Business owners usually aren’t legally required to obtain every type of commercial insurance in Panama City Beach, FL, but many do to ensure they have the protection necessary. Understanding the types of policies you have and the coverage they provide can help you determine whether parking lot damage is covered.
Types of Policies for Businesses
There are various types of insurance. Most states require businesses to carry commercial auto coverage for vehicles used for business purposes. Companies with more than one employee generally also need workers’ compensation insurance. Other types of policies:
Liability Coverage: Liability coverage helps cover damages and legal fees arising from lawsuits when the company is responsible for injuries or property damage. For example, if someone slips on a wet floor and there’s no “wet floor” sign, they may sue the company.
Business Interruption: Provides coverage if you must shut down your business. It can help pay lost wages, utility bills, and more.
Property Coverage: This policy covers property damage from covered perils, including the parking lot.
Covered Perils
Policies only provide coverage for property damage if it’s due to a covered peril. This may include natural disasters, vandalism, or customer-caused damage. An agent at Hall Insurance can help you learn more about what your Panama City Beach, FL policy covers.
Specific Exclusions
Most policies also have certain exclusions. For example, they may not cover hurricane damage. In this situation, you would need a policy specifically to cover damage to the parking lot caused by a hurricane.
Whether parking lot damage is covered depends on the covered perils and exclusions listed on your policy. It also depends on the type of policy you have. Agents at Hall Insurance can help you learn more. Contact us today!
