What happens when you find that you need to use someplace other than your regular business premises to store, stock or use equipment? Will it still be covered by the Florida business insurance policy you already have?
If your business has a number of different properties and you have existing coverage that includes all of them, then you may generally be covered in the event that you move your stock and equipment among them. The exception to this could be a special piece of equipment that is named on a policy. It may be included on a particular policy referring to one of your sites. You would need to check and see if it is still covered if you move it.
If you have a need to find some extra space – perhaps a load of stock coming in before the last lot has moved – then you might be looking for some place to store these items offsite. If you choose a storage facility, then you will probably need to take out some extra coverage for your goods. Most storage companies do not take responsibility for items you store on their premises. They have their own coverage for the buildings, but your goods are your responsibility.
If you store goods at home from time to time, you’ll need to ensure that they’re covered either under your home policy or the business insurance Florida companies need.
This is a situation in which it is very easy to get hit with the cost of replacing these items when they are accidentally damaged. The priority is to find the space and get your stock moved, and then get on with the business, but forgetting to ensure your stock is covered with the proper insurance policy could be a costly mistake.