Recently, there were 2,180,556 small businesses that employed 3,000,167 people, headquartered in Florida, and more than 23,000 of these businesses were based in Hollywood, FL. Businesses in the construction and retail trade industries are plentiful here, but businesses of all types are thriving. Whether you own a large company with many employees, like HEICO, or an independent contracting company with no employees, it is important that you protect your business venture with a Hollywood commercial insurance policy. In previous years, Florida businesses collected $19,737,799 in business insurance claims, which highlights how important this coverage is.
Building a wide-ranging insurance package for your business can sometimes be a complicated endeavor. That is why it is beneficial to discuss your coverage needs with an Independent Insurance Agent. These local agents can work with several reputable insurance companies to help you find the right coverage at a competitive rate. Find an agent near you to learn more and to find out how easy it can be to compare customized Hollywood business insurance quotes.
- 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.
- 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.
Even if the courts end up ruling in your company’s favor, a liability lawsuit can be quite damaging to your business finances. Legal defense fees alone can amount to thousands of dollars, and your company may experience lost productivity if key employees are called on to testify. That is why it is so important that your Hollywood business insurance includes general liability insurance as well as any other types of liability coverage that are appropriate for your business. These policies shield your company from significant financial losses by covering legal defense fees, court costs, and financial damages. Your agent can further explain your many options, including the following:
- Premises liability insurance: This covers the costs related to illnesses, injuries or property damage sustained by third parties due to an accident on your business premises. It is included as part of your general liability coverage.
- Product liability insurance: This provides coverage if a product you sell, produce or promote causes illnesses, injuries or property damage to consumers. It is also included in your general liability coverage.
- Professional liability insurance/Errors and omissions insurance: This covers workers in professional positions against lawsuits brought about because of perceived errors in judgment, failure to act in a timely manner and other professional mistakes. Medical malpractice insurance is a familiar example of this sort of coverage, though there are policies in place that are specific to many different kinds of professional jobs.
There are several other types of liability coverage (such as pollution insurance, completed operations insurance and commercial auto liability insurance) that may be a good fit for your business. Your agent can help you identify your company’s various liability exposures and make appropriate coverage recommendations to mitigate them.
Business Interruption Insurance for Hollywood 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
Hollywood businesses contribute to Florida’s gross state product. However, if a covered disaster, such as a hurricane or an uncontrolled fire, forces you to halt business operations for a long time while repairs are made, the lost income can greatly hurt your business finances. Also, if you cannot pay key employees during an extended closure, there is a chance that you could lose them to the competition.
You can avoid this problem by making sure that your Hollywood commercial insurance package includes business interruption insurance. That way, your business can continue to collect income during the necessary closure in an amount that enables you to continue to pay monthly bills and employee salaries without suffering great financial losses. This coverage stays in effect until you can resume normal business operations, but it is usually limited to 12 months.
Property Insurance for Small Business in Hollywood
- 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
Major disasters can result in extensive damage to your business-owned property. Commercial property insurance covers things such as merchandise, computers, office furniture, tools and machinery, and outdoor signs. Companies in different industries are likely to have varying coverage needs, so it is to your benefit to work with a knowledgeable independent insurance agent. These agents can recommend additional types of property coverage (such as boiler and machinery insurance, inland marine insurance and bailee insurance) if appropriate for your business.
Workers' Compensation Insurance for Hollywood Businesses
Every state governs its own workers' compensation coverage laws. In Florida, businesses in the construction industry that have at least one employee and businesses in all other industries that have at least four employees are required to include workman’s comp insurance as part of their commercial insurance coverage. This insurance covers the treatment of work-related injuries and illnesses as well as related expenses and paid time off. It also benefits your business by helping it avoid liability lawsuits associated with workplace injuries. Your agent can help you find an affordable policy that is appropriate for your business's industry.
Employee Coverages for Small Business
- 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 Affordable Care Act of 2010 (ACA) mandates that all U.S. companies that have at least 50 full-time employees must provide those employees with subsidized health insurance coverage. Even if your Hollywood business has fewer than 50 employees, offering benefits like health and life insurance can help you attract and retain good employees and may even qualify your business for federal tax credits. If you are interested in learning more, your agent can help you review some affordable 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
Cyber crime coverage is a relatively new type of liability insurance that protects your business from the backlash that can ensue if hackers break into your business computer system. If these data thieves access personal or financial data about your customers or employees, they can be put at risk for identity theft and fraud, and your company can be held liable for losses sustained by banks, credit card companies and private individuals. You may also be required to purchase credit-monitoring software for those affected for an extended period of time. If your company is at risk, be sure to ask your agent about including cyber crime coverage to your Hollywood business insurance package.
Find the Right Hollywood Commercial Insurance for Your Business
Every company will have its own specific coverage needs relative to its size, industry, and services performed. That is why there is no such thing as a one-size-fits-all business insurance package. Fortunately, shopping for the right coverage is easy when you enlist the help of an independent insurance agent.
Our agents can identify your business exposures, explain your numerous policy options and make appropriate coverage recommendations so that you can avoid buying a policy package that leaves you with large coverage gaps. Our agents also make it easy to compare Hollywood business insurance quotes for policies that have been customized to meet your specific business needs. That way, you can be sure that you are getting great coverage at a competitive price.
Contact an agent near you to learn more about your options when it comes to buying Hollywood commercial insurance.
TrustedChoice.com Article | Reviewed by Jeffrey Green
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