Florida Business Continuation Insurance and Your Company
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If you are a Florida business owner, it behooves you to undertake a close examination of the type of insurance coverage you have in place. If you are like most entrepreneurs in the Sunshine State, you may have overlooked one or another type of insurance policy, coverage that might prove invaluable at some juncture in time in the future. One type of coverage a Florida entrepreneur needs to consider having in force is what is known as business continuation insurance. With that in mind, there are a number of important points to bear in mind in regard to Florida business continuation insurance:
- Definition of Florida business continuation insurance
- Delineation of what is covered by Florida business continuation insurance
- Business continuation insurance is not business interruption insurance
- Exemption periods and business continuation insurance
Definition of Florida Business Continuation Insurance
Technically speaking, business continuation insurance is defined as a type of disability or life insurance that covers certain losses if a business owner, partner, key executive or other “major player” in a company dies or becomes disabled. This type of insurance provides money to assist a business in minimizing disruption and to continue operations when an owner or similarly situated individual is not available to perform his or her duties and obligations.
Business Continuation Insurance is Not Business Interruption Insurance
Business continuation insurance differs from business interruption insurance. In many instances, a business enterprise is wise to have both types of insurance on the books.
While business continuation insurance addresses certain financial needs when a key executive associated with a company becomes disabled or dies. On the other hand, business interruption insurance provides funds to cover some or all of certain expenses that arise when a business is forced to suspend or reduce its operations as a result of some type of incident. A severe weather event that damages a business and forces it to suspend operations at least for a period of time provided a helpful example.
Scenarios in which both types of Florida insurance might come into play simultaneously do exist. For example, a storm might damage the physical location of a business. At the same time, the owner of the business may have been injured in such a storm and have been rendered unable to work for a period of time.
Exemption Periods and Business Continuation Insurance
When it comes to a business continuation insurance policy, you need to understand that coverage most likely will not commence at the time a disability or other situation arises that leaves a principal of the enterprise unavailable to serve the company. Typically, these is an initial exemption or waiting period before policy benefits are available.
The exemption or waiting period needs to be part of your calculation when you seek a business continuation insurance policy. You likely will need some sort of interim contingency plan to cover what ultimately will be paid via a business continuation insurance policy once the exemption or waiting period runs or expires.
Protect Your Business with a Florida Business Insurance Claim Lawyer
If you find yourself having settlement issues associated with a commercial insurance claim of some type, the legal team at The Doan Law Firm is here for you. You can connect with a Florida business insurance claim lawyer by calling any one of our offices in the state:
- Jacksonville – (904) 901-0000
- Orlando – (407) 289-0000
- Miami – (786) 671-0000
- Tallahassee – (850) 601-0000
- Tampa – (813) 609-0000
We make sure our telephone lines are staffed 24 hours a day, 365 days a year, including all major holidays. We can schedule an initial consultation for you with a Florida insurance claim attorney at any one of your five offices. We can also arrange an appointment for you at your home, your business, or any other location that is convenient for you. We can schedule a case evaluation and consultation with a Florida insurance claim lawyer online as well.There is never a fee charged for a consultation and case evaluation with a Florida insurance claim lawyer from our firm. Indeed, we never charge an attorney fee at all unless we win your case for you. Our Florida insurance claim lawyer team is committed to fighting tirelessly on your behalf for justice and the compensation that you deserve in your case.
Jacksonville, FL 32202
Miami, FL 24131
Tampa, FL 24609
Orlando, FL 32801
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