Coral Gables Business Insurance

The Complete Coral Gables, FL Business Insurance Guide

Find the right business insurance policy for you.

With tree-lined boulevards and towering historic mansions, Coral Gables is known as "The City Beautiful" in southern Florida. This city offers small-business owners endless opportunities to achieve their professional dreams with easy access to Miami and a steady influx of tourists coming to enjoy the beautiful beaches and popular area attractions. 

Recently, there were 2,180,556 small businesses in Florida offering employment to 3,000,167 residents. During the same year, small businesses received $19,737,799 in payouts. While the Sunshine State is often viewed as a haven for small businesses, you'll still need the protection of Coral Gables business insurance. Our Independent Insurance Agents can help small-business owners find the best coverage options at an affordable price. With the help of a reliable agent, you can browse coverage benefits, ask questions and receive quotes on the policies that interest you most.

Liability coverage is the starting point for building your Coral Gables commercial insurance policy. There are three layers of liability that you should consider as you work with an agent to build your policy. 

  • General Liability: According to a recent Travelers Business Risk Summary, 60 percent of small-business owners ranked medical cost inflation as their highest concern and more than 30 percent said they felt least prepared to handle this issue. If you are worried about the potential cost of a lawsuit related to liability, make sure you invest in the best general liability policy for your Coral Gables business.
  • Product Liability: 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. This expense could be devastating for the average small business. Thankfully, product liability insurance would pay the damages and protect your company so you could move forward.
  • Professional Liability: Professional liability policies cater to businesses that offer services, consultations or advice. If you or one of your well-intentioned employees gives advice that causes someone harm, your business will be responsible. Professional liability coverage will pay for the cost of a legal defense and any settlements you are faced with if problems arise for your business. 

Business Interruption Insurance for Small Business

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

As the owner of a small business, you play a vital role in keeping daily operations going. So what would happen if you got cancer and needed to undergo weeks or months of treatments? Sometimes life brings unexpected interruptions, and the only way you, as a business owner, can be prepared is with business interruption coverage as part of your Coral Gables commercial insurance policy.

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

Coral Gables is a beautiful coastal city, but it also has a high risk for natural disasters like tropical storms or hurricanes. If a storm causes damage to your business space, property insurance will be essential to make repairs quickly with minimal interruption to your daily operations. 

Employee Coverages for Small Business

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

Shopping for employee coverages can get confusing, but our experienced agents can walk you through the options and provide quotes from multiple policies. Whether you're looking for health care, life insurance or workers' compensation benefits for your staff, our agents can help. 

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.

Research shows that only 22 percent of small businesses have a response plan in place for cyber attacks. However, identity theft is a serious issue for Florida companies, and it frequently causes major disruptions. Make sure you are prepared for data breaches with Coral Gables business insurance. Shopping for Coral Gables commercial insurance can be overwhelming, but our caring agents provide one-on-one assistance. Our agents know the struggles of small business, and they can help you find the most appropriate coverage options for your unique situation. 

Contact an independent insurance agent today to get a custom quote on Coral Gables business insurance and to find the best policy for your company. 

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