects you, your employee, and your business.

Is Workers’ Compensation Required for My Business?

In the state of Florida, if you have four or more employees, you must provide workers’ compensation insurance. If a business operates in the construction industry or in any other special trade, then it’s required. Even if your business is “seasonal,” you still have to provide workers’ comp coverage to seasonal workers.

Workers’ compensation must be compliant with local and state regulations. This means that you must purchase it from a licensed insurance carrier. Even if it’s not required, it’s a good idea.

What Does Workers’ Compensation Cover?

The most basic workers’ compensation insurance policy typically covers any injuries, illnesses or even death to a worker as a result of an accident that occurred on the property of a business or a job site contracted by the business. If an employee is harmed or suffers an injury or death while on your company’s watch, then they’re entitled to workers’ compensation…which could fall on you.

Workers’ comp provides compensation to employees for lost wages, medical bills and expenses, short- and long-term care. There’s a lot it covers.

The Dangers of Not Having Workers’ Compensation Insurance

Even if it’s not required, there are still dangers to not carrying workers’ comp insurance that you should be aware of. For example:

  • If an employee gets cut on the shredder, you might be liable.
  • If they fall off a chair, you might be liable.
  • Asbestos in your ceiling, you might be liable.
  • Burned on the stove, you might be liable.
  • Car wreck in your parking lot, you might be liable.
  • Hernia while lifting a box, you might be liable.
  • Bad chair leads to a bad back, you might be liable.

As you know, a lot can happen. Protect your business. Protect yourself.

With workers’ compensation, not only are you protected in the event of an accident on the job but you’re also protecting the integrity and reputation of your business.  You will have an easier time hiring good people if they know you have it. They know about it and ask about it. Show them you care, get covered.

How We Can Help with Workers’ Compensation Insurance Quotes

If you’re interested in learning more about small business insurance, including workers’ compensation, call Synergy Insurance today for a quote. Synergy Insurance can help businesses with various types of small business insurance in addition to worhomeowners insurancekers’ compensation. Don’t take the risk.

Call Synergy Insurance today for business insurance quotes for workers’ compensation, or click the button to fill out a free quote form!

Business Insurance: Who Needs It?

business insurance

Everyone knows that running a business comes with a lot of responsibility. You might have employees, a large customer base, equipment, or other assets, which could mean high liability. Even if you just provide a service and don’t require inventory or assets, such as People, Property, and Equipment (PP&E), this doesn’t mean that your business isn’t subject to liability. There are a lot of ways you’re liable.

It can be stressful.

So, let’s lower that stress, and let’s lower your risk. To mitigate operational and legal risks, you have business insurance. But is it worth it? Let’s look at a few options.

  • Professional Liability Insurance – Let’s start with a common type of business insurance: professional liability. This is a great option for any business that provides a product or service to customers. This protects you if you are sued because of damages to your customers caused by your service or product. It’s great to have no matter what kind of company you run.
  • Commercial Auto Insurance – If your business owns a vehicle – whether for service or sales – then commercial auto insurance is important. In the state of Florida, you have to have it. Commercial auto insurance protects you, your employees, and drivers as well as the vehicles themselves in accidents. If you have one, or you have a fleet, you’ll want this.
  • Workers’ Compensation Insurance – If you have employees, you want workers’ compensation insurance. Depending on your business, workers’ compensation insurance may be required in the state of Florida. If your business is in a high-risk trade, such as construction or HVAC, workers’ compensation may be a necessity.
  • Commercial Property Insurance – Whether you’re business is ran in a retail store, restaurant, or other commercial space, it is important to protect your work space. This isn’t required in Florida, however it is a wise idea for business owners to fully protect themselves in case of a lawsuit.

If one of your employees is harmed on the job, then they can sue you for lost wages, medical expenses, and even pain and suffering. If you don’t have workers’ compensation, you could be liable.

Why You Need Small Business Insurance

Let’s face it, you’re always thinking about your costs. Sometimes, businesses try to avoid purchasing business insurance so they can avoid paying high premiums as well as keep their costs low. This can end up costing you more overall if there is a lawsuit with an employee or even a customer. These can be so damaging, that your business may be forced to shut its doors.

At the end of the day, small business insurance is a small price to pay to ensure that you’re protected. It’s common sense.

homeowners insuranceHow Synergy Insurance Can Help with Small Business Insurance Quotes

If you want to learn more about small business insurance and how it can help you and your business, contact Synergy Insurance. We help businesses with commercial liability, commercial auto, and commercial property in addition to workers’ compensation. Call us today for business insurance quotes to get the insurance that your business needs to ensure that you stay in business for years to come.

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