Boca Raton Business Insurance

The Complete Boca Raton Business Insurance Guide

Find the right business insurance policy for you.

Boca Raton offers some of Florida's best beaches, hotels and golf courses. Residents enjoy the Town Center shopping mall with 220 unique shops and dozens of restaurants ranging from casual to upscale. This city is a perfect place to start a new business, but like the rest of the Sunshine state, it does carry some risks. Since the previous year, there have been 2,180,556 small businesses in Florida offering employment to 3,000,167 residents. During that same year, small businesses received $19,737,799 in payouts for property damage, liability settlements, and interruptive events.

If you choose to start a business in Boca Raton, FL, make sure you have a reliable commercial insurance policy. Independent Insurance Agents specialize in helping small businesses find the appropriate coverage at an affordable price. Finding the best Boca Raton business insurance is simple when you have experienced agents on your side. 

Whether your business is a tiny startup or a quickly growing company, you need the protection of liability business insurance. If a customer falls in your parking lot or gets injured as a result of your products, you'll need liability insurance to cover the damages. 

  • General Liability: The most basic form of liability coverage is a general blanket policy. This type of Boca Raton business insurance protects you if a customer or employee gets hurt on your property or gets hurt as a result of your business actions. According to a Travelers Business Risk Summary, 60 percent of small-business owners ranked medical cost inflation as their deepest concern and more than 30 percent said they felt least prepared to handle this issue. Make sure you can survive a liability lawsuit with general liability coverage as part of your Boca Raton commercial insurance plan.
  • Product Liability: Even if you use extreme caution to avoid product defects, accidents can happen. If your products cause injury to a customer or damage to someone's home, you would be held responsible, and it could be a costly mistake. According to a national study, 71 percent of product liability awards and 53 percent of medical malpractice awards by the courts amounted to $1 million or more.
  • Professional Liability: Even if your business only offers services, you aren't in the clear. You'll still need professional liability coverage to protect against negligence claims. If you give bad advice or make a small error in judgment that causes another person harm, professional liability will ensure that you have the financial resources to tackle potential lawsuits.

Business Interruption Insurance for Small Business

  • Gross domestic product in recent years: 2.2%
  • Florida gross state product in recent years: 2.2%
  • The recent GSP was 0% lower than the recent GDP

If a tornado touches down in Boca Raton and damages the roof on your business, you will have to shut down until it can be repaired. When unavoidable interrupting events cost your company profits, business interruption insurance can be a major asset. This coverage repays you for any lost profits at the end of the year, ensuring that you can continue doing business even after a major setback. 

Property Insurance for Small Business

  • Number of natural disasters in recent years: 119
  • Only 61% of losses from natural disasters were covered
  • Total uncovered property damage in recent years: $9.7 billion

With Florida's long history of hurricanes and tropical storms, every small business needs to invest in property insurance. This kind of coverage provides a way to pay for repairs after a major weather disaster or even after a break-in or burglary. 

Employee Coverages for Small Business

  • Total recent spending on premiums in Florida: $3,131,293
  • Ranked 49th for the highest premiums in the U.S.
  • The annual cost of health care for small businesses in recent years: $5,408/person or $16,070/family
  • The average national cost of workers' compensation per employee: $612

Employees are much more likely to stick around if you offer them a quality health care benefits package. Independent Insurance Agents can provide quotes on various policy options so you can find the best employee coverages at an affordable price.

Cyber Crime Insurance for Small Business

  • 37,059 Identity theft complaints in Florida in recent years
  • Ranked highest for identity theft complaints in the U.S.

Identity theft is an ongoing problem in Florida, and Boca Raton small businesses have to be vigilant against data breaches and cybersecurity threats. Research shows that only 22 percent of small businesses have a response plan in place for cyberattacks. Don't wait until you're the victim of cybercrime to figure out how you should respond. Instead, plan ahead with cybercrime coverage as part of your Boca Raton commercial insurance policy. 

When you own a small business, it's almost like your baby. You devote endless hours to making sure it's healthy and successful. It only makes sense that you would seek out the protection of a reliable Boca Raton business insurance plan. Independent Insurance Agents can help you create a customized commercial insurance policy with the coverage you need most at a price you can afford. Contact an agent today to learn more about your options for Boca Raton business insurance. 

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