Every year tens of thousands of tourists flock to the beautiful beaches of the Emerald Coast. It’s no wonder that the Florida Panhandle is also drawing more residents as well, called by the lure of the placid Gulf of Mexico. Destin, FL is perched right on the edge of it all in an ideal location that makes it a great place to open a business. Whether in the growing hospitality industry or in development, the opportunities are great. But it’s critical to have the right insurance for any business, large or small, even with the great small business climate in Florida. Consider these statistics:
- Recently, there were 2,180,556 small businesses in Florida.
- They employed over 3 million people.
- Their total liability claims were $19,737,799 in losses.
Your business needs insurance to cover unforeseen circumstances such as the hurricanes that periodically wash ashore. The kinds of insurance you need, some of which are required by law, can be complicated and hard to navigate. The best way to find the Destin commercial insurance that you need is to develop a relationship with an Independent Insurance Agent. These agents know the laws and options. Once they get to know your business, they can recommend the right insurance so that you can rest easy.
The foundation for good business insurance is coverage for general liability. This is protection for any injuries or other events on your property whether for customers, visitors or delivery personnel. It’s important 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, and if you are sued to cover the costs, you will need to have someone there for you in court.
This is a critical concern for businesses large and small. A recent Travelers Business Risk summary found that 60 percent of businesses said medical cost inflation was their biggest concern, with over 30 percent saying they were unprepared to handle this risk. General liability insurance was created to help businesses handle medical costs arising from accidents on their business property.
If you make a product or provide a personal service, you need to have product liability or professional liability insurance. This covers any injury resulting from your product or service, for any reason, in the same way general liability covers incidents on your property. The Insurance Information Institute found that 71 percent of product liability awards and 53 percent of medical malpractice awards in previous years were for $1 million or higher. Covering these types of costs is why you need good liability insurance for your property and your products and services.
Business Interruption Insurance for Destin Businesses
There are many reasons you might not be able to open up on any given day. Interruptions in power that span many days, especially after a hurricane, are a common problem. In the case of water damage from a broken pipe or a fire, you may not be able to operate for a period of time. Business interruption insurance helps you out in these times. This coverage pays based on the revenue that you are not able to collect when closed, taken from the receipts you had when you were open. It covers the ongoing costs as well, such as power and employee benefits, until you are back on your feet and operating again.
Property Insurance for Destin Businesses
When an unforeseen disaster strikes, it’s critical to get you back up and operating as quickly as possible. While it may seem like a good idea to select the cheapest property insurance, you may regret that later. A carrier that pays quickly without a lot of red tape is critical when you want to get back in business after a major event.
Your Destin-based independent insurance agent can help you find the right insurance because agents are located right here in town. They know which carriers can be counted on when a hurricane washes ashore or something else happens. You have enough to worry about when disaster strikes, so the right insurance for your business can make all the difference.
Workers' Compensation for Destin Businesses
State law requires that every business with employees carry workers' compensation coverage, typically known as “workman’s comp.” It makes payments to an employee who is injured on the job and cannot work for some time, regardless of whether that injury is from a one-time event or from repetitive stress. These are some statistics from recent years:
- Workman’s comp paid out $1.27 for every $100 in wages.
- That’s an average of $612 per employee.
Your assessment for workman’s comp is based on the employees you have and the type of work they do. If you have a record of your employees' past claims, the cost is based on your history. New businesses are charged based on schedules that have come from similar businesses. There is a lot you can do to keep your workman’s comp costs down. Some carriers give you credit for ergonomic equipment and employee training, both of which reduce injuries on the job.
Employee Coverage for Destin Businesses
Recently, Florida-based businesses paid $3,131,293 for employee health care coverage. The average single person health plan cost employers $5,408, and a family policy cost $16,070. Both of these are very close to the national average. Coverage for health care is only part of the package of insurance plans that you may want to offer your employee, however:
- Health plan insurance: This is required by law for companies with 50 or more employees, but many smaller businesses are opting to provide this coverage as a service for their loyal workers.
- Life insurance: In case something happens to your employee, you may want to provide life insurance to protect the employee's family.
- Disability insurance: Similar to life insurance, this pays out when an employee cannot work anymore for any reason.
A good employee coverage plan helps you to retain valuable workers, which results in lowering training costs and improving service. Many Destin area businesses offer packages for their employees so that they remain loyal and stay productive on the job.
Cyber Crime Insurance for Destin Businesses
With all the kinds of insurance that your business needs, there are always a few liabilities that you may not even think of. As one example, identity theft and other cybercrime can leave you with nearly unlimited liability, limited only by your available credit. How bad is the problem? Florida led the nation in identity theft in recent years, with 37,059 reported incidents. It is not wise to do business in Florida without protection against this theft.
Policies are available at surprisingly good rates, assuming you take a few precautions of your own and work with your insurance carrier. The types of insurance your business needs can give you a headache if you try to navigate the selection process on your own. It’s best to get expert help. Our independent insurance agents can help you find the coverage you need to protect the business you work so hard to build.
Talk to them today to be sure that you have the business insurance that fits your needs at a price you can afford.