In previous years, there were 2,180,556 small businesses, employing 3,000,167 people, headquartered in Florida. More than 3,700 of these businesses were based in North Port, FL. Small businesses play a big role in this city’s economy, and there is plenty of prime space available for new business development and construction. The city’s Economic Development Division is available to assist developers or future employers who are interested in setting up shop in the area. If you are business owner in this city, you will want to be sure to protect your investment with a suitable North Port commercial insurance policy. Consider this: In recent years, businesses in Florida collected $19,737,799 in business insurance claims.
Building a suitable North Port business insurance portfolio can often be quite complex, so you may benefit from having someone who is familiar with the ins and outs of commercial insurance in your corner. Independent Insurance Agents can help you ascertain the risks that your business faces. They can then work with a number of reputable insurance providers to present you with a selection of North Port business insurance quotes for policies that are suitable to mitigate these exposures. Find an agent near you to learn more.
General liability coverage is a fundamental part of every commercial insurance policy package. It provides your business with coverage for legal defense fees, court costs and financial damages if it is named in certain types of liability lawsuits. Your agent can explain more about this coverage and can identify any other types of liability coverage – such as commercial vehicle liability, employment practices liability or completed operations liability coverage – that may be appropriate to add to your North Port commercial insurance portfolio. Your agent can talk to you about liability coverage types such as the following:
- Premises liability insurance: This is included in your general liability coverage. It covers costs associated with third-party illnesses, injuries and property damage that may occur because of an accident on your business premises. According to a recent Travelers Business Risk Summary, 60 percent of small-business owners ranked medical cost inflation as their highest concern and over 30 said they felt the least prepared to handle this concern. Premises insurance covers many of the medical costs for which your business is held liable.
- Product liability insurance: This is also included in your general liability coverage. It covers your business if it is sued because of injuries, illnesses or property damage caused by a product your company produces, sells or promotes. According to a national study, 71 percent of product liability awards by the courts amounted to $1 million or more, so this insurance coverage can be invaluable.
- Errors and omissions insurance: This professional liability insurance covers individuals in professional positions if they are sued for perceived errors in judgement or other professional mistakes. Medical malpractice insurance is a familiar example of professional liability insurance. Considering that 53 percent of medical malpractice awards by the court amounted to $1 million or more, one can see the significance of having this coverage.
Business Interruption Insurance for North Port Small Businesses
- Recent Gross domestic product (GDP) for the U.S.: 2.2%
- Recent Gross state product (GSP) for Florida: 2.2%
- The recent GSP was the same as the recent GDP
Businesses in North Port contribute to Florida’s gross state product. However, if a covered disaster, such as a hurricane or a wildfire, forces you to stop your commercial operations for an extended period while repairs are made, your business will be unable to generate revenue during the closure. A financial hit such as this can easily force a small company into bankruptcy.
You can protect your firm from this sort of threat by making sure that your North Port commercial insurance portfolio includes business interruption coverage. This insurance provides a continuation of income while your business is not operational because of a covered event. It enables you to pay employee salaries and monthly expenses while your business is closed, without sustaining large financial losses. Business interruption insurance coverage typically stays in effect until you can resume normal business operations, though the coverage is often limited to one year.
Property Insurance for Small Business in North Port
- Number of natural disasters in the U.S. in recent years: 119
- Only 61% of losses from natural disasters were covered; $9.7 billion from damage was not
North Port businesses are at risk for damage caused by severe storms, hurricanes, wildfires and other potential catastrophes. Each of these disasters can lead to significant damage to your business-owned property, which is why business property insurance is so important. Commercial property insurance covers your business-owned property, such as merchandise, outdoor signs, inventory, computers, office furniture, tools and machinery. Because coverage needs can vary significantly between different types of businesses, it is beneficial to work with an agent who can recommend suitable supplemental coverage types, such as inland marine insurance or spoilage insurance.
Workers' Compensation for North Port Businesses
Most states have laws governing the necessity of workers' compensation insurance, and Florida is no exception. In this state, all nonconstruction businesses with at least four employees and all construction businesses with at least one employee are required to carry workman’s comp insurance. This insurance covers the medical costs and lost wages associated with injuries and illnesses employees may sustain in the course of doing their jobs. It also protects your business from most liability lawsuits related to employee injuries. Your agent can help you review some affordable workman’s comp policies that are well-suited to your business industry.
Employee Coverages for Small Businesses in North Port
- 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
If your North Port-based business has at least 50 full-time employees, you are required by law, according to the terms of the Affordable Care Act (ACA), to provide them with subsidized health insurance coverage. Even if your company is smaller and does not fall within the parameters of this mandate, including such things as life and health insurance in your employee benefits package can help you attract and retain good employees. It may even qualify your business for a federal tax credit. If interested in learning more, be sure to talk to your agent, who can help you review suitable options.
Cyber Crime Insurance for North Port Small Businesses
- Number of identity theft complaints in Florida in recent years: 37,059
- Ranked #1 highest for identity theft complaints in the U.S.
- Only 22% of businesses have a cyber/data breach response plan
Cybercrime insurance is a relatively new type of liability insurance offering, so many U.S. businesses are still without this important coverage. Unfortunately, as reports of electronic data theft continue to rise, cyber crime coverage is becoming more and more necessary – particularly in Florida, where the rate of identity theft is extremely high.
If criminals manage to hack into your computer system and steal sensitive customer or employee information, such as personal and financial data, your business is at risk for large liability losses. Cybercrime insurance covers your financial responsibilities to individuals, banks and credit card companies following a data breach. Talk to your agent to learn more about how adding cyber crime insurance to your North Port business insurance portfolio can be to your company’s advantage.
Find the Right North Port Commercial Insurance for Your Business
Every company has its own coverage needs, and different types of commercial insurance are designed to cater to businesses in specific industries. Independent insurance agents can help you identify the exposures faced by your particular business, and they can recommend the right coverage types to mitigate these risks. These agents are free to work with several different insurance providers to help you find the most affordable coverage as you build your North Port business insurance package. There are many reliable agents with offices in Florida, including in and near the city of North Port.
Find an agent near you to learn more about your coverage options, and discover how easy it can be to compare North Port commercial insurance quotes.
TrustedChoice.com Article | Reviewed by Jeffrey Green
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