Money Magazine ranked Coral Springs as the 27th best city in which to live in the United States. When you live and work in this beautiful coastal city, you will enjoy a vibrant local economy with considerable opportunities for small businesses. Florida offers small businesses many incentives to help them get started on the right foot. Recently, there were 2,180,556 small businesses in Florida offering employment to 3,000,167 residents. And during the same year, small businesses received $19,737,799 in payouts.
If you choose to chase your business dreams in Coral Springs, FL, make sure you are covered with comprehensive commercial insurance. Our experienced Independent Insurance Agents can help you find the right coverage options to protect your small business against liability, business interruption, property damage and even cyber crimes. As you shop for commercial insurance, you should begin by looking at liability coverage. There are three layers of liability insurance that you can use to protect your Coral Springs small business.
- 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. Make sure your business can handle potential liability issues by choosing a blanket general liability policy that protects against employee injuries and slip and fall accidents.
- Product Liability: Before you sell your first product, make sure you have safeguards in place to protect against lawsuits. Defective products can lead to expensive liability issues. 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: If you work in a service industry, professional liability coverage is your best option. This coverage offers an added layer of protection against claims of negligence. If you make a small judgement-error that causes harm to a customer or that customer's property, professional liability insurance will pay for damages.
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
Coral Springs has a long history of serious summer storms, including several major hurricanes that caused devastation across the city. If a weather-related disaster or another eligible interrupting event makes it impossible for your business to operate for an extended amount of time, business interruption insurance will pay out the profit loss at the end of the year.
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
Property insurance seems like a no-brainer for every company, but many small businesses don't stop to consider potential costs of property repairs until it's too late. If a tropical storm causes damage to your Coral Springs business, you'll be thankful to have property insurance in place to cover the cost of repairs.
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
As you shop for a Coral Springs commercial insurance policy, consider adding employee coverages. Even if you only have a handful of employees, offering them great health care and life insurance benefits will go a long way in making sure they stick around to help your company grow to the next level.
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.
Cybercrimes have become a more common issue for small businesses in recent years, but Florida companies have been hit the hardest. It only takes one small data breach to do major damage, but only 22 percent of small businesses have a response plan in place for cyber-attacks. Make sure you plan ahead by talking to a reliable agent about cybercrime coverage for your small business.
The search for the best Coral Springs business insurance ends when you call our friendly independent insurance agents. A simple phone call will give you access to quotes on multiple polices; a friendly agent who will help you navigate the coverage options; and affordable commercial insurance plans that are built to help small businesses succeed.
Contact an agent today to secure your Coral Springs business insurance policy.