Business Insurance

Insurance coverage for your business — so you can get back to work. Serving Vero Beach and all of Florida.

Schlitt Services understands the needs of businesses in our community — you can find our offices in Vero Beach, and our clients all around Florida.

As an independent insurance agency, we take pride in reviewing your options with multiple insurance companies and comparing protection and prices to find the best value for your business.

We’re proud members of the Vero Beach marketplace, and we’re committed to being an advocate for you and your business in times of need.

To talk with one of our helpful team members about your business insurance needs, contact us today.

Small Business Insurance Basics

Insurers often combine a number of insurance coverages into a package that is sold as a single contract. The most common policy for small businesses is the Business Owners Policy (BOP). The BOP combines coverage for all major property and liability insurance risks, as well as many additional coverages into one package policy suitable for most small businesses. The BOP may include business income insurance, sometimes called business interruption insurance. This compensates a business owner for income lost following a disaster. Disasters typically disrupt operations and may force a business to vacate its premises. Business income insurance also covers the extra expense that may be incurred if a business must operate out of a temporary location. To cover specific risks associated with a business, a variety of additional coverages may be added to the basic BOP.

Develop a Disaster Recovery Plan
Of all businesses that close down following a disaster, more than 25 percent never open their doors again. While there’s no way to lower the risk of a natural disaster like a hurricane, there are critical measures that can be taken to protect your company’s bottom line from nature’s fury. A disaster plan and adequate insurance are keys to recovery.

Steps to consider in developing a Business Recovery Plan
Set up an emergency response plan and train employees on how to carry it out. Make sure employees know whom to notify about the disaster and what measures to take to preserve life and limit property losses. Write out each step of the plan and assign responsibilities to employees in clear and simple language. Practice the procedures set out in the emergency response plan with regular, scheduled drills. Compile a list of important phone numbers and addresses. Make sure you can get in touch with key people after the disaster. The list should include local and state emergency management agencies, major clients, contractors, suppliers, realtors, financial institutions, insurance agents and insurance company claim representatives. Decide on a communications strategy to prevent loss of customers. Post notices outside your premises; contact clients by phone, email or regular mail; place a notice in local newspapers. Consider the things you may need initially during the emergency. Do you need a back-up source of power? Do you have a back-up communications system?

Review Your Insurance Plan
Make sure you have sufficient coverage to pay for the indirect costs of the disaster—the disruption to your business—as well as the cost of repair or rebuilding. Policies do not cover flood or earthquake damage and you need to buy separate insurance for these perils. Be sure you understand your policy deductibles and limits. New additions or improvements should also be reflected in your policy. This includes construction improvement to a property and the addition of new equipment.

Basic Commercial Insurance to Consider
Building coverage provides coverage up to the insured value of the building if it is destroyed or damaged by wind/hail, or another covered cause of loss. This policy does not cover damage caused by a flood or storm surge, nor does it cover losses due to earth movement, such as a landslide or earthquake, unless added by endorsement.

Business Personal Property
Provides coverage for contents and business inventory damaged or destroyed by wind/hail, or another covered cause of loss.

Tenant Improvements and Betterments
Provides coverage for fixtures, alterations, installations, or additions made as part of the building that the insured occupies but does not own, which are acquired and made at the insured’s expense.

Additional Property Coverage
Provides for items such as fences, pools or awnings at the insured location. Coverage limits vary by type of additional property.

Business Income
Provides coverage for lost revenue and normal operating expenses if the place of business becomes uninhabitable after a loss during the time repairs are being made.

Extra Expense
Provides coverage for the extra expenses incurred, such as temporary relocation or leasing of business equipment, to avoid or minimize the suspension of operations during the time that repairs are being completed to the normal place of business.

Ordinance or Law
Provides coverage to rebuild or repair the building in compliance with the most recent local building codes.