Daytona Beach Business Insurance

The Complete Daytona Beach, FL Business Insurance Guide

Find the right business insurance policy for you.

Recently, there were 2,180,556 small businesses, employing 3,000,167 people, headquartered in Florida, and more than 6,000 of these businesses were based in Daytona Beach. Companies in the entertainment and hospitality industries do extremely well in this vibrant vacation town, and businesses of all types and sizes are thriving. Whatever your business industry, it is important that you protect your business assets with a Daytona Beach, FL commercial insurance policy. In previous years, businesses in Florida collected $19,737,799 in business insurance claims, which highlights how important this coverage is.

Building a comprehensive insurance policy for your business can often be tricky, but you can simplify the process by discussing your coverage needs with an independent insurance agent in our network. These agents are able to work with several different reputable insurance companies and can help you find the best price for your coverage. Find an agent near you to compare Daytona Beach business insurance quotes for policies that have been customized specifically to meet the needs of your company.

  • 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 unprepared to handle this concern.
  • According to a national study, 71 percent of product liability awards by the courts amounted to $1 million or more.
  • That same study showed that 53 percent of medical malpractice awards by the courts amounted to $1 million or more.

A lawsuit against your company can be financially unsurmountable even if the courts ultimately rule in your favor. Legal defense fees alone can sometimes cost tens of thousands of dollars, not to mention the lost productivity as key employees are called to testify. That is why it is so important that your Daytona Beach business insurance include general liability insurance as well as liability coverage that is specifically suited to your industry. These policies can shield your business from significant losses by covering legal defense fees, court costs and financial damages. Your agent can further explain your many options as follows:

  • Premises liability insurance: This covers costs associated with injuries or property damage sustained by third-parties while on your business premises. It is included as part of your general liability coverage.
  • Product liability insurance: This provides coverage if a product you sell, produce or promote is faulty and causes damage or injuries to others. It is also included as part of your general liability coverage.
  • Professional liability insurance/Errors and omissions insurance: This covers your professional employees against lawsuits due to errors in judgement, failure to act and other professional mistakes. Medical malpractice insurance is an example of this sort of coverage.

There are many other types of liability coverage such as pollution insurance, commercial auto liability insurance and more that may be a good fit for your business. An independent insurance agent can identify your exposures and explain your coverage options.

Business Interruption Insurance for Daytona Beach 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

If a covered disaster, such as a fire or tornado, forces you to halt business operations for an extended length of time while repairs are made, the lost income can significantly affect your business finances. Also, if you cannot pay key employees during the closure, you may lose them to the competition. You can avoid this problem by making sure that your Daytona Beach commercial insurance includes business interruption insurance. That way, your company can continue to collect the income it needs to pay monthly bills and employee salaries during the closure. This coverage lasts until you are able to resume normal business operations but is typically limited to 12 months.

Property Insurance for Small Business in Daytona Beach

  • 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 damages were not

Major disasters can do more than just force your business to close for repairs. They can also cause extensive property damage. Commercial property insurance covers your business-owned property, such as merchandise, signage, computers, display cases, furniture, décor, flooring and more. Businesses in different industries have varying coverage needs, so it is to your benefit to work with a knowledgeable independent insurance agent. That way, you can get advice about the property types and amounts to include with your business insurance policy.

Also, note that flood damage is excluded by nearly all Daytona Beach commercial insurance policies. Many area business owners learned this the hard way during the recent major flooding. An independent insurance agent can help you supplement your Daytona Beach business insurance with flood insurance through the National Flood Insurance Program (NFIP).

Workers' Compensation Insurance for Daytona Beach Businesses

Florida requires businesses in the construction industry with at least one employee and businesses in other industries with at least four employees to include workman's comp as part of their business insurance coverage. Workers' compensation insurance covers the treatment of work-related injuries and related expenses and time off. It can also help your business avoid liability lawsuits associated with workplace injuries.

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

The Affordable Care Act (ACA) requires companies with at least 50 full-time employees to provide them with subsidized health insurance. Even if your Daytona Beach business has fewer than 50 employees, including benefits like health and life insurance can help you attract and retain strong employees. A reliable agent can help you review your options.

Cyber Crime Insurance for Small Business

  • 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

As reports of electronic data theft are on the rise, more and more businesses are looking to obtain cyber crime coverage, which is a relatively new type of insurance. It protects your business from financial losses associated with liability lawsuits and damages that may result if hackers access your customers’ personal or financial data that you have collected or stored electronically. If your business is at risk, be sure to ask your agent about adding this important coverage to your Daytona Beach business insurance.

Find the Right Daytona Beach Commercial Insurance for Your Business

Every business has its own unique coverage needs relative to its size, industry and exposures. That is why there is no such thing as a one-size-fits-all commercial insurance plan. When you work with an independent insurance agent in our network, you have access to a professional who can explain your many coverage options and make policy recommendations. You will also be able to easily compare Daytona Beach business insurance quotes for policies customized to meet your specific business needs. That way, you can be sure that you are getting the best coverage at a competitive price. 

Contact an agent near your business to learn more about your options when it comes to buying Daytona Beach commercial insurance.

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