Hialeah Business Insurance

The Complete Hialeah Business Insurance Guide

In 2014, there were 2,180,556 small businesses that employed 3,000,167 people, headquartered in Florida; and more than 48,000 of these businesses were based in Hialeah, FL. This is a great place to run a small business because in Hialeah small “mom and pop” type shops are embraced by the community and can compete well against larger retail chains. Whether you are a large-business owner that employs hundreds of workers or you are an independent contractor with no employees, it is important that you protect your business assets with an appropriate Hialeah commercial insurance policy. Consider this: In 2014 alone, businesses in Florida collected $19,737,799 in business insurance claims. This highlights how important business coverage is.

Building a comprehensive insurance policy can sometimes be confusing because of the many coverage options that are available to you; but you can simplify the process by discussing your coverage needs with a local independent agent in the Trusted Choice® network. These agents can work with several different insurance companies to help you find reasonably priced coverage that is suitable to meet the specific needs of your small business. Find a Trusted Choice Agent near you to learn more and to compare customized Hialeah business insurance quotes.

  • 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 unprepared to handle this concern.
  • According to a national study, 71 percent of product liability awards by the courts amounted to $1 million or more.
  • That same study showed that 53 percent of medical malpractice awards by the courts amounted to $1 million or more.

A lawsuit against your company can be financially draining even if the courts ultimately rule in your favor. Legal defense fees alone can often cost thousands of dollars, and many small businesses are simply not equipped to handle losses in the amounts for which they may be sued. That is why it is imperative that your Hialeah commercial insurance policy include general liability insurance as well as any other types of liability coverage that are applicable to your business. These policies can cover such things as legal defense fees, court costs and associated financial damages so long as they pertain to covered lawsuits. Your Trusted Choice agent can further explain your many options, including such things as these:

  • Premises liability insurance: This is included as part of your general liability insurance. It covers the costs associated with injuries, illnesses or property damage sustained by third parties as the result of an accident that occurred on your business premises.
  • Product liability insurance: This is also included in the general liability package. It covers the costs associated with injuries, illnesses or property damage sustained by third parties from the use of product that your business produces, sells or actively promotes.
  • Professional liability insurance/Errors and omissions insurance: This insurance covers people in professional positions against lawsuits brought about because of professional mistakes, such as errors in judgement or failure to act in a timely manner. Medical malpractice insurance is an example of this sort of coverage, but there are specific professional liability policies for all kinds of professionals.

You have the option to purchase many other types of liability coverage, such as pollution liability insurance, commercial auto liability insurance and completed operations liability insurance. Some of these options may be ideal for your business. Your Trusted Choice agent can make fitting recommendations.

Business Interruption Insurance for Hialeah Small Businesses

  • 2014 Gross domestic product (GDP) for U.S.: 2.2%
  • 2014 Gross state product (GSP) for Florida: 2.2%
  • The 2014 GSP was the same as the GDP

Hialeah-based businesses contribute significantly to Florida’s gross state product. However, if a covered disaster, such as a hurricane or an uncontrolled structure fire, forces you to halt business operations while repairs are made, the lost income can significantly affect your business finances – particularly if the damage is extensive and the closure goes on for several weeks or months.

You can avoid this problem by ensuring that your Hialeah commercial insurance package includes business interruption coverage. That way, your company can continue to collect the income it needs to pay monthly expenses and employee salaries during the time of the forced closure. This coverage typically lasts until you are can once again operate your business to capacity, but it is often limited to a maximum of 12 months.

Property Insurance for Small Business in Hialeah

  • Number of natural disasters in the U.S. in 2014: 119
  • Only 61% of losses from natural disasters were covered; $9.7 billion from damage was not

Catastrophic events can do more than just force your business to close for repairs. They can also lead to loss and damage of your expensive business-owned property. Commercial property insurance covers such things as merchandise, inventory, office furniture, computers, outdoor signs and display units.

There are also supplemental property coverage polices that go beyond the scope of basic property insurance. Depending on the specific needs of your business, your Trusted Choice Agent may recommend additional property coverage types, such as spoilage insurance, bailee insurance or inland marine insurance. Talk to your agent to learn more about your various options, and find out which are right for your small business.

Workers' Compensation Insurance for Hialeah Businesses

Florida has workers' compensation (also sometimes referred to as “workman’s comp”) requirements for all businesses operating in this state. Companies in the construction industry with at least one employee and businesses in all other industries with at least four employees are required to include workers' compensation coverage as part of their business insurance coverage.

This insurance covers the treatment of work-related injuries and illnesses, and the costs related paid time off for recuperation. It can even pay death benefits to family members if a worker suffers a fatality on the job. Your Trusted Choice Agent can help you find an affordable policy that is appropriate for your particular business.

Employee Coverages for Small Business

  • 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

The Affordable Care Act (ACA) includes an “employer mandate,” which states that companies with at least 50 full-time employees are required to provide them with subsidized health insurance. Even if your Hialeah business has fewer than 50 employees, including benefits like health and life insurance in your employee benefits package can help you attract and retain good workers. If you are interested in learning more, your Trusted Choice agent can help you find and review suitable options.

Cyber Crime Insurance for Small Business

  • Number of identity theft complaints in Florida in 2014: 37,059
  • Ranked #1 highest for identity theft complaints in the U.S.
  • Only 22% of businesses have a cyber/data breach response plan

As reports of electronic data theft become more commonplace, particularly in Florida, more and more U.S. businesses are starting to purchase cyber crime insurance. This relatively new type of liability insurance protects your business from the myriad financial losses that may result if hackers break into your computer system.

Data thieves' managing to access personal or financial data about your employees or customers opens them up to the possibility of identity theft and fraud. Your company may be sued by the individuals affected as well as by their banks and credit card companies. If your company electronically collects or stores this type of information, it is at risk. Be sure to ask your Trusted Choice agent for more information about adding this important coverage to your Hialeah commercial insurance package.

Find the Right Hialeah Commercial Insurance for Your Business

Businesses has very specific coverage needs relative to their size, industry, scope and inherent exposures. That is why insurance companies don’t offer a one-size-fits-all business insurance plan. When you work with an experienced agent in the Trusted Choice network, you will have access to a professional who can explain your many coverage options, advise you about which coverage types are well suited to your business model and ensure that your insurance package does not leave you with any unrealized coverage gaps.

Your agent will also make it easy for you to compare Hialeah business insurance quotes for policies that have been customized to meet your particular business needs. That way, you can be sure that you are getting the right coverage at a competitive price. Contact a Trusted Choice agent near you to learn more about your options when it comes to buying Hialeah commercial insurance.

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