Margate, FL is located just 7 miles from the crystal waters of the Atlantic Ocean, offering local residents endless opportunities for beachfront fun and entertainment. This growing city is a hot spot for snowbirds and annual tourists, and it’s a perfect place to chase your business dreams. In previous years, 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 recent years, loss payouts to Florida businesses totaled $19,737,799. If you’re a small-business owner in this picturesque coastal community, make sure you’re covered with a reliable Margate business insurance policy.
Our Independent Insurance Agents provide business owners in Margate with one-on-one assistance as they shop for affordable commercial insurance. Our friendly agents can answer your questions, help you navigate your coverage options and build a customized Margate commercial insurance plan that is best suited for your small business.
The first step in building a business insurance plan is to consider liability coverage. 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. Companies both large and small are at serious risk for liability lawsuits, so make sure your company is prepared with the right kind of liability insurance.
- Product Liability: According to a national study, 71 percent of product liability awards by the courts amounted to $1 million or more. For companies that design or sell products, this type of policy is really a must. You run a high risk of product liability problems even if you are careful about quality control. It only takes a single defective product to ruin your business, so take time to invest in a comprehensive product liability insurance policy.
- Errors & Omissions/Professional Liability: E&O liability insurance is another option for small businesses. This type of policy is designed to help consultants, contractors or other professionals in a service industry. A professional liability insurance policy protects you against claims of errors and omissions and foots the bill for legal services and settlements if you are ever involved in a lawsuit.
Business Interruption Insurance for Margate Businesses
- Gross domestic product in recent years: 2.2%
- Florida gross state product in recent years: 2.2%
It takes a lot of blood, sweat, and tears to start a small business, and far too many will fail. Sometimes an uncontrollable situation makes it impossible to keep your business afloat. For instance, if a tornado touches down in Margate and rips the roof off your business, you have to shut the doors until you can make repairs. In the meantime, your entire revenue stream comes to a halt. If your business can't rebound from this kind of downtime, you need business interruption insurance, a plan that compensates you for lost revenue after an eligible interrupting event.
Property Insurance for Margate 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
Margate’s close proximity to the beach is both a blessing and a curse. On one hand, it gives your business easy access to a steady stream of tourists, but on the other hand, it also puts you in the path of severe weather. Margate is a high-risk hurricane zone, so you cannot afford to skimp when it comes to property insurance in this area.
Workers' Compensation for Margate Businesses
As an employer, you need workers' compensation insurance before you can hire employees. This coverage protects your business in case an employee is injured on the job. A simple slip-and-fall accident can lead to disastrous lawsuits if you don’t have workers' compensation coverage.
Employee Coverages for Margate Businesses
- 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
Part of building a solid business is offering employees attractive benefits. Unfortunately, employee coverages can get expensive, especially in recent years as health care costs have been steadily climbing. Our independent insurance agents can help you find health care and life insurance benefits for your employees, thus giving them the coverage they need at a price you can afford.
Cyber Crime Insurance for Margate Businesses
- 37,059 Identity theft complaints in Florida in recent years
- Ranked highest for identity theft complaints in the U.S.
Cyber crime is a growing problem across the United States, but especially in Florida. This is an issue that most small businesses never stop to consider until it’s too late. Only 22 percent of small businesses have a response plan in place to deal with data breaches and cyber attacks. If a hacker managed to access your company’s sensitive information, would you be prepared? Cybercrime insurance offers you a ready-made response plan and protects your company from serious losses at the hands of computer hackers.
If you are looking for a commercial insurance plan to protect your Margate business, our independent insurance agents can help. Our friendly agents take a personalized approach with each small business. They will match you to the coverage that will best protect your company from the unique challenges you encounter on a daily basis. Best of all, our independent insurance agents can provide you with multiple rate quotes in one place, giving you a chance to compare premiums and benefits and find a plan that is right for your business.
Contact an agent today to learn more about Margate business insurance, and get your free customized quote.