Miramar, FL began as a bedroom community for the busy neighboring cities of Miami and Fort Lauderdale. Over the years, Miramar has evolved into a hub for businesses, attracting several large corporations and Fortune 500 companies. Money Magazine recognized Miramar among “America’s Best Places to Live” in 2006 and 2008. If you’re an aspiring entrepreneur, this city could be the perfect place to pursue 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. The best way to minimize your risks is with Miramar business insurance. Our Independent Insurance Agents can help you find the best commercial insurance options to protect against common risks, like liability, property damage, and cybercrime.
Whether your business is a brand-new startup or a growing corporation, liability coverage is an important piece of the commercial insurance puzzle. 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 the least prepared to handle this issue.
- Product Liability: If your company designs, manufactures or sells products, you need to consider your risks for a liability lawsuit. If a defective product causes harm to a customer or to his or her property, you are liable to pay for damages. According to a national study, 71 percent of product liability awards by the courts amounted to $1 million or more.
- Errors & Omissions/Professional Liability: E&O Liability insurance protects consultants and other professionals who provide public services rather than selling actual products. Lawsuits can happen to anyone and if you get sued, you want professional liability insurance on your side to cover the costs of legal fees and any resulting settlements.
Business Interruption Insurance for Miramar Businesses
- Recent domestic product: 2.2%
- Recent Florida gross state product: 2.2%
For the Miramar small business, every day is an important opportunity to bring in new revenue. But what would you do if you were suddenly forced to shut down your business for weeks or even months? When natural disasters strike, it often causes companies to close the doors for an extended period of time while they rebuild or make extensive repairs. Business interruption insurance covers the cost of lost revenue and helps you get back on your feet without any major profit interruptions.
Property Insurance for Miramar 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
Miramar is a high-risk area for tropical storms and damaging hurricanes. Since 1930, 72 hurricanes have crossed through Miramar, with many causing major property damage for local businesses. When you invest in commercial property insurance, you have peace of mind that you always have the financial resources on hand to make repairs if another catastrophe hits in your neighborhood.
Workers' Compensation for Miramar Businesses
Workers' comp is important coverage for any business owner. It safeguards against lawsuits and pays for medical care and lost wages if an employee gets sick or injured on the job. Most states now require that small businesses purchase workers' compensation insurance before employing workers.
Employee Coverages for Miramar 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
Finding affordable health and life insurance benefits for your business can be a challenge, but our independent insurance agents can help. Our experienced agents can point you toward the best low-cost employee coverages that will work for your small-business budget.
Cyber Crime Insurance for Miramar Businesses
- 37,059 identity theft complaints in Florida in recent years
- Ranked #1 highest for identity theft complaints in the U.S.
Florida seems to be a prime target for hackers, with the state ranking #1 for identity theft complaints in the nation. Research shows that only 22 percent of small businesses have a response plan in place to deal with cyber attacks and data breaches. The best way to prepare your business is by adding cyber crime coverage to your commercial insurance policy.
Our independent insurance agents understand that every business is unique. As a small-business owner, you have made a serious investment in your business and you work hard to protect it and help it succeed. Our experienced agents will work alongside you to help you find the most comprehensive business insurance options that offer maximum protection against common threats in Miramar.
To get a free quote on Miramar commercial insurance, contact an agent today.