Recently, there were 2,180,556 small businesses that employed 3,000,167 people headquartered in Florida, and nearly 9,300 of these businesses were based in Delray Beach. Because this is a vacation town, companies in the entertainment and hospitality industries do extremely well, yet businesses of all types and sizes are thriving. Whatever industry your Delray Beach, FL business operates within, it is important that you protect it with a Delray Beach commercial insurance policy. Recently, Florida businesses collected $19,737,799 in business insurance claims, which highlights how important this coverage is.
Building a comprehensive insurance policy for your business can sometimes be tricky. That is why it is advantageous to discuss your coverage needs with an independent insurance agent. Our agents can work with several reputable insurance companies to help you find the best coverage at a competitive rate. Find a reliable agent near you to compare Delray Beach business insurance quotes for policies that have been customized specifically to meet the needs of your company.
Liability Insurance for Small Businesses in Delray Beach
- 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 devastating, even if the courts ultimately rule in your company’s favor. Legal defense fees alone can sometimes amount to tens of thousands of dollars, not to mention the lost productivity when key employees are called to testify. That is why it is so important that your Delray Beach business insurance includes general liability insurance as well as any additional types of liability coverage that are specifically suited to your industry.
These policies shield your business from significant losses by covering associated legal defense fees, court costs, and financial damages. Your agent can further explain your many options, including these:
- Premises liability insurance: This covers the costs associated with illnesses, 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 causes illnesses, injuries or property damage injuries to others. It is also included in your general liability coverage.
- Professional liability insurance/Errors and omissions insurance: This covers professionals against lawsuits due to errors in judgment, failure to act and other professional mistakes. Medical malpractice insurance is a familiar example of this sort of coverage.
There are many other types of liability coverage, such as pollution insurance, completed operations insurance and commercial auto liability insurance that may be a good fit for your business. An independent insurance agent can help you identify your exposures and make appropriate liability coverage recommendations.
Business Interruption Insurance for Delray 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 covered disaster, such as a fire or a hurricane, forces you to halt business operations for a significant amount of time while repairs are made, the lost income can greatly hurt your business finances. Also, if you are unable to pay key employees during the extended closure, you may lose them to competing companies.
You can avoid this problem by making sure that your Delray Beach commercial insurance package includes business interruption insurance. That way, your company continues to collect income during the closure in an amount that enables it to continue to pay monthly bills and employee salaries without suffering large financial losses. This coverage lasts until you are able to resume normal business operations; but in many cases, it is limited to 12 months.
Property Insurance for Small Business in Delray 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 damage were not
Major disasters can result in extensive property damage for your business. Commercial property insurance covers things such as merchandise, computers, tools and machinery, display cases, signs, and furniture. Companies in different industries have very different coverage needs, so it is to your benefit to work with a knowledgeable agent. These agents can recommend other types of property coverage, such as boiler and machinery insurance, inland marine insurance, and spoilage insurance, when appropriate.
Also, note that flood damage is excluded by nearly all Delray Beach commercial insurance policies. Many area business owners learned this the hard way during the recent major flooding. If you wish, your agent can help you supplement your Delray Beach business insurance with flood insurance through the National Flood Insurance Program (NFIP).
Workers' Compensation Insurance for Delray Beach Businesses
Every state has its own workman’s comp coverage laws. In Florida, businesses in the construction industry that have at least one employee and businesses in all other industries that have at least four employees are required to include workers' compensation insurance as part of their business coverage. This insurance covers the treatment of work-related injuries and illnesses as well as related expenses and paid time off. It has the added benefit of helping 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 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) mandates that all U.S. companies with at least 50 full-time employees provide those employees with subsidized health insurance. Even if your Delray Beach business has fewer than 50 employees, by including benefits like health and life insurance, you may be able to attract and retain strong employees. An independent insurance 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 #1 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 continue to make the news, more and more businesses are looking to obtain cybercrime coverage. This relatively new type of liability insurance protects your business from financial losses associated with lawsuits and expenses that may result if hackers access customers’ personal or financial data that your business has stored electronically. If this happens, your company can be held liable for losses sustained by banks, credit card companies, and individuals and they may be required to purchase credit-monitoring software for your customers for an extended period of time. If your company is at risk for this sort of crime, be sure to ask your agent about adding this important coverage to your Delray Beach business insurance.
Find the Right Delray Beach Commercial Insurance for Your Business
Every business has its own specific coverage needs relative to its size, industry and inherent exposures. That is why there is no such thing as a one-size-fits-all commercial insurance package. If you choose to work with an independent insurance agent in our network, you will have access to a professional who can explain your many coverage options and make appropriate policy recommendations so that you can avoid risking large coverage gaps. You will also be able to easily compare Delray Beach business insurance quotes for policies that have been 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 independent insurance agent near you to learn more about your options when it comes to buying Delray Beach commercial insurance.