In the heart of the Cutler Bay, FL, area, you'll find an ancient coral formation that stretches to 14 feet tall. With tourists coming from around the country to witness this natural masterpiece, small businesses have a great opportunity to draw attention to their unique products and services. If you're a small-business owner in Florida, you probably already know that this state is a great place to chase your professional dreams. Recently, there were 2,180,556 small businesses in Florida offering employment to 3,000,167 residents. Entrepreneurs love the Sunshine State because of the ongoing incentives that help a business succeed. However, there are also some major risks to consider.
During previous years, small businesses in Florida received $19,737,799 in payouts for losses. If you are a small-business owner in Cutler Bay, make sure you have protection with a comprehensive business insurance plan. Choosing your business policy starts with a call to our friendly Independent Insurance Agents. They will walk you through your coverage options and help you find a plan that offers the coverage you need at a price you can afford.
Cutler Bay business insurance starts with liability coverage. Whether you're selling souvenirs, offering contractor services or serving the catch of the day near the shore, you need liability coverage to protect your business from lawsuits.
- General Liability: General liability is a blanket coverage option that protects you against the most common liability-related lawsuits. 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. Your business can be prepared with Cutler Bay commercial insurance.
- Product Liability: Cutler Bay is the perfect place to sell your products, but make sure you plan ahead for liability issues. If a defective product causes injury to a customer or their property, you will be responsible to pay for the damage. This can get very expensive and be a hardship that new businesses cannot face without going under. According to a national study, 71 percent of product liability awards by the courts amount to $1 million or more.
- Professional Liability: For businesses that center on offering public services, professional liability coverage is the best choice. This type of Cutler Bay business insurance pays for legal defense and damages if your professional advice ever causes harm.
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
Life's routine interruptions can spell disaster for a small business. If you have to be out of work because you're seriously ill or you need surgery, your business could suffer long-lasting consequences. By investing in business interruption insurance, you are guaranteeing that you will be compensated for lost profits due to eligible interrupting events 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
In 1992, Hurricane Andrew swept through Cutler Bay leaving the city in complete ruin. When you do business in a coastal region, hurricanes are always a threat, so make sure you have the best Cutler Bay property insurance in case you need to make major repairs.
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.
- 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
Employee coverage options come in many shapes and sizes. If you're having difficulty finding affordable coverage options for your staff, our agents can help. They will walk you through the best coverage policies and help you find affordable health care, life insurance and workers' compensation for your employees.
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.
Florida's small businesses face a growing threat from cybercrimes, but only 22 percent of small businesses are prepared with a response plan in case of cyber-attacks. If you have a major data breach and your sensitive information falls into the wrong hands, it could be devastating for your small-business future. Be prepared with cybercrime insurance as part of your Cutler Bay commercial insurance plan. If you're looking for affordable options for Cutler Bay business insurance, our experienced independent insurance agents can help. Our agents routinely work with small businesses to build custom policies that cover the areas that leave companies most vulnerable to serious losses.
Contact an independent insurance agent today to get your customized quote on Cutler Bay business insurance and to find a policy that is right for you.