North Miami Business Insurance

The Complete North Miami, FL Business Insurance Guide

Find the right business insurance policy for you.

North Miami, FL is a perfect place for budding entrepreneurs to chase their business dreams. The eclectic mix of cultures and lifestyles along with a steady influx of tourists creates endless opportunities for new businesses to succeed. 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. 

You can minimize your risk as a business owner by investing in comprehensive North Miami business insurance. Our Independent Insurance Agents specialize in helping North Miami business owners find affordable commercial insurance solutions. From liability insurance to employee coverages and workers' comp, our experienced agents will help you choose the right type of business insurance for your company.

Liability lawsuits can lead to devastating financial ruin for small businesses that neglect to purchase general liability insurance. 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: Even if you pay close attention to quality control and take great pride in offering superior products to your customers, mistakes can still happen. If you get sued for a defective product, you need product liability insurance on your side to help cover the cost of a settlement and any legal fees. 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 is the best choice if your business offers consulting services. This policy protects you against client lawsuits related to errors and omissions. No one is perfect, and we all make mistakes, so take time to invest in professional liability insurance just in case a small mistake leads to a big lawsuit.

Business Interruption Insurance for North Miami Businesses

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

North Miami’s unpredictable weather can pose a challenge for small businesses. If your office gets caught in the path of a hurricane, you have to shut down until you can make repairs. In the meantime, you have no way to continue operations, which can lead to a serious loss of revenue. Business interruption insurance protects small businesses in this situation by paying for lost profits after a major catastrophe.

Property Insurance for North Miami 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, North Miami has weathered some serious storms, including 72 hurricanes since 1930. Property damage after a hurricane can place an intense financial burden on a small business, but if you have commercial property insurance, you can rest easy. Just file a claim and you have instant access to the money needed to repair your business property.

Workers' Compensation for North Miami Businesses

If your company intends to add employees, you need to invest in workers' compensation insurance. Most states now require businesses to purchase workers' compensation insurance to protect against work-related injuries and illnesses. If an employee gets hurt on the job, your workers' comp handles all the medical bills and even provides your employees with lost wages. Meanwhile, you are protected from a lawsuit, and you have peace of mind that your employee is getting the best care possible following an accident.

Employee Coverages for North Miami 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

North Miami businesses often struggle to find affordable employee coverages. Health and life insurance rates seem to climb each year, but you can find affordable solutions with an independent insurance agent on your side. Our experienced agents will offer you quotes on multiple policies and help you choose the best option that works within your small-business budget. 

Cyber Crime Insurance for North Miami Businesses

  • 37,059 Identity theft complaints in Florida in recent years
  • Ranked #1 highest for identity theft complaints in the U.S.

Cybercrime is a growing problem nationwide, but Florida seems to be struggling more than other states. Only 22 percent of small businesses have a response plan in place to deal with cyber-attacks and data breaches, leaving many companies overwhelmed and unsure of what to do when they deal with hackers. Cybercrime insurance gives you an instant response plan, and it safeguards your company’s financial assets if you ever face a malicious cyber-attack.

Choosing the right commercial insurance policy for your North Miami business is a big decision. There are many risks to consider, and each business will face different challenges. Our independent insurance agents can help you create a customized business insurance plan that covers all the threats that worry you most. Whether you want coverage against product liability, property damage or cyber crime, our friendly agents can help. 

Contact an agent to learn more about North Miami commercial insurance, and get a free rate quote today.

Share this page on Twitter Share this page on Facebook Share this page on LinkedIn