The calling of an easy life with great weather and fabulous beaches isn’t the only draw to Deltona. It’s also a great place to start a business as the community grows and more vacationers come in every year. But to start a business means having business insurance, and the complex requirements for any business are hard to navigate.
Florida is a great place for a small business, assuming you have the right insurance:
The best place to start for your Deltona commercial insurance needs is to form a relationship with your Trusted Choice Independent Agent. What they will do is get to know your business and put their experience to work finding all the kinds of insurance you need so that you don’t have to worry about unforeseen events and can concentrate on what you do best. Because they live in Deltona, they know which companies are the best for you and they will find multiple quotes from all of them to give you the best insurance for your business at the most affordable price.
The heart of your business insurance is coverage for general liability. That is your protection against costs for any injuries on your property from customers, visitors, and delivery people. It’s a critical part of your insurance because the liability you assume just by having your doors open every day is nearly unlimited. An injury on your premises can be extremely expensive because of potential medical costs, which are nearly unlimited.
The cost of an injury is no small matter. In 2015 a Travelers Business Risk survey found that 60% of all business said medical cost inflation is their biggest concern, and over 30% said that they are unprepared to handle this risk. Every business has to have the right coverage to protect them from this liability.
If you make a product of some kind or provide a personal service you will also need to have product liability insurance. This covers any injury resulting from your service or product for any reason just like general liability. The Insurance Information Institute found that in 2014 71% of product liability awards and 53% of medical malpractice awards were for more than $1 million or higher.
Protection against these liabilities is the most important insurance your business needs to protect it from events beyond your control.
Business interruption insurance will cover any loss that comes from not being able to open your doors in the morning for many reasons beyond your control. It’s based on your income when you were up and operating before the interruption. This could be as simple as a power outage that stretches for days to the devastation caused by a hurricane.
In short, business interruption insurance is what keeps you going when the unforeseen happens and you can’t operate. This is often the difference between a business that can survive a catastrophe and one that cannot.
After covering your loss from not being open when something happens, the next things is to get your business back up and operating. There are many reasons why that might happen in Deltona, but the most common are storms. There were 119 natural disasters across the US in 2014, but only 61% of the damage that came from them was covered by insurance. That left the property owners responsible for over $9.7 billion in losses above their coverage.
Property insurance is about much more than storm coverage, however. This will put your premises back together after any unforeseen event whether you own or rent it. Events that are covered include fire, water damage, riots, and anything else that you could never expect to see coming. It’s very important for any business to have coverage in order to bounce back after a devastating loss.
Every business with employees has to carry worker’s compensation coverage under Florida state law. Generally known as “workman’s comp”, his is a policy that pays an employee when they are injured on the job and cannot work for some time, regardless of whether that injury is from a one-time event or from repetitive injury.
Across the US, workman’s comp paid out $1.27 for every $100 in wages in 2014, an average of $612 per employee in 2014.
The type of employees and the work they do will determine your rate, based on claims from similar businesses. There are often things you can do to keep your cost low, however, such as ergonomic equipment and employee training. Getting to know these simple things that can make a difference is part of the reason a Trusted Choice Independent Agent can make a big difference for your business.
Employee based insurance is about much more than just workman’s comp, however. The most important insurance you can have for your employees is health insurance - among many others.
Florida businesses paid $3,131,293 in 2014 for employee health care coverage. The average single person health plan cost $5,408 and a family policy averaged out to $16,070. This is very close to the national average. The most common employee based insurance businesses offer includes:
When considering your business insurance needs, there are probably a few things that you may not ever think of. Cyber crime and identity theft, for example, can leave you with nearly unlimited liability if criminal steals against your credit before you even know about it. How serious is this?
Florida led the nation in identity theft in 2014, with 37,059 reported incidents. Any business operating in Florida needs to be protected against these losses.
Your Trusted Choice Independent Agent is your best resource to find the coverage you need to protect the business you have worked so hard to build. Because they are located right here in Volusia County they are uniquely positioned to get to know you and the best options for your business. Talk to them today to be sure that you have the business insurance that will keep you going no matter what comes your way.