Recently, there were 2,180,556 small businesses, employing 3,000,167 people, headquartered in Florida. More than 12,300 of these businesses were based in Davie. This city is an ideal location for small-business owners, particularly those in the retail sales industry. Whether you employ several people or you are an independent contractor with no employees, it is important that you protect the investment you have made in your business with a Davie, FL commercial insurance policy. Consider this: Businesses in Florida collected $19,737,799 in business insurance claims in previous years.
Because building a suitable Davie business insurance policy can be complicated, you can benefit from working with someone who is familiar with the ins-and-outs of commercial insurance. Our Independent Insurance Agents can help you identify the exposures that are unique to your particular industry and can work with a number of reputable insurance companies to provide you with a selection of Davie business insurance quotes that are suitable for your business’s needs.
General liability coverage is part of every commercial insurance policy. It can provide your company with compensation for legal defense fees, court costs, and financial damages that result from covered lawsuits. Our agents can help you understand this coverage and identify any other types of liability insurance, such as pollution or commercial vehicle liability coverage, that you may want to include in your Davie commercial insurance policy such as the following:
- Premises liability insurance: This is a crucial part of general liability coverage. It covers third-party injuries and property damage that occur on your business premises. According to a recent Travelers Business Risk Summary, 60 percent of small-business owners ranked medical cost inflation as their highest concern and over 30 percent said they felt the least prepared to handle this concern. Liability insurance covers the unexpected medical costs for which your business is deemed liable.
- Product liability insurance: This is also included in general liability coverage. It covers your business if it is sued because of injuries or property damage caused by products you produce, sell or promote. According to a national study, 71 percent of product liability awards by the courts amounted to $1 million or more, so this insurance coverage can prove quite valuable.
- Professional liability insurance: Also known as errors and omissions insurance, this covers the professionals who work for you in the event that they are sued for mistakes or errors in judgement. Medical malpractice insurance is a familiar example of professional liability insurance. Considering that 53 percent of medical malpractice awards by the courts amounted to $1 million or more, it is easy to see the significance of having this coverage.
Business Interruption Insurance for Davie Small Businesses
- Recent Gross domestic product (GDP) for U.S.: 2.2%
- Previous Gross state product (GSP) for Florida: 2.2%
- The recent GSP was the same as the GDP
Businesses in Florida make a significant contribution to the gross domestic product. However, if a covered disaster, such as a tornado or a fire, forces you to shut down commercial operations for an extended period while repairs are made, your business will not generate any revenue and can end up in bankruptcy.
Protect your company’s finances by making sure that your Davie commercial insurance policy includes business interruption insurance. This insurance provides a continuation of income while your business is not operational because of a covered event. With these funds, you can afford to pay employee salaries and monthly expenses until you can resume normal business operations. Business interruption insurance coverage is typically limited to one year.
Property Insurance for Small Business in Davie
- Number of natural disasters in the U.S. in recent years: 119
- Only 61% of losses from natural disasters were covered; $9.7 billion from damage were not
Davie businesses are most at risk for damage caused by tornadoes, hail, tropical storms and heavy winds. Natural disasters, man-made disasters and property crimes can all lead to significant damage to your business-owned property, which is why business property insurance is so important. Commercial property insurance covers your business-owned property, such as display cases, signs, inventory, computers, machinery, furnishings, décor and more. Because the coverage needs of businesses in different industries are diverse, it is beneficial to work with an agent who can recommend appropriate property coverage and policy offerings.
Workers' Compensation for Davie Businesses
Every state has its own laws pertaining to workers' compensation insurance. In Florida, nonconstruction businesses with at least four employees and construction businesses with at least one employee are required to carry workers' compensation. This insurance covers medical costs and lost wages associated with workplace injuries and protects your business from liability lawsuits related to employee injuries.
Employee Coverages for Small Businesses in Davie
- 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
If your Davie business has at least 50 full time employees, you are required by the Affordable Care Act (ACA) to provide them with subsidized health insurance coverage. Even if you are not required to offer it, benefits such as life and health insurance can help you attract and retain talented employees, so talk to your agent about finding suitable options.
Cyber Crime Insurance for Davie Small Businesses
- Number of identity theft complaints in Florida in recent years: 37,059
- Ranked highest for identity theft complaints in the U.S.
- Only 22% of businesses have a cyber/data breach response plan
Cybercrime insurance is a somewhat new insurance offering, so many businesses are still without this coverage. Unfortunately, electronic data theft is on the rise and cyber crime coverage is becoming more and more important. This insurance provides coverage against lawsuits and damages that may result from criminals hacking into your computer system and stealing sensitive customer information, such as personal and financial data. Talk to your agent to learn more about how adding cyber crime insurance to your Davie business insurance policy can be advantageous.
Find the Right Davie Commercial Insurance for Your Business
Every business has its own specific coverage needs, and different types of commercial insurance cater to different industries. Agents in our network can help you identify the hazards faced by your business and can recommend the right coverage types to mitigate these risks. These independent agents are free to work with several different insurance companies to help you find the most affordable coverage as you build your Davie business insurance portfolio. There are many independent insurance agents with offices in Florida, including in and around the town of Davie.
Find an independent insurance agent near you to get more information, discuss your coverage needs and compare Davie commercial insurance quotes.