Located in the heart of the Treasure Coast, Fort Pierce is a great place to open up a business. Whether it’s a small manufacturing operation away from the high costs of the big cities or a restaurant catering to the many tourists, the allure of the beautiful surroundings is unmistakable. To realize the dream of having your own business, however, you need to have good insurance so that you can pay attention to its needs, assured that no matter what happens outside your control you have it covered.
How dynamic is Florida for small businesses? The figures in recent years were:
- Across the state there were 2,180,556 small businesses.
- Over 3 million employees worked at them.
- The total liability claims were a stunning $19,737,799 in losses.
The dynamic and growing small business climate is a great asset, but the right Fort Pierce commercial insurance is essential to managing the potential liabilities that come with it. While your business insurance needs are daunting and complex, your independent insurance agent is there to help you understand them. They will help you navigate your many options and find you multiple quotes from many different agencies so that your business has the right insurance for your operation at the lowest possible cost.
General Liability for Fort Pierce Businesses
The portfolio that will protect your business starts with general liability insurance. This coverage handles any event on your property to customers, delivery personnel, or visitors of any kind. Because of the cost of an injury is essentially unlimited, your business needs to be protected. How expensive can an injury on your property be? A recent Travelers Business Risk survey found 60% of all businesses said medical cost inflation is the biggest concern, and 30% said that they feel unprepared to handle this risk. This is one of the biggest risks that any business takes, and it comes the moment you first open the doors.
That is only the start of the liability coverage your Fort Pierce business will need, however. If you make any product or provide a service you will need product liability insurance for events that take place apart from your premises. It has the same concerns. The Insurance Information Institute found in recent years that 71% of product liability awards, as well as 53% of medical malpractice awards, were for more than $1 million or higher. Protection against these liabilities is the most important insurance for any business.
Business Interruption Insurance for Fort Pierce Businesses
When something happens beyond your control, you may not be able to conduct normal business. This may be as simple as an extended power outage or a major problem like a fire or water pipe break. Whatever the reason, business interruption insurance will fill the gaps until you can get back up and operating.
It’s based on the revenue you took in before the event that put you temporarily out of business. It pays out until you can resume normal operations again and makes sure that your continuing bills such as rent, electricity, and so on are covered. This insurance is often the difference between a business that can survive a serious event and not.
Property Insurance for Fort Pierce Businesses
When there is a major event that keeps you from operating, the next thing to consider is putting everything back together and fixing the damage. That’s what property insurance is for. Whether you are renting space or you own it yourself, property insurance is essential for fixing whatever went wrong and getting the doors open as soon as possible. The right Fort Pierce business insurance for you isn’t always the lowest cost for this reason. Whether the damage is widespread from a hurricane or an event at your building you want insurance that pays out quickly and helps you get back up quickly.
Storms are the major concern in Fort Pierce for damage to property. There were 119 natural disasters in the US in recent years, and only 61% of that was covered by insurance. A stunning $9.7 billion in losses had to be picked up by small business owners for uninsured losses. The right protection for your business is critical to being able to weather any storm that may come your way. Make sure you have the coverage you need to be able to ride out the hurricane without worries that it will put you underwater permanently.
Worker’s Compensation for Fort Pierce Businesses
Beyond your business liability and property needs, you have to take care of your workers. Workman’s comp, as it is usually known, is insurance that pays out to your employees if they are injured on the job and unable to work. It doesn’t matter if the injury is from a single event or took place over years of repetitive stress - if they can’t work for a period of time, they are covered. Workman’s comp is required by state law.
The cost of the policy is based on either your history of employee claims or, in the case of a new business, the rates seen by similar businesses with similar tasks in the area. Nationally, this averaged out to $1.27 for each $100 in wages in recent years, which comes to $612 per employee. There are many things you can do to keep this cost lower, however. Your independent insurance agent can help you identify areas where equipment or procedures can be put into place to reduce the chance of injury and help you to find a more affordable policy to cover the sometimes high cost of workman’s comp.
Employee Coverages for Fort Pierce Businesses
There are many other kinds of insurance your business will need for its employees, starting with health care coverage:
- Health plan 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 out when an employee permanently cannot work for any reason.
Florida based businesses paid $3,131,293 for employee health care coverage in recent years. A single person health plan cost $5,408 on average, with a family policy running $16,070. These costs are similar to the national average. There are many variables that go into the best coverage for your employees at a price they can afford, so it's worth shopping around for the quote that fits your business.
Cyber Crime Insurance for Fort Pierce Businesses
There is still more insurance that your business needs to have, some of it in areas you might never think of. For example, 37,059 identity thefts were reported in Florida in recent years, the highest state in the nation for this crime. The liability is only limited by your potential credit, meaning that without a good insurance policy protecting you against cybercrime you could be on the hook for an incredible amount of money.
This is one of the main reasons why a good relationship with your Fort Pierce based independent insurance agent is absolutely critical. They can assess the needs of your business and explain to you how a wide variety of policies work for you. When you know you are covered for anything beyond your control you can concentrate on what you do best - running your business for a brighter future.
Talk to your agent today.