With its great proximity to the airport, Doral is more than just the most prestigious address in Florida for a business. It’s at the center of a tremendous amount of trade between two continents and home to many important companies, including Carnival Cruises, Marriot, and Univision. The access that reaches near and far is unmatched, making Doral the home to a wide variety of entrepreneurs as well.
How dynamic is small business in Florida?
- In recent years, there were 2,180,556 small businesses.
- They employed over 3 million people.
- But their total liability claims were $19,737,799 in losses.
To have a successful business means having the right business insurance. A strong relationship with your Independent Insurance Agent is a critical part of any Doral business insurance. They can take the time to really get to know your business and identify the coverage you need - and obtain multiple quotes from many carriers to get you covered at a price your business can afford.
The core of good Doral commercial insurance is coverage for general liability. This is protection for injuries on your property whether from customers, visitors, or delivery personnel. 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. If you are sued to cover the costs, you will need to have someone go to bat for you in court. That’s what general liability insurance covers for you.
It’s a major concern for businesses large and small. A recent Travelers Business Risk summary found that 60% of all businesses said that medical cost inflation is the biggest concern, with over 30% responding that they are unprepared to handle this risk. You never know just what injury that you are held responsible for might cost.
Away from your property, if you make a product of some kind or provide a personal service you will need to have product liability insurance. This covers any injury resulting from your product for any reason, and the same principles apply. The Insurance Information Institute found that in recent years, 71% of product liability awards and 53% of medical malpractice awards were for more than $1 million or higher. These are costs you cannot afford to handle on your own, so you need the right insurance for your business.
Business Interruption Insurance for Doral Businesses
You can never be sure what might happen to cause your business to be unable to operate. A storm may leave you with damage or simply without power for a few days. Civil unrest like riots may strike and leave you unable to come to the office. Business interruption insurance will cover this loss, based on your income when you were up and operating before the interruption for any reason beyond your control. Many times, this coverage is the difference between a business surviving a storm and having to close its doors. Having the right protection is essential to a business that your customers and employees can rely on.
Property Insurance for Doral Businesses
Protecting your property is another critical concern for the right Doral business insurance. In previous, there were 119 natural disasters across the US, but only 61% of the resulting damage was covered by insurance. That left the property owners responsible for over $9.7 billion in losses that they had to cover on their own.
The right insurance for you is about much more the coverage at an affordable price, however. In order to get back up and operating after a storm or other event, you will need a carrier that is quick and responsive. That’s why a strong relationship with a Doral based independent insurance agent is critical to finding the best policy for your business.
Worker’s Compensation for Doral Businesses
Florida state law requires every business with employees to carry worker’s compensation coverage, usually known as “workman’s comp”. This is a policy that pays out to 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 occurred over a period of time. Across the US, workman’s comp paid out $1.27 for every $100 in wages in recent years, an average of $612 per employee.
Your business will be assessed for this coverage based on the employees you have and the type of work they do. If you have a record of your employees making claims or not, the cost will be based on your own history. New businesses are charged based on schedules that have come from similar businesses in the Miami area.
Employee Coverages for Doral Businesses
Florida based businesses paid $3,131,293 for employee health care coverage. The average single person health plan cost $5,408 and a family policy averaged out to $16,070 - which are both very close to the national average. But this coverage is only part of the package of insurances that you may want to offer your employees. Your options include:
- Health plan insurance - 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 them covered by your business as well as to protect their family.
- Disability Insurance - Similar to life insurance, this pays out when an employee cannot work anymore for any reason.
Cyber Crime Insurance for Doral Businesses
For all the types of insurance that your business needs, there are always a few things that you may not even think of. For example, cybercrime and identity theft can leave you with nearly unlimited liability as a criminal can steal a tremendous amount against your credit before you even know about it. How bad is the problem? Florida led the nation in identity theft in recent years, with 37,059 reported incidents. A critical part of any Doral business insurance is protection against this theft with fully comprehensive coverage.
For all these needs and many more, your independent insurance agent can help you find the coverage you need to protect the business you work so hard to build. Because they are located right here, in the heart of so much commerce, they have seen it all and know what you will need.
Talk to them today to be sure that you have the business insurance that will keep you going no matter what comes your way.