Recently, there were 2,180,556 small businesses, employing 3,000,167 people, based in the state of Florida. Approximately 8,000 of these businesses were located in the town of Jupiter, FL. From dining to entertainment to accommodation services, these small businesses help the local economy thrive. As a business owner, you can take pride in the contribution you are making to your community, and you can protect your investment with a Jupiter business insurance policy. Consider this: In previous years, businesses in Florida collected $19,737,799 in business insurance claims.
Creating a strong portfolio of commercial insurance coverage for your business can be complicated. Fortunately, when you discuss your coverage needs with an independent insurance agent, the process becomes much easier. These agents can work with several top-rated insurance companies to help you obtain and compare Jupiter commercial insurance quotes for policies that are designed specifically to cover the specific risks faced by your business. Find an agent near you to learn more.
A lawsuit filed against a small business can be fiscally devastating. Even if the courts rule in your favor, the cost of legal defense alone could amount to tens of thousands of dollars. That is why it is so important that your Jupiter commercial insurance includes the right kinds of liability coverage. Liability insurance compensates you for legal defense, court costs and financial damages related to covered lawsuits. An independent insurance agent can help you identify the types of liability coverage that are right for your Jupiter business. These may include the following:
- Premises liability insurance: This is part of general liability insurance coverage, and it covers your business if a third-party interest suffers property damage, illness or injuries because of an event that takes place 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 accidents.
- Product liability insurance: This is also part of your general liability insurance. It provides coverage if a product that your Jupiter-based business 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 most beneficial.
- Professional liability insurance/Errors and omissions insurance: Professionals of all stripes can benefit from purchasing industry-specific professional insurance. The most commonly known type is medical malpractice insurance, but there are policies specific to all kinds of professions. A national study found that 53 percent of medical malpractice awards by the courts amounted to $1 million or more.
Business Interruption Insurance for Jupiter 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 Jupiter contribute to Florida’s gross product. However, if a disaster, such as a hurricane or uncontrolled fire, forces you to halt business operations for an extended period while repairs are made, this can significantly affect your business revenues. Make sure that your Jupiter commercial insurance policy includes business interruption insurance so that your firm can continue to collect income while it is closed because of a covered event. That way, you can continue to pay your employees and meet your monthly expenses until your business can resume normal business operations and generate its own revenue once again. This coverage is typically limited to 12 months.
Property Insurance for Small Business in Jupiter
- 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 can lead to substantial financial losses for your Jupiter business, and part of the reason can be attributed to property damage. Fortunately, property insurance covers loss or damage to your business-owned assets, including such things as computers, tools, machinery, merchandise, inventory, outdoor signs, and office furniture. Businesses in different industries have diverse coverage needs, and some may benefit from additional types of property coverage such as inland marine and bailee insurance. That is why it is particularly beneficial to work with a knowledgeable independent insurance agent when you are building your Jupiter business insurance coverage.
Workers' Compensation for Jupiter Businesses
Like most other states, the state of Florida has workers' compensation requirements for businesses. Companies in the construction industry that have at least one employee and companies in all other industries that have at least four employees are required to purchase workman’s comp insurance to cover their workers. 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 Jupiter business avoid a liability lawsuit related to these events.
Employee Coverages for Small Businesses in Jupiter
- 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 (ACA), which went into effect in 2010, mandates that all U.S. 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, and it may even qualify your business for a tax credit, so it may be a good idea even if it is not mandatory. If you are interested in learning more, your agent can help you review appropriate coverage options.
Cyber Crime Insurance for Small Business
- Number of identity theft complaints in Florida in recent years: 37,059
- Ranked highest for identity theft complaints in the U.S.
- Only 22% of businesses have a cyber/data breach response plan
Cyber crime insurance has become a progressively necessary liability coverage as reports of electronic data theft continue to rise, particularly in Florida. If your business electronically collects or stores sensitive personal and financial information about your employees or customers, this insurance may be an especially good idea. It protects your company if hackers manage to access this information, therefore putting your employees or customers at risk for identity theft and fraud. You can get more information about adding cyber crime insurance to your Jupiter business insurance policy by speaking with your agent.
Find the Right Jupiter Commercial Insurance for Your Business
Every business has specific exposures relative to its industry, size and the services it provides. Independent insurance agents in our network can help you identify your company’s exposures and can make appropriate policy recommendations that will allow you to mitigate these risks. They can also provide you with an easy way to compare Jupiter business insurance quotes for policies that have been customized to meet your coverage needs. That way, you can choose the policy that provides the best value to your company. Don’t shop for business insurance on your own. There are several reliable agents with offices in Florida, and many are located in and near Jupiter.
Find an agent near to learn more about your Jupiter commercial insurance options.
TrustedChoice.com Article | Reviewed by Jeffrey Green
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