Recently, there were 2,180,556 businesses, employing 3,000,167 people, headquartered in the state of Florida. Greenacres, FL is proud to call itself home to more than 1,000 small- and medium-sized businesses. As a business owner, you can take pride in the contribution you are making to your community and local economy, and you can protect your investment with a Greenacres business insurance policy. Consider this: In previous years, businesses in Florida collected $19,737,799 in business insurance claims.
Building a strong portfolio of commercial insurance coverage for your business can be a complex endeavor. Fortunately, when you discuss your coverage needs with an Independent Insurance Agent, the process becomes much less complicated. These local agents can work with several top-rated insurance companies to help you obtain customized Greenacres commercial insurance quotes that you can compare. Find an agent near you to learn more.
Having a liability lawsuit filed against your business can be fiscally devastating. Even if the courts rule in your favor, the cost of legal defense alone could be overwhelming. That is why it is so important that your Greenacres commercial insurance include the right types of liability coverage. Liability insurance compensates your business for legal defense fees, court costs and financial damages associated with covered lawsuits. Your agent can help you identify the types of liability coverage that are right for your Greenacres business, which may include the following:
- Premises liability insurance: Part of general liability insurance coverage, premises liability insurance covers your business if a third party suffers property damage, illness or injuries as a result of an accident that occurs on your commercial premises. According to a recent 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 unprepared to handle this concern. Premises liability insurance covers the medical costs associated with these sorts of accidents.
- Product liability insurance: This is also a part of your general liability insurance coverage. It covers your Greenacres-based business if a product it produces, sells or actively promotes causes damage, illnesses or injuries to others. According to a national study, 71 percent of product liability awards by the courts amounted to $1 million or more – so this coverage may prove quite valuable.
- Professional liability insurance/Errors and omissions insurance: Professionals in a number of different industries benefit from purchasing professional insurance that is suited to their particular job. While there are policies specific to all kinds of professions, the most commonly known type is medical malpractice insurance. A national study found that 53 percent of medical malpractice awards by the courts amounted to $1 million or more.
Business Interruption Insurance for Greenacres Small Businesses
- Recent Gross domestic product (GDP) for the U.S.: 2.2%
- Recent Gross state product (GSP) for Florida: 2.2%
- The recent GSP was the same as the recent GDP
Businesses in Greenacres contribute to Florida’s gross state product. However, if a disaster such as a hurricane or a massive structure fire forces you to cease business operations for an extended period while repairs are made, this can have a major negative impact on your business revenues. Make sure that your Greenacres commercial insurance policy includes business interruption insurance so that your firm can continue to collect income during such a forced closure. That way, you can continue to pay your employees and meet your monthly expenses until your business resumes normal business operations and generates its own income once again. This coverage is typically limited to 12-months.
Property Insurance for Small Business in Greenacres
- Number of natural disasters in the U.S. in recent years: 119
- Only 61% of losses from natural disasters were covered; $9.7 billion from damage was not
Disasters like hurricanes and fires can cause your business significant property damage. Fortunately, commercial property insurance covers loss or damage to your business-owned assets, including such things as merchandise, computers, tools, machinery, outdoor signs and office furniture. Businesses in different industries have different coverage needs, and some may benefit from additional types of property coverage, such as inland marine, bailee insurance, or boiler and machinery insurance. When you are building your Greenacres business insurance package, your independent insurance agent can make appropriate policy recommendations to ensure that you are not facing any coverage gaps.
Workers' Compensation for Greenacres Businesses
Like most other states, the state of Florida has workers' compensation requirements for businesses that operate within its borders. Companies in the construction industry that employ at least one worker and companies in all other industries that employ at least four workers, are required to purchase workman’s comp insurance to cover their employees. This provides coverage for injuries and illnesses that may be suffered by workers as part of carrying out their job duties, and it can even help your Greenacres business avoid a liability lawsuit related to these events.
Employee Coverages for Small Businesses in Greenacres
- Total recent spending on premiums in Florida: $3,131,293
- Ranked 49th for the highest premiums in the U.S.
- Annual cost of health care for small businesses in recent years: $5,408/person or $16,070/family
The Patient Protection and Affordable Care Act includes an “employer mandate” that requires all companies with at least 50 full-time employees must provide these employees with subsidized health insurance coverage. Including benefits like health and life insurance as part of your employee benefits package can help you attract and retain good workers – it may even qualify your business for a tax credit. Therefore, looking into this coverage may be a good idea, even if your company is smaller and is not obligated by law to provide it. If you are interested in learning more, your agent can help you review affordable coverage options.
Cyber Crime Insurance for Small Business
- Number of identity theft complaints in Florida in recent years: 37,059
- Ranked #1 highest for identity theft complaints in the U.S.
- Only 22% of businesses have a cyber/data breach response plan
Cybercrime insurance, which is a relatively new type of liability insurance, is becoming increasingly necessary – particularly in Florida, where identity theft is most common. If your business electronically collects or stores sensitive personal and financial information about your employees or customers, you are at risk. If data thieves hack into your computer system and access this information, your employees and customers can be put at risk for identity theft and fraud. This, in turn, can result in a large liability mess for your company. You can get more information about adding cybercrime insurance to your Greenacres business insurance policy by speaking with your agent.
Find the Right Greenacres Commercial Insurance for Your Business
Your Greenacres-based business has specific exposures relative to its industry, size and services it provides. Independent insurance agents in our network can help you identify your company’s specific exposures and can recommend policies to appropriately mitigate these risks. They can also provide you with an easy way to compare a selection of suitable Greenacres business insurance quotes. That way, you can be sure that you are choosing competitively priced coverage that offers great value to your company. Don’t shop for business insurance on your own. There are several agents with offices throughout the state of Florida, and many are located in and near Greenacres.
Find an agent near you to learn more about your Greenacres commercial insurance options.