Miami Business Insurance

Your Complete Guide to Miami, FL Business Insurance

(Everything you need to know - and more)

Miami, FL is home to an estimated 463,347 people, of whom about 57.6% (127,384) work and live in their own community. Most Miami workers earn a healthy income from positions in service, sales, construction, retail, and office/administrative support. If you own and operate one of the local businesses keeping the city’s economy steady, then you'll want to protect your company with an appropriate business insurance plan. 

Picking the right insurance products to include in your business insurance package can be a confusing task, but you don’t need to do it alone. Independent insurance agents in Miami can help figure out your business risk and advise you about the policies available to cover against each of them. Find an insurance agent near you to learn more.

Why Is Liability Insurance Important for Businesses in Miami?

Liability insurance is an important part of every business insurance policy. It’s designed to pay for legal fees, court costs, and damages if your company is sued for a covered risk. All business coverage includes, at the very least, commercial general liability insurance (CGL). This standard insurance has two main parts: 

  • Product liability insurance: This covers third-party injuries, property damage, and illnesses when they’re caused by flaws in products your company promotes, sells, or produces.
  • Premises liability insurance: This covers third-party injuries, property damage, and illnesses when they happen on your business property. 

CGL on its own can’t cover all possible liability risks. An independent insurance agent can help identify any other liability dangers your business may face and can recommend the best policies to cover against them. 

The following is a list of some popular commercial liability insurance products for all businesses, including those in Miami:

  • Employment practices liability insurance: This covers lawsuits based on accusations of illegal business practices like harassment, breach of contract, defamation, and wrongful termination. 
  • Cyber liability insurance: This covers businesses against liabilities and financial losses caused by hackers getting into your computer system and stealing your consumer’s personal data like credit card numbers, bank account numbers, Social Security numbers, and other financial/personal information. 
  • Environmental liability insurance: This covers businesses that produce or work with toxic substances. This policy can pay for damage and clean-up costs if an environmental accident causes pollution of the air, water, or ground. 

You can find out more about these and other commercial liability protections by talking with a local independent insurance agent. 

Does Miami Business Insurance Cover All Your Business Assets?

All business insurance includes commercial property coverage. This is designed to reimburse your company for any damage or loss to your commercially owned property, including outdoor signs, tools, machinery, inventory, merchandise, and office furniture. 

Miami businesses are most likely to experience property damage or loss because of hazards such as severe storms, flooding, accidental fires, and property crimes. 

Once in a while, specialized commercial property insurance is necessary.  Depending on the scope of your company, your insurance agent may recommend buying:

  • Flood insurance: This is a good idea for businesses at risk of flooding, since commercial property insurance does not protect against flood damage. Miami businesses are at risk for flooding, hurricanes, and severe storms. 
  • Inland marine insurance:  This covers portable corporate property while it is being stored in an off-site location or on your business premises.
  • Boiler & machinery insurance: This pays for the cost to replace or repair broken-down business equipment and may even cover business losses associated with machines breaking down. 

Your Miami insurance agent can help you be sure that all your business assets are adequately covered, and that your coverage limits are high enough to help your company replace, rebuild, or repair as needed.

How Can Business Interruption Insurance Help Miami Businesses?

Major disasters don’t just damage your commercial property. They can also force you to temporarily close your business for an extended period while repairs are being made. This is certainly true when widespread damage hinders the ability to fix things, like after a devastating hurricane. 

Closing your business for a few days, weeks, or even months can be a tremendous financial setback, particularly for small companies with fewer resources. Business interruption insurance provides a solution to this headache.

Disasters in Florida

  • Number of major disaster declarations in FL since 1953: 74
  • Most common reasons for FL disaster declarations: Hurricanes 

Business interruption coverage will provide your company with income when a covered event results in a long-term business closure. The coverage will help your company pay regular expenses like loan installments, utility payments, and employee payroll even though your business is not able to generate revenue. 

Do Miami Businesses Need Workers’ Compensation Insurance?

Workers’ compensation insurance is meant to cover the cost of lost wages, medical treatment, and other expenses related to workplace injuries and occupational illnesses. In the case of a worksite fatality, this coverage can also take care of long-term benefits for the surviving dependents. 

In the state of Florida, most companies are required by state law to have workers’ compensation insurance. Here is how Florida defines which business owners need to purchase coverage: 

  • Construction businesses with 1 or more employees, including non-exempt business owners
  • Non-construction businesses with 4 or more employees, including any non-exempt business owners
  • Agricultural businesses with 6 regular employees and/or 12 seasonal employees who work between 30 and 45 days in a calendar year

The premium for workers’ compensation coverage is mostly based on the type of jobs your employees perform. The riskier the occupation, then the more the insurance costs. A local independent insurance agent can guide you through a review of your risks and match up the proper insurance with your business budget. 

What about Insurance Products for Employee Benefits Packages?

  • FL is ranked 22nd for highest healthcare costs in the US
  • Average annual cost of healthcare in FL: $5,616/person
  • Average annual cost of healthcare in all US states: $5,640.78/person

There are plenty of different health and life insurance products available for your business. This can make it very confusing as to which policies are the best for your employee benefits package. A local independent insurance agent can go over the pros and cons of each policy option with you so you’re able to make an informed decision. 

Why Work with an Independent Insurance Agent in Miami, FL?

Each business has its own unique exposures and risks. That’s why insurance companies offer fully customizable business insurance plans. An independent insurance agent in Miami, FL can offer guidance while shopping around for the best, most affordable commercial insurance for your business. 

Reach out to an independent insurance agent with an office in or around Miami, FL to learn more. You’ll soon discover how easy it can truly be to design a comprehensive, yet cost-effective, business insurance policy package.

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https://www.bizjournals.com/tampabay/news/2019/08/27/report-heres-how-much-is-spent-on-health-care-in.html

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