Do you have the right insurance coverage for your business?

The Builder's Corner

Business insurance is also known as Commercial insurance, but do you know what coverage’s you need. The main coverage’s you should have is general liability and property.
General liability is if you cause property damage or bodily injury and property covers any property that you have an insurable interest. Also, if you own an auto you must carry auto insurance, but make sure you carry uninsured motorist coverage in your policy.
The other coverage’s you might need is inland marine which is property that is in transit over land, equipment breakdown is coverage for a loss due to mechanical or electrical breakdown of nearly any type of equipment.
If you own an office building and you suffer damages and your tenants are unable to occupy your building following your loss and you suffer loss of income is business income coverage.
Builders risk covers you for when you are building or remodeling a structure and you suffer a loss.
Workers Compensation is coverage that covers you if one of your employees that get hurt on the job, this coverage is mandated if you have 4 or more employees.
There are many other coverage’s that you might need that pertain to your business industry.

What Is Next In Insurance in 2014??
Workers Compensation
The Florida Office of Insurance Regulation just passed a 0.7 percent increase for workers compensation rates effective 1/1/2014. Individual class codes may increase more than 0.7%, or some may decrease. The contracting class code is actually increasing an average of 3.2% while manufacturing codes will decrease 3.5%.

Health Insurance Reform
Changes that are expected to occur are guaranteed issue, individual mandates, penalty if you don’t have health care and Medicaid expansion.

BP Oil Settlement Program
Right now, businesses looking to recover losses may want to consider the BP Settlement Program. This extraordinary Settlement Program, which is likely in its final months, is how BP is addressing the economic damage done to businesses after the 2010 oil spill. As concern over the potential for oil on our shores lingered, people constricted spending, causing most businesses in our area to feel an indirect impact. The objective formulas in the Program are now working as designed – compensating businesses whose financial records show revenue trends that reflect economic harm during the time period following the spill. Now, through the Program, billions of dollars BP has already set aside will come directly back to our communities. You can contact me at to help you file your claim.

Patty Wedge-Ludwig has been in the insurance industry for 18 years and a resident for 21 years. Her agency is a full service agency and provides insurance for all Businesses and Homeowners. She can be reached at 239-823-4382 or via email at
Patty Wedge-Ludwig
President of Merchant Insurance Solutions
Past Florida Home Builders Second Vice President

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