Once the home of Edison’s winter laboratory, Fort Myers, FL has a history of entrepreneurial spirit and successful businesses. Today it’s better known as a retirement and vacation paradise, where the beautiful Gulf Coast meets the intriguing Everglades. Whether your business is a tech startup or a restaurant, it’s a great place to be. To be successful over the long haul, however, every business needs insurance to protect against losses of many kinds. Florida small businesses are growing every year, and they need reliable insurance. Recently:
- there were 2,180,556 small businesses in Florida.
- over 3 million employees worked for small businesses.
- the total liability claims amounted to $19,737,799 in losses.
To find the right Fort Myers commercial insurance talk an Independent Insurance Agent. Your agent knows the area and the laws that will help you navigate the complex array of options necessary to fully protect your business. By establishing a strong relationship with your agent, you can help the agent understand your business and find the coverage you need.
The most important insurance for your business is general liability. This covers you against any claims by people who are on your property but who are not your employees, such as customers. You need to have a solid policy because the liability from any claim based on an incident on your property is nearly unlimited. A recent Travelers Business Risk summary reported that 60 percent of all businesses reported that their biggest concern was medical cost inflation and 30 percent said they felt unprepared for this risk. Medical costs related to injury are the main reason why incidents at your location can become very expensive.
Product liability coverage is similar but covers any claims related to your products away from your property. Recently, the Insurance Information Institute found 71 percent of product liability awards and 53 percent of medical malpractice awards were for more than $1 million. This is much more than any small business can cover by itself and shows why solid liability coverage for both property and products is critical.
Business Interruption Insurance for Fort Myers Businesses
You never know when a catastrophic event may force your business to close for a period of time. The reasons include fire, storm damage, vandalism, water pipe breakage or anything else that you would reasonably not foresee happening. When you can’t open the doors in the morning, business interruption insurance has you covered. It is based on the revenue you would have received if you had been able to open, based on your history. This is essential to maintaining your business through the worst times and seeing it through to better days ahead.
Property Insurance for Fort Myers Businesses
Beyond being covered for the times when your business can’t operate, you have to have insurance to put it all back together again – as quickly as possible. Coverage for your property is essential, especially in a place like Fort Myers, where hurricanes and other storms can put you out of business without much notice.
There were 119 natural disasters across the U.S. in recent years, but only 61 percent of the resulting damage was covered by insurance. A staggering total of $9.7 billion in losses had to be covered by the business owners themselves. That is more than an expense that many small businesses can’t handle on their own – it may be the difference between a business coming back after a storm and not. This is why a good insurance policy that covers your property is critical in Fort Myers.
Workers' Compensation for Fort Myers Businesses
Florida state law requires “workman’s comp," also known more commonly as workers' compensation insurance. This covers your employees’ expenses when they are injured on the job, regardless of whether it was from a single incident or incidents over a long period of time. Workman’s comp pays them based on the wages they could not earn when they are unable to work for a period of time. Across the U.S., the average cost of workman’s comp is $1.27 for every $100 in wages in previous years, which is an average of $612 per employee.
The cost of workman’s comp premiums is based on the work that they do, taken from tables assembled from data acquired from similar businesses. A new business will have to pay the premium listed in the tables, but once the business has a claims history, the premium will be adjusted to reflect the business.
Employee Coverage for Fort Myers Businesses
Employee based insurance is more than just workman’s comp. There are many other kinds of insurance that you may want or need for your employees:
- Health Insurance: This is now required by law for companies with 50 or more employees. Even if you don’t have a business this large, you may want to provide this as an option for your employees.
- Life Insurance: It’s important to cover your most important employees should something untimely happen to them. They may also want to at least be able to buy into protection for their families through your business as well.
- Disability Insurance: This is like life insurance, but it pays benefits when an employee cannot work anymore for any reason.
Florida businesses paid $3,131,293 in recent years for employee health care. On average, an individual health plan cost $5,408 and family policies averaged $16,070. Both of these are very similar to the national average. The cost to your business may vary quite a bit from this based on who you hire – their ages, lifestyles, smoking and many other considerations. Making sure you have the best employee insurance for your situation is one of the many reasons why a close relationship with a reliable independent insurance agent is vital.
Cyber Crime Insurance for Fort Myers Businesses
Of all the protection that you may think of for your business, one that may not have made your list is protection from cybercrime. Yet there is a growing need for protection from the liabilities of cybercrime every year. Recently, 37,059 identity thefts were reported in Florida, far more than any other state. You should not do business in Florida without protection against this crime because once someone steals your identity, the potential loss is nearly unlimited. The right policy makes all the difference to protect you from this growing threat.
Whether you are a new small business or an expanding one, contact your independent insurance agent for all your Fort Myers business insurance needs. They will get to know your business and put their many years of experience to work to find the insurance that will keep you in business. By obtaining multiple quotes, they can also help you compare options and find the best price. A close relationship with your agent is critical for any business.