Lake Worth, FL is a popular tourist destination in Palm Beach County. This coastal city has a long history of growing businesses, and over the years, many aspiring entrepreneurs have put down roots in Lake Worth and found great success. If you’re looking for a place to start your own business, Lake Worth might be the perfect choice. Recently, there were 2,180,556 small businesses in Florida, providing employment to 3,000,167 people. Of course, owning a business also carries some heavy risks. In previous years, loss payouts to Florida businesses totaled $19,737,799. The best way to protect your small business from financial ruin is by investing in Lake Worth business insurance.
Independent Insurance Agents specialize in connecting small businesses with affordable Lake Worth commercial insurance policies. Whether you’re just beginning your business or you’ve been operating in Lake Worth for decades, our independent insurance agents can help you find the right type of business insurance.
Liability coverage is really the foundation of any reliable business insurance policy. 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 least prepared to handle this issue. It only takes a single liability lawsuit to do major damage to your company. Whether you own a downtown Lake Worth boutique or a general contracting company, make sure you are covered with the right kind of liability insurance.
- Product Liability: Even if you pay close attention to quality control, it’s still possible that a defective product could slip through the doors. If one of your products causes a customer harm, you could be facing a serious lawsuit. According to a national study, 71 percent of product liability awards by the courts amounted to $1 million or more. With so much at risk, it’s easy to see why product liability coverage is important for any small business that wants to succeed.
- Errors & Omissions/Professional Liability: E&O liability coverage protects you against “errors and omissions.” Whether you’re a tutor, a contractor or a marketing consultant, investing in this type of policy could save you from a terrible lawsuit if someone ever alleges that your advice or lack thereof caused harm.
Business Interruption Insurance for Lake Worth Businesses
- Gross domestic product in recent years: 2.2%
- Florida gross state product in recent years: 2.2%
In Florida’s high risk hurricane zones, small businesses face a unique threat. Not only do you have to worry about property damage but also your ability to keep the doors open if a serious storm hits. If a nasty hurricane sweeps through Lake Worth this summer and floods your business property, you have to shut down until you can make repairs. In the meantime, you’re bleeding profits every day and your customers are forced to go to the competition.
Rebounding from this kind of tragedy can be next to impossible for a small business, but that’s where business interruption insurance comes into play. This type of policy compensates you for profits lost during an unexpected interrupting event. This is a lifesaving coverage option for many small businesses, so make sure you consider adding it to your commercial insurance plan.
Property Insurance for Lake Worth Businesses
- Number of natural disasters in recent years: 119
- Only 61% of losses from natural disasters were covered
- Total uncovered property damage in recent years: $9.7 billion
Over the years, hurricanes have done serious damage to Lake Worth businesses. In 1928, a massive storm blew across town and toppled the elementary school bell tower and completely destroyed a beachfront casino and the bridge over Lake Worth. With a long history of major storm damage, business owners have to stop and think about how they can protect their commercial properties from Lake Worth’s unpredictable weather. Make sure you invest in a comprehensive business insurance plan that includes total coverage for commercial property damage.
Workers' Compensation for Lake Worth Businesses
Employee injuries can happen in the blink of an eye. One moment someone is mopping the floor, and the next, your employee is on the floor crying in pain. When work-related injuries happen, workers' compensation steps in to cover the medical bills and protect your business from lawsuits. In most states, businesses are required to have workers' compensation coverage before hiring any employees.
Employee Coverages for Lake Worth Businesses
- 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
Choosing the right employee coverages can be a challenge, especially if you are working on a tight budget. Small businesses can find the most affordable health care by comparing rates. Our independent insurance agents specialize in helping small businesses choose the right health care and life insurance benefits for employees. Our friendly agents will provide you with free rate quotes on multiple policies so you can compare your options and choose a plan that works for your small-business budget.
Cyber Crime Insurance for Lake Worth Businesses
- 37,059 Identity theft complaints in Florida in recent years
- Ranked highest for identity theft complaints in the U.S.
Research shows that only 22 percent of small businesses have a response plan in place to deal with data breaches and cyber-attacks. Unfortunately, this is something you simply have to think about as a business owner in Lake Worth. Cyber crime is a growing problem in this area, and it only takes one hacker to do serious damage to your company’s sensitive financial information. You can protect your business by adding coverage for cyber crimes as part of your comprehensive commercial insurance policy.
As a small-business owner, you work hard to help your company succeed. It only makes sense to protect your business with a reliable business insurance policy. Our independent insurance agents offer one-on-one support to Lake Worth businesses that are shopping for the best rates on commercial insurance. Whether you’re most concerned about liability, property damage or cyber crime, our friendly agents will help you find the best insurance options to protect your business from looming threats.
Contact an agent today to get your free customized quote on Lake Worth business insurance.