Jacksonville Business Insurance

The Complete Jacksonville Business Insurance Guide

In 2014, there were 2,180,556 small businesses that employed 3,000,167 people headquartered in Florida, and more than 70,000 of these businesses were based in Jacksonville, FL. Businesses dealing with distribution, financial services, manufacturing, consumer goods, information services, insurance and biomedical technology do especially well here; however, with its diverse population and large numbers of neighborhoods, this city is an excellent location for businesses of all types. Whatever industry your business operates within, it is important that you protect your business with a Jacksonville commercial insurance policy. In 2014, Florida businesses collected $19,737,799 in business insurance claims, which highlights how important this coverage is.

Building a comprehensive 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 in the Trusted Choice® network. These agents are can work with several reputable insurance companies to help you find the best coverage at competitive rates. Find a Trusted Choice Agent near you to compare Jacksonville business insurance quotes for policies that have been customized specifically to meet the needs of your company.

  • 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.

Even if the courts ultimately rule in your company’s favor, a liability lawsuit can be quite damaging to your business finances. Legal defense fees alone can sometimes amount to tens of thousands of dollars, not to mention the lost productivity if key employees are called on to testify. That is why it is so important that your Jacksonville business insurance include general liability insurance and any other types of liability coverage that are appropriate for your business industry. These policies shield your company from significant financial losses by covering legal defense fees, court costs and financial damages. Your Trusted Choice 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 while 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 leads to illnesses, injuries or property damage injuries to others. It is also included in your general liability coverage.
  • Professional liability insurance/Errors and omissions insurance: This covers people in professional positions against lawsuits due to errors in judgement, failure to act and other professional mistakes. Medical malpractice insurance is a familiar example of this sort of coverage, though there are policies specific to many kinds of jobs.

There are several other types of liability coverage (including pollution insurance, completed operations insurance and commercial auto liability insurance) that may be a good fit for your business. Your Trusted Choice Agent can help you identify your exposures and make appropriate liability coverage recommendations to mitigate them.

Business Interruption Insurance for Jacksonville 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

If a covered disaster, such as a hurricane or a structure 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, you may lose them to the competition.

You can avoid this problem by making sure that your Jacksonville commercial insurance package includes business interruption insurance. That way, your company continues to collect income during the closure in an amount that enables you to continue to pay monthly bills and employee salaries without suffering great financial losses. This coverage lasts until you can resume normal business operations but is usually limited to 12months.

Property Insurance for Small Business in Jacksonville

  • 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

Major disasters can also result in extensive property damage. Commercial property insurance covers things such as merchandise, computers, tools and machinery, and furniture. Companies in different industries are likely to have different coverage needs, so it is to your benefit to work with a knowledgeable Trusted Choice Agent. These agents can recommend other types of property coverage, such as boiler and machinery insurance, inland marine insurance and bailee insurance, when appropriate.

Workers' Compensation Insurance for Jacksonville Businesses

Every state has 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 business coverage. This insurance covers the treatment of work-related injuries and illnesses as well as related expenses and paid time off. It can also help your business avoid liability lawsuits associated with workplace injuries.

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 of 2010 (ACA) mandates that all U.S. companies with at least 50 full-time employees must provide those employees with subsidized health insurance. Even if your Jacksonville business has fewer than 50 employees, offering benefits like health and life insurance can help you attract and retain ideal employees. If interested, your Trusted Choice Agent can help you review your 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

Cyber crime coverage is a relatively new type of liability insurance designed to protect your business if hackers access personal or financial data about your customers or employees that your business has stored electronically. If this happens, your company can be held liable for losses sustained by banks, credit card companies and individuals, and it may be required to purchase credit-monitoring software for those affected, for an extended period of time. If your company is at risk for this sort of data breach, be sure to ask your Trusted Choice Agent about including cyber crime coverage in your Jacksonville business insurance package.

Find the Right Jacksonville Commercial Insurance for Your Business

Every company has specific coverage needs relative to its size, industry and inherent exposures. That is why there is no such thing as a one-size-fits-all business insurance package. If you choose to work with an independent insurance agent in the Trusted Choice network, you will have access to a professional who can explain your numerous coverage options and make appropriate policy recommendations so that you can avoid large coverage gaps.

You will also be able to easily compare Jacksonville 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 the best price. Contact a Trusted Choice Agent near you to learn more about your options when it comes to buying Jacksonville commercial insurance.

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