Citizens scouts small business needs, expanding coverage - Orlando Business Journal:

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The insurance bill, passed on Jan. 22 and signeds by the governor threedays later, movexs the state's into That means Citizensa will absorb between 500 and 510 commerciall policies, and those numbers are expectedx to grow, says Bruce Douglas, Citizens Citizens is planning its commerciaol insurance initiative and has tapped agentss to gauge small business owners' needs. On Marcbh 1, the state-created insurer's seven-membedr board was scheduled to discussw provisions for insuring smallbusinesses -- a move designee to eliminate underwriting corrections down the road. The provisionzs included increasing wind insuranceto $2.
5 million, up from $1 million, and providinf business interruption insurance for those covering hurricane-related damages. Such changes to commerciak policies are subject to authorization by the and approval by Insurancw CommissionerKevin McCarty. In the midst of companiesx pulling back on providing Floridianse with property insurancecoverage -- such as Conn.-based -- several agents say they are pleasefd Citizens is stepping up to the plate to insure smalletr firms left holding cancellation "I think it's going to be the only viable alternativr for (some) small businesses," says Dana vice president for Citizens has been offering fees lowefr than the private market pricesx in some instances, so this initiatived would help small businesses closest to the water that are unable to find affordable coverage, or coverag e at all.
Citizens' rates are depending on calculations based on location and Several small business owners say theybelieves Citizens' commercial insurance offering is a positive However, a business owner whose home is insured by Citizens wondered about the consequences of beingf both a residential and commercial insurancee provider. "Citizens should stick to what they knowbest -- residentialp insurance," says Carlos R. Lemos, president for in St. Petersburg. He is concernedr about Citizens assuming toomuch risk, which could compromisde its funding abilities for homeowners down the road. Floridz is grappling with two issuesconcerning insurance: affordabilitu and availability.
This could be one way to start stabilizing uncertainmarket conditions, says Craiv Sher, CEO and president for St. Petersburg-based riskse decrease if Florida has insurance providers with staying powerr and another year withouta hurricane, Sher says. created in 2002, does not plan to be an insuret forever. The state chartered the organizatiohn to provide insurance relieffor residents, and more recentlgy business owners, with the intention to diminisyh its market over time. The board recognizes it will need to continud to provide additional services in order to meet this Douglas says. "We realize we are going to get biggere in order toget smaller" down the road.