Lakeland Business Insurance

The Complete Lakeland, FL Business Insurance Guide

Find the right business insurance policy for you.

Lakeland, FL's beautiful coastal scenery and easy access to Tampa and Orlando make it a favorite destination among tourists. With constant traffic flowing in and out of the city, Lakeland is the perfect place to start a small business. 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. If you are a small-business owner in Lakeland, you can help your business succeed by investing in Lakeland business insurance.

Finding the best commercial insurance is easy with help from our experienced Independent Insurance Agents. These friendly agents know the ins and outs of business insurance, and they can help you navigate the complicated maze of liability, property damage, business interruption and cyber crime.

Finding the best general liability coverage is one of the best things you can do for your small business. 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. Lawsuits are on the rise and the only way to make sure your business is safe is by investing in the best commercial liability insurance. 

  • Product Liability: As a business owner, you probably take great pride in the products that you sell. But what would happen if one of your products was broken and actually caused someone to be injured? Accidents happen and the results can be disastrous for a small business. According to a national study, 71 percent of product liability awards by the courts amounted to $1 million or more. Make sure your business is prepared for lawsuits with product liability coverage.
  • Errors & Omissions/Professional Liability: E&O liability insurance protects professionals like contractors, consultants and counselors. If a client ever claims real or perceived harm based on your advice, you could be facing an expensive lawsuit. E&O liability insurance covers the costs if you need to hire a lawyer or even if you face a court-ordered settlement.

Business Interruption Insurance for Lakeland Businesses

  • Recent Gross domestic product: 2.2%
  • Recent Florida gross state product: 2.2%

In Lakeland, hurricanes and tornadoes are not uncommon. Imagine for a moment what it would be like if a tornado touched down and demolished your business property. It could take months to rebuild, and if you’re at the mercy of your landlord, it could take even longer. In the meantime, you have to shut down your business because you are unable to operate. For every day that you can’t do business, you’re losing more revenue, and eventually, you won’t be able to stay in business at all. Business interruption insurance protects small businesses from this dire situation by providing compensation for lost profits after a major disaster.

Property Insurance for Lakeland 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

Property insurance is an important component of building a solid commercial insurance plan. Lakeland’s high risk for hurricanes, tornadoes and flooding puts all local businesses at risk. Property insurance makes a huge difference by stepping in to fund the repair bills after a major disaster. Whether a few shingles are blown off the roof of your business or your business is totally destroyed, your commercial property insurance policy covers it all. 

Workers' Compensation for Lakeland Businesses

As an employer, you are legally responsible to have workers' compensation in place for your staff. If an employee suffers from a work-related illness or injury, you need workers' compensation in place to handle the mounting stack of medical bills. Plus, workers' comp protects your small business from the possibility of lawsuits after an employee accident.

Employee Coverages for Lakeland 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

With the mounting cost of health care coverage, many small businesses have given up on the possibility of ever offering these benefits to their employees. However, there is a way to provide your staff with the employee coverages that matter most. Our independent insurance agents can point you toward the most affordable employee coverages and help you compare premiums until you find a plan that is a good fit for your small-business budget. 

Cyber Crime Insurance for Lakeland Businesses

  • 37,059 Identity theft complaints in Florida in recent years
  • Ranked highest for identity theft complaints in the U.S.

Florida businesses are at a high risk for cyber crime and identity theft. Research shows that only 22 percent of small businesses have a response plan in place to deal with data breaches and cyber-attacks. In today’s technology-driven world, hackers can destroy your business, so make sure you’re prepared by adding cyber crime coverage to your business insurance policy in Lakeland.

Finding the right Lakeland commercial insurance might take some homework, but it will be well worth your effort. Our independent insurance agents can make the process a little easier by providing multiple quotes, answering your questions and working with you to design a customized commercial insurance policy. Whether you need coverage for product liability, business interruption or property damage, our friendly independent insurance agents can help. 

Contact an agent today to get your free quote on Lakeland business insurance.

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