Gainesville Business Insurance

The Complete Gainesville Business Insurance Guide

Gainesville, FL serves as the hub for educational and commercial opportunities in the north central Florida area. This beautiful city is home to Florida’s oldest and largest university, and the constant ebb and flow of students makes it a perfect place to chase your business dreams. In 2014, there were 2,180,556 small businesses in Florida, providing jobs to 3,000,167 people. However, 2014 also brought some serious risks for business owners, with $19,737,799 paid out for losses.

Starting a business is always a risk, but you can minimize your losses by investing in Gainesville business insurance. Trusted Choice® Independent Insurance Agents specialize in helping small-business owners find the best commercial insurance options. Whether you’re a sole proprietor, an LLC or a growing corporation, our experienced agents can help you build a customized business insurance plan to protect your company.

Liability is a serious threat for businesses of all sizes. It only takes a single liability lawsuit to do extensive damage to your company’s financial well-being. According to the 2015 Travelers Business Risk Summary, 60 percent of small-business owners ranked medical cost inflation as their highest concern and more than 30 percent said they felt least prepared to handle this issue. If you feel inadequately prepared to handle a liability lawsuit, business insurance will bring you some peace of mind. There are two layers of liability coverage to consider. 

  • Product Liability: According to a national study, 71 percent of product liability awards by the courts amounted to $1 million or more. If a defective product causes physical harm or property damage to a customer, you could be facing an expensive lawsuit. Product liability insurance protects your Gainesville small business and pays for legal representation if you ever need it.
  • E&O/Professional Liability: Professional liability coverage protects a small business against claims of negligence. If you or an employee at your company unknowingly gives bad advice that leads to a customer’s harm, professional liability insurance covers you in a lawsuit and pays for any settlement and legal defense to deal with the issue.

Business Interruption Insurance for Gainesville Businesses

  • Gross domestic product in 2014: 2.2%
  • Florida gross state product in 2014: 2.2%
  • The 2014 GSP was the same as the 2014 GDP

Business interruption insurance protects your company from lost profits due to unexpected interruption events. For example, if lightning hits a neighboring office and the building catches fire, you’ll have to shut down operations until the building is repaired. In the meantime, business interruption insurance steps in to pay you for the profits you lost while you were unable to open your business. This is a policy that can save a small business from shutting down permanently after a major catastrophe.

Property Insurance for Gainesville Businesses

  • Number of natural disasters in 2014: 119
  • Only 61% of losses from natural disasters were covered
  • Total uncovered property damage in 2014: $9.7 billion

Hurricanes pose a serious risk for Gainesville small businesses. Since 1930, there have been 79 recorded hurricanes to move through Gainesville, causing extensive damage to homes and local businesses. If a storm comes through your neighborhood, would you have the resources needed to make property repairs? Property insurance pays to repair any damage so that you can get back to business with minimal disruption.

Workers' Compensation for Gainesville Businesses

While no one hopes to see an employee get hurt on the job, accidents do happen. Make sure your employees are protected with the best workers' compensation coverage. This kind of business insurance is important because it covers employee medical expenses after an accident and it protects your company against expensive lawsuits.

Employee Coverages for Gainesville Businesses

  • Total 2013 spending on premiums in Florida: $3,131,293
  • Ranked 49th for highest premiums in the U.S.
  • Annual cost of health care for small businesses in 2013: $5,408/person or $16,070/family

Finding affordable health and life insurance for your employees can be a major challenge. However, Trusted Choice Independent Insurance Agents make it easy on Gainesville small businesses by providing quotes on multiple policies. You can compare the benefits and rates and find a plan that is right for your staff. 

Cyber Crime Insurance for Gainesville Businesses

  • 37,059 Identity theft complaints in Florida in 2014
  • Ranked highest for identity theft complaints in the U.S.

Florida has the highest risk for identity theft in the nation, and small businesses are not immune. In fact, it takes only a single security breach to do major damage to your company’s financial well-being. Research shows that only 22 percent of small businesses have a response plan in place to deal with cyber attacks and data breaches. If you don’t have an action plan ready, it’s time to make one. Trusted Choice Independent Insurance Agents can help you find cyber crime insurance to protect your company from the most common and worrisome cyber risks.

Trusted Choice Independent Insurance Agents help small-business owners find the right commercial insurance coverages. Our experienced agents will walk you through the process of shopping for insurance, with sound advice every step of the way. When you contact a Trusted Choice Independent Insurance Agent, you’ll get one-on-one support from a caring professional who knows the business insurance industry inside and out. Contact an agent today to learn more about Gainesville business insurance, and get a personalized rate quote for your company. 

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