Compare commercial insurance quotes in Miami

Why ask it: Named storm deductibles are the most commonly misunderstood element of Florida commercial property coverage. Understanding the dollar amount, the trigger condition (hurricane watch vs hurricane warning vs landfall), and whether a deductible buydown is available before you buy is the only useful moment to know.

Good answer: A clear dollar figure for the named storm deductible based on your insured values, an explanation of the trigger (some policies trigger at tropical storm watch, which is earlier than most owners expect), and a specific answer on whether a parametric cover or buydown endorsement is available and at what cost.

Red flag: "Your deductible is 3%" without stating the dollar equivalent. A percentage is not an answer to a question about your out-of-pocket exposure.

Why ask it: Civil authority coverage pays when a government order prohibits access to your premises. In Miami, post-hurricane government access restrictions are common and can last days to weeks. Without civil authority coverage, a Miami business that cannot operate because of an evacuation order - but whose premises were not directly damaged - has no business interruption coverage.

Good answer: Clear confirmation that civil authority coverage is included, the specific trigger conditions, and the coverage period (typically 2-4 weeks in standard policies - ask whether that reflects a realistic Miami post-hurricane timeline).

Red flag: "Business interruption is included" without specifically addressing civil authority coverage. Standard BI requires physical damage to your premises to trigger; civil authority is a separate extension.

Why ask it: A significant portion of Miami commercial property coverage is placed in surplus lines (non-admitted) markets, including Lloyd's syndicates. Non-admitted carriers are not backed by the Florida Insurance Guaranty Association. In a scenario where a major hurricane causes widespread insurer losses and a carrier becomes insolvent, FIGA backstops admitted policyholders; surplus lines policyholders have no such protection. This is a known and specific risk in the Florida market.

Good answer: Clear identification of which coverages are admitted vs surplus lines, a candid explanation of what FIGA covers and does not cover, and - if surplus lines placement is necessary - confirmation of the financial strength ratings of the proposed carriers.

Red flag: "All the carriers we use are reputable" without addressing the admitted vs surplus lines distinction specifically. Reputation is not the same as FIGA protection.

Why ask it: Post-hurricane claims in Miami involve large volumes of simultaneous claims, carrier loss adjusters under significant pressure, and long resolution timelines. A broker who actively advocates on your behalf - appointing a public adjuster if needed, pushing the carrier's claims team for timely responses - provides materially different value than one who hands you to the carrier and steps back.

Good answer: A specific account of the broker's role in a major event: triaging and logging claims, appointing public adjusters where claim complexity warrants it, advocating with carrier teams, and maintaining communication throughout resolution. Experience handling Florida hurricane claims is a positive indicator.

Red flag: "The insurer handles claims directly" or a vague reference to "supporting you through the process."

Why ask it: NFIP commercial coverage has building and contents limits that are often well below Miami commercial property values. Private flood insurance can fill the gap above NFIP limits and often provides broader coverage (business interruption, for example, is not covered under standard NFIP commercial policies). Understanding exactly where one policy stops and the other starts - and whether there are gaps between them - is essential before a flood event.

Good answer: A specific breakdown of NFIP coverage limits vs your property values, identification of the gap, and a clear explanation of how the proposed private flood coverage fills it. They can confirm whether business interruption is covered under flood and at what limit.

Red flag: "You are covered for flood" without specifying whether it is NFIP, private, or both, and without addressing the limit adequacy question.

Why ask it: In a hardened Florida market, the question of market access is more important than in most US cities. A broker who can access Lloyd's syndicates, E&S carriers, and admitted markets can find competitive options that a panel-restricted broker cannot.

Good answer: A clear description of their Florida market access - admitted carriers they work with, surplus lines carriers, and specific London market capacity for Florida property. Willingness to name carriers they placed Florida commercial property with in the past 12 months.

Red flag: "We have strong relationships with our carrier partners" without specifically addressing Florida surplus lines capacity.