Homestead Business Insurance

The Complete Homestead, FL Business Insurance Guide

Find the right business insurance policy for you.

Recently, there were 2,180,556 small businesses, employing 3,000,167 people, headquartered in Florida. More than 8,000 of these businesses were based in Homestead, FL. Small businesses in this city make a large contribution to the local economy, so as a business owner, you can take pride. Whether your business employs dozens of people or none, it is important that you protect the investment you have made in your firm with a Homestead commercial insurance policy. Consider this: Businesses in Florida collected $19,737,799 in business insurance claims in previous years.

Building a suitable Homestead business insurance portfolio can be complicated, so you can benefit from having someone who is familiar with the ins and outs of commercial insurance in your corner. Independent insurance agents can help you identify the risks that your business faces and can work with a number of reputable insurance companies to provide you with a selection of Homestead business insurance quotes that are suitable to mitigate these exposures.

General liability coverage is part of every commercial insurance policy package. It provides your company with coverage for legal defense fees, court costs, and financial damages for certain types of liability lawsuits that your business is likely to face. A reliable agent can help you understand this coverage and identify any other types of liability insurance, such as commercial vehicle liability and completed operations liability coverage, that may be appropriate to add to your Homestead commercial insurance portfolio. Your agent may want to discuss such things as the following:

  • Premises liability insurance: This is a crucial part of your general liability coverage. It covers third-party illnesses, injuries and property damage that may occur on your business premises. According to a recent Travelers Business Risk Summary, 60 percent of small-business owners ranked medical cost inflation as their highest concern and over 30 percent said they felt the least prepared to handle this concern. Liability insurance covers the unexpected medical costs for which your business is held liable.
  • Product liability insurance: This is another part of your general liability coverage. It covers your business if it is sued due to injuries, illnesses or property damage caused by a product your company produces, sells or promotes. According to a national study, 71 percent of product liability awards by the courts amounted to $1 million or more, so this insurance coverage proves quite valuable.
  • Professional liability insurance: Also known as errors and omissions insurance, this insurance covers professionals in the event that they are sued for mistakes or errors in judgment. Medical malpractice insurance is a familiar example of professional liability insurance. Considering that 53 percent of medical malpractice awards by the courts amounted to $1 million or more, it is easy to see the significance of having this coverage.

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Business Interruption Insurance for Homestead 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 Homestead contribute to Florida’s gross state product. However, if a covered disaster, such as a tropical storm or an uncontrolled fire, forces you to shut down your commercial operations for an extended period while repairs are made, your business will not be able to generate any revenue during the closure. This can cause a financial hit that can go so far as to force your company into bankruptcy.

You can protect your company from this threat by making sure that your Homestead commercial insurance portfolio includes business interruption coverage. This insurance provides a continuation of income while your business is not operational because of a covered event. With these funds, you can afford to pay employee salaries and monthly expenses until you can resume normal business operations. Business interruption insurance coverage is often limited to one year, though some policies will allow for longer coverage periods.

Property Insurance for Small Business in Homestead

  • 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

Homestead businesses are at risk for damage caused by severe storms and other possible damage-causing events such as uncontrolled fires and property crimes. These disasters can all lead to significant damage to your business-owned property, which is why business property insurance is so important.

Commercial property insurance covers your business-owned property, such as merchandise, display cases, outdoor signs, inventory, computers, machinery, and office furniture. Because the coverage needs of businesses in different industries are diverse, it is beneficial to work with an agent who can recommend additional property coverage and policy offerings, such as inland marine insurance, when appropriate.


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Workers' Compensation for Homestead Businesses

Most states have laws governing the necessity to have workers' compensation insurance. In Florida, nonconstruction businesses with at least four employees and construction businesses with at least one employee are required to carry workman’s comp insurance. This covers the medical costs and lost wages associated with injuries and illnesses employees may sustain in the course of doing their jobs, and it protects your business from liability lawsuits related to employee injuries. Your agent can help you find a policy that is well-suited to your company’s needs.

Employee Coverages for Small Businesses in Homestead

  • Total recent 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 recent years: $5,408/person or $16,070/family

If your Homestead-based business has at least 50 full time employees, you are required, according to the terms of the Affordable Care Act (ACA), to provide them with subsidized health insurance coverage. Even if you are not required to offer it, including benefits such as life and health insurance in your employee benefits package can help you attract and retain good employees, and it may even qualify your business for a federal tax credit. If interested, be sure to talk to your agent about finding suitable options.

Cyber Crime Insurance for Homestead Small Businesses

  • 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

Because cyber crime insurance is a relatively new liability insurance offering. Many businesses are still without this important coverage. Unfortunately, electronic data theft is on the rise and cyber crime coverage is becoming more and more necessary, particularly in Florida where the rate is extremely high. This insurance provides coverage against lawsuits and damages that may result if criminals manage to hack into your computer system and steal sensitive customer or employee information, such as personal and financial data. Talk to your agent to learn more about how adding cyber crime insurance to your Homestead business insurance portfolio can be advantageous.

Find the Right Homestead Commercial Insurance for Your Business

Every company has specific coverage needs, and different types of commercial insurance cater to businesses in different industries. Independent insurance agents in our network can help you identify the hazards faced by your particular firm, and they can recommend the right coverage types to mitigate these risks. These agents are free to work with several different insurance companies to help you find the most affordable coverage as you build your Homestead business insurance package. There are many reliable agents with offices in Florida, including in and near the city of Homestead. 

Find an agent near you to get more information, discuss your coverage needs and compare Homestead commercial insurance quotes.

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