Recently, there were 2,180,556 small businesses, employing 3,000,167 people, based in the state of Florida. More than 10,000 of these businesses were located in Deerfield Beach. From retail to entertainment to professional services, these businesses help the local economy thrive. As a business owner, you can take pride in the contribution you make to your community, and you can protect your investment with a Deerfield Beach, FL business insurance policy. Consider this: During previous years, businesses in Florida collected $19,737,799 in business insurance claims.
Creating a strong portfolio of commercial insurance coverage for your small business can be complicated. Fortunately, when you discuss your company’s coverage needs with an Independent Insurance Agent, the process is simplified. These agents can work with several top-rated insurance companies to help you obtain and compare Deerfield Beach commercial insurance quotes for policies that are designed specifically to cover the risks associated with your particular business.
A lawsuit filed against your company can be fiscally devastating. Even if the courts rule in your favor, just the cost of your legal defense could amount to tens of thousands of dollars. That is why it is so important that your Deerfield Beach commercial insurance includes the right liability coverage, which can cover legal defense, court costs, and financial damages. An independent insurance agent can help you identify the types of liability coverage that are right for your Deerfield Beach business. These may include the following:
- Premises liability insurance: This is part of general liability insurance. It covers your business if a third-party suffers property damage or injuries while on your commercial premises. 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. General liability insurance covers medical costs that accompany these sorts of accidents.
- Product liability insurance: Your Deerfield Beach-based business can be sued if a product you produce, promote or sell causes damage or injuries to others; but product liability insurance, which is also part of general liability insurance, provides coverage. According to a national study, 71 percent of product liability awards by the courts amounted to $1 million or more, so this coverage may be crucial.
- Professional liability insurance/Errors and omissions insurance: Professionals in all fields can benefit from purchasing industry-specific professional insurance. The most commonly known type is medical malpractice insurance. A national study found that 53 percent of medical malpractice awards by the courts amounted to $1 million or more.
Business Interruption Insurance for Deerfield Beach Small Businesses
- Recent Gross domestic product (GDP) for the U.S.: 2.2%
- Previous Gross state product (GSP) for Florida: 2.2%
- The Recent GSP was the same as the GDP
If a disaster, such as a tornado, hurricane or fire, forces you to halt business operations for an extended period while repairs are made, this interruption can significantly affect your business revenues. Make sure that your Deerfield Beach commercial insurance policy includes business interruption insurance so that your firm can continue to collect income while it is closed. That way, you can continue to pay employee salaries and monthly expenses until you are once again able to resume normal business operations. Coverage is typically limited to 12 months.
Property Insurance for Small Business in Deerfield 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
Disasters, ranging from hurricanes to fires, can lead to substantial financial losses for your Deerfield Beach business, and part of the reason is due to property damage. Fortunately, property insurance covers loss or damage to your business-owned assets such as computers, tools, machinery, merchandise, shelving, display cases, signage, furnishings, and décor. Businesses in different industries have diverse coverage needs. That is why it is advantageous to work with an experienced agent when you are building your Deerfield Beach business insurance coverage.
Workers' Compensation for Deerfield Beach Businesses
The state of Florida has workers' compensation requirements. Businesses in the construction industry that have at least one employee and business in other industries that have four or more employees are required to purchase workmans' comp insurance to cover their employees. This insurance provides coverage for injuries suffered by workers while on the job and can help your Deerfield Beach business avoid a liability lawsuit.
Employee Coverages for Small Businesses in Deerfield Beach
- 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 all companies that have at least 50 full-time employees to provide subsidized health insurance coverage. Including benefits like health and life insurance as part of your employee benefits package can help you attract and retain good workers, so it is a good idea even if it is not mandatory. Our agents can help you find appropriate coverage.
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
Cybercrime insurance has become progressively more necessary, as electronic data theft is on the rise. If you electronically collect or store sensitive personal and financial information about your customers, this relatively new type of liability insurance may be a very good idea for your Deerfield Beach business. It can protect your business if hackers manage to access information that puts your customers at risk for identity theft and fraud. You can get more information about cybercrime insurance by speaking with your independent insurance agent.
Find the Right Deerfield Beach Commercial Insurance for Your Business
Every business has its own risks and exposures relative to its industry, size, and services. When you work with an independent insurance agent in our network, you will have access to a wealth of information about your many coverage options, and you will be provided with an easy way to compare Deerfield Beach business insurance quotes for policies that match your coverage needs. This will enable you to find appropriate coverage at a competitive price. Don’t shop for business insurance on your own. There are several agents with offices in Florida, and many are located in and near Deerfield Beach.
Find an agent near your home or business to learn more and to get started.