commercial property insurance in Miami, FL

Commercial property insurance safeguards your business against catastrophic events in the state of Florida.

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What is Florida Commercial Property Insurance?

Commercial property insurance policy caters to all the financial elements in case of any direct physical damage to the insured property. Generally, property insurance covers detriments resulting from vandalism, fire, hail, wind, or lightning. Furthermore, exceptions can be made for the disintegration of glass and earthquakes. In addition, the plan for commercial property insurance in Florida provides basic insurance for items such as building, inventory, office equipment, or items around the premises of the building, including storage sheds, fences, or outdoor signs. In case of such losses, the property insurance plan assesses the financial liability of the item according to its replacement cost or actual cash value.

What is the Difference Between Commercial and Personal Insurance?

Just as families and individuals with residential properties seek homeowner’s insurance, businesses or other enterprises require commercial insurance. While commercial and personal insurance has a similar focus point, that is, protecting the insured against their losses, their distinction lies in their purpose. Personal insurance covers auto insurance, renter’s insurance, homeowner’s insurance, and life insurance to protect individuals and their assets from potential financial loss. On the other hand, commercial insurance sees to property damage, workers’ compensation, liability claims, and business disruption. The main purpose of commercial insurance is to alleviate unforeseeable financial losses faced by a business.

what does commercial property insurance cover?

Commercial insurance companies in Miami protect businesses from any sort of harm or wreckage to their property as a result of a covered event. This could be a flood, hurricane, tornado, windstorm, earthquake, vandalism, hail, fire, etc. The business property in question can be the commercial building which is either insured at replacement cost or its actual cash value. Additionally, this category includes business property such as equipment and furnishings, inventory, business income that is lost while the business is under repair or closed, and signage. Other structures that are part of the business but are not attached to it, for instance, a fence, can also be insured under commercial property insurance.

What is Not Covered in Commercial Property Insurance?

The details of a standard commercial property policy are covered in the section above, and while this list may vary according to the commercial property company, it’s more or less the same. However, not all property items make the list. In their case, businesses may need to opt for a different policy or request additional coverage, which may have an impact on the overall cost of property insurance. Some of these items include currency, securities, accounts, bills, evidence of debt, electronic data, automobiles held for sale, research costs, replacement or restoration of information on valuable records, and underground pipes or drains.

Key Terminologies in Commercial Property Insurance

Understanding the meaning and significance of certain terminologies in commercial property insurance can help you grasp their relevance and, thus, make informed decisions about the future of your property. Two words that you will often find repeated in this context are Replacement Cost (RC) and Actual Cash Value (ACV), whose descriptions are mentioned below:

Replacement Cost (RC)

Replacement Cost refers to the funds needed for repair, replacement, or reconstruction of commercial property without depreciation deductions, maintaining material quality and standards, at the original site.

Actual Cash Value (ACV)

Actual Cash Value (ACV) is the expense of replacing a property with a new one of similar quality, style, and reduced depreciation value. ACV-insured property has lower premiums due to depreciation deductions.

a group of commercial buildings

3 Major Benefits of Commercial Property Insurance

A Sense of Security

When you know that the base of your business, that is, your building, is protected from financial loss, it provides a sense of security.

Resuming Operations Faster

Businesses can recover quickly from losses resulting from natural disasters, theft, or loss of property, enabling them to resume operations faster.

Financial Aid Beyond Loss

The financial aid provided by the policy not only compensated businesses to restore the loss of physical property but also offer financial aid against lost income.

A Way To Safeguard Your Property: Commercial Property Insurance

If you own a business, then you are aware of the uncertain risk and accidents that may come upon your doorstep. Getting your commercial property insured before any unwanted risks land on your company is always advantageous.


What Is Commercial Property Insurance?

Commercial property insurance is a safety net provided by commercial insurance companies. This kind of insurance is offered to business owners to ensure coverage and avoid any financial burden on you in case of theft, fire, burst pipes, etc. Typically floods and earthquakes are only sometimes covered in the insurance but can be done according to your request. The policies covered under the insurance compensate for any hazardous event.Commercial insurance companies in Miami offer various options as the client’s requirements vary from business to business. The coverage depends on the type of business you run.


There are certain factors that Miami commercial property insurance companies keep in mind, such as the amount of property you need to secure, the condition and history of the property, and where it resides. Therefore, remember that every commercial property company discusses business property carefully and will guide you accordingly.


How Does It Work?

Before getting into any process, one should always be aware of how the process works. To understand this fully, let’s look at the following scenario: A fire incident caused $50,000 in damage to your property. Without commercial property insurance, you must pay for the damage out of your pocket. Whereas if you get insurance for your commercial property, the insurer will fund the monetary damage. Moreover, the insurance can compensate for the lost income if the injury causes a shutdown of operations. As the business transfers its financial risk to the insurer, you, as an owner, can easily focus on operations.


All About The Policy

Commercial insurance companies have different policy details. The insurance does not compensate for every damage or harm the property endures. Therefore, certain types of incidents and the required amount the insurer has to pay are included in the policy. Thus, the company compensates for only those damages.


Factors Affecting The Cost Of Insurance

You might want to anticipate an approximate amount before getting insurance. To determine the pay for commercial property insurance, you should value the property you wish to insure. You may calculate the approximate evaluation of the following factors and their likelihood of risk.


You can start by the property’s age and if the area has chances to get hit by a natural disaster or other threats. For instance, if your property is located in a high level of criminal activity, you will be charged higher. Therefore, the property’s geographical consideration is vital when assuming the cost. Commercial property insurance companies look into the business industry as well due to the likelihood of accidents. For instance, a restaurant has a higher chance of fire accidents than a warehouse.


Are You Eligible For This Insurance?

Now, you might wonder who can get commercial property insurance for their property to keep it protected from uncertain damages. This insurance is significant for businesses that lease or own commercial properties.


Business Owners

No matter how small scale or large scale your business is, you can quickly get your property insured, as everyone wants to unburden themselves with any financial risk. Everyone can secure their physical assets, whether it is a restaurant, manufacturing factory, or retail store, from small to large businesses.


Contractors and Construction Companies

Contractors and construction companies have a high probability of accidents during construction. Therefore by getting their commercial property insured, they will be given peace of mind due to transferring monetary risk to the insurers.



Property is a vital investment for landlords, especially as they give that property to the tenants at rent. Therefore, they must safeguard their buildings from damage caused by disasters or tenants.


Nonprofit Organization

These organizations work towards a better goal than earning profits for themselves. Therefore, they often need a solid financial background, leading to a heavy burden if additional damages arise. Thus commercial property insurance helps them protect their assets.Now, if you are eligible for commercial property insurance according to the list mentioned above, let’s move to the next task: choosing the best insurance agency.


Things To Look Out For When Choosing An Insurance Agency

An essential consideration for picking out an agency is coverage. Coverage ensures the scope of security or protection the commercially insured company is willing to provide. Coverage assesses how much of a burden is taken off your shoulders. Check your policy and ask for extended coverage options, as most insurance companies add basic coverage. Being a policyholder, you would be responsible and obligated to pay a charge regularly to retain the policy before the range occurs. Therefore, spending a high premium would give you more coverage and vice versa.


Why Choose Our Commercial Property Insurance Miami Agency?

Gil Garden Avetrani Insurance Group is reputable and covers all the essential insurances. GGA Insurance Group ensures to provide individuals with designed programs for the construction industry through their decades of experience. Out of all the commercial property insurance in Florida, choosing a company with vast knowledge in your industry would be a wise step.


GGA Insurance Group, a commercial property insurance agency in Miami, checks off your requirement list through its financial strength. Our agency provides clients with numerous types of insurance, each with remarkable policies designed to give you peace of mind.


Final Words

Miami Commercial Property Insurance covers buildings, offices, restaurants, or any commercial property within your ownership. As a business owner, the financial burden can be stressful and overwhelming. Therefore, at GGA Insurance Group we have made it our mission to take that burden off your shoulders and provide you with a helping hand. Contact our insurance experts today for your free insurance analysis.

Types of Commercial Property Insurance Miami

Coverage for commercial property can be provided either through a monoline or stand-alone policy or through a package policy tending to various types of insurance requirements of businesses. The most widespread package policy concerning commercial property coverage is the Business-Owners Policy and Commercial Package Policy. Business Owners Policy addresses the coverage of all commercial properties and liabilities, except for worker’s compensation and auto insurance demanded by medium and small-sized businesses like apartment buildings, stores, and offices.

In Commercial Package Policy, various commercial property parts are covered, most of which are included by the insured entity. Some of the components that are usually covered here are: commercial property declarations (key particulars about the insurance provided and the policyholder), commercial property coverage form, cause of loss form (includes the losses covered in the policy), commercial property conditions, and endorsements such as law, spoilage, flood, unattached signs, earthquake, and volcanic coverage, manufacturers’ consequential loss assumption, utility services endorsement, newly acquired locations, brands, and labels.

commercial property insurance in Florida

Coverage of Additional Unexpected Costs

The types of risks involved with a particular business can never be ascertained and may even exceed your expectations, leaving you stranded during tough times. Thus, it’s always best to explore the range of options available with Miami commercial insurance companies. For instance, a policy may offer security against supplemental costs involved with reconstructing a building that has been damaged.

Another point to look for is whether the policy provides cost coverage for removing debris before the reconstruction process and if the protection against weather event damage extends to while the building is being repaired. Get in touch with our Miami insurance agency to learn more about our coverage options.

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Factors Influencing Commercial Property Insurance Rates

The cost of property coverage depends on numerous factors, some of which include the kind of building in question, its location, the nature of business, and whether you have fire or security alarms installed on the premises.

The commercial property insurance Miami policy has certain thresholds that vary with each business and affect the collective insurance cost. Firstly, you can observe the insurance limit, which refers to the optimum amount that a commercial property company will pay in the event of a loss. The limit of insurance depends on the type of insurance policy and whether the insured has asked for additional coverage. The causes of loss selected is another threshold that alters insurance cost. This includes the various perils that a business wants to be protected against and can range from basic to broad, taking the cost higher with every step.

The cost of insurance can fluctuate depending on the construction type of your existing building. Simply put, the greater the cost of reviving a building to its initial appearance and qualities, the greater the total insurance cost. Subsequently, the type of work conducted within a building also impacts its insurance cost. The insurance of a building where fireworks are manufactured would be more than a building used to store inventory. Lastly, the location of the building also plays a vital role in determining its cost. For instance, a building located near the coast would be costlier to insure than the one which is located inland.

If your building has certain protections installed, such as sprinklers, fire alarms, security alarms, burglar alarms, or sensors, then naturally, its insurance cost would be more expensive than a building with minimal or no such security measures. Moreover, Miami commercial insurance companies will analyze the property for risks of exposure to nearby commercial properties. For example, if you manufacture fireworks, and a fire resulting from an explosion spreads to the property next door, then this would be regarded as “exposure” for the fireworks company, with the insurance cost coming at a greater expense than it would otherwise.

The Florida Statutes state that in addition to the filed rate in correspondence with a particular risk, the insurance company can include an excess rate in the policy. However, this is only possible if the insured entity agrees and provides written consent to the proposed terms of the insurer. The consent document must clearly show the initial rate recorded with the Office of Insurance Regulation (OIR) and the new excess rate. The insurance company must maintain records of each risk prone to an individual risk rating. The documents must contain the name of the insured and highlight the type of risks and the reason for it to have an individual risk rating.

Commercial Property Insurance in Florida

With Miami being ranked as the best US city for foreign multinationals seeking to expand business in the States, the city has since then seen a rise in the number of budding businesses across its horizon.

As more and more businesses open practice in Miami, it’s now more imperative than ever before for them to take a look at their insurance options. Florida commercial property insurance keeps businesses safe from any risks that could harm their profitability or growth. At GGA Insurance Group, we’re backed by the adept experience of our knowledgeable and competitive agents, who’ve been helping countless organizations understand the risks associated with their business, alongside offering them a safe way out of those terrible misfortunes. Speak with a GGA Insurance Group agent today and gain additional insight into how the commercial property insurance policy can offer aid to your business.

Frequently asked questions

The buildings and properties covered by commercial property insurance include office buildings, industrial warehouses, single-tenant retail buildings, large retail centers, investment properties, hotels, vacant buildings, multifamily structures such as apartment complexes, condos, manufacturing and distribution centers, shopping centers, restaurants, medical facilities, motels, high-rise apartment buildings, and industrial offices.

The type of business and its requirements determines whether you should choose BOP or CPP. For small businesses, the BOP is an excellent choice. However, a downside for them would be the inflexibility and low coverage. A CPP is comparatively more flexible but expensive at the same time. Consider the unique requirements of your business before making a decision.

Regardless of whether you lease or rent the commercial properties where your business is practiced, you can acquire commercial property insurance to safeguard your interests, investments, and assets. However, the insurance policy and coverage terms for those who lease their business structure would be different than for those who own their business property.

In the case of a leased property, the coverage protects the investments of the business owner, which includes all the items which are not a component of the building’s structure. If you own the property, the insurance policy will cover the entire property, including the building’s structure, nearby properties, signage, and other buildings on the property.

Commercial property insurance protects against commercial losses that can arise as a result of fire, equipment failure, natural disasters like storms, earthquakes, and floods, theft, vandalism, and also terrorism. You can communicate with your insurance agent about your concerns and the terms you want to be included in your policy.

Given that your commercial property insurance claim has been rejected or denied in Florida, there can be a couple of reasons for it. First, you may not have the right coverage amount or may have not met the criteria mentioned in the exclusions section. Lastly, not inputting the claim accurately can also lead to such a result.

Before anything, you must review your commercial property insurance claim thoroughly and look out for the aforementioned errors. Consider getting additional coverage suitable for your business needs if insufficient coverage is the problem. If you find no errors within your claim, appeal the previous decision through the commercial property company’s appeal process.

Take a thorough look at your Florida commercial property insurance policy and grasp the restrictions of things that are and aren’t covered. If, in the future, you feel the need to increase the coverage term, you can do so by choosing flexible policies offering additional coverage limits, such as cyber liability or worker’s compensation insurance.