Can my commercial insurance premiums change?
Sometimes, yes. If your business has a lot of walk-in traffic and increasing sales numbers, your insurance premium can increase, too. A good example of this would include a new restaurant which gains popularity over time. As your gross receipts increase, so do your risks.
Conversely, be sure to notify your insurer when sales slump. As your risks decrease, your insurance premium might be lower.
Why is it difficult to find commercial insurance for my new business?
Some businesses are inherently riskier than others. Bars and nightclubs are expensive to insure, but karate studios and funeral homes can also be expensive. Commercial insurance companies have deep statistics and years of research from which to base their premiums.
What happens if I don’t have commercial insurance?
There is no law in Florida that compels most small business owners to carry a commercial insurance policy. However, you’ll be operating at a risk. All it takes is one customer injury, one falling tree, or one structure fire, and your entire business could be lost. That’s why it’s so crucial to find good business insurance in Florida.