Recently, there were 2,180,556 businesses, employing 3,000,167 people, headquartered in the state of Florida. Oakland Park, FL is proud to call itself home to more than 7,300 small and medium-sized businesses. Whether you own a larger business, like the Funky Buddha Brewery, or an independent contracting company with no employees, you can take pride in the contribution your business makes to your community and local economy, and you can protect your investment with a suitable Oakland Park business insurance policy. Consider this: In recent years, businesses in Florida collected $19,737,799 in business insurance claims.
Building a strong commercial insurance package for your business can be a complex undertaking. Fortunately, Independent Insurance Agents can make the process much less complicated. Your local agent can recommend appropriate coverage options and can work with several top-rated insurance companies to gather you a selection of customized Oakland Park commercial insurance quotes to review and compare. Find an agent near you to learn more.
Someone's filing a liability lawsuit against your business can be fiscally devastating. Even if the suit is without merit, the cost of legal defense alone can be overwhelming. That is why it is so important that your Oakland Park commercial insurance package includes the right types of liability coverage. Liability insurance covers the legal defense fees, court costs and financial damages associated with covered lawsuits. Your agent can help you identify the types of liability coverage that are right for your Oakland Park business. These may include the following:
- Premises liability insurance: This is part of your policy’s general liability insurance. It covers your business if a third party suffers property damage, illness or injury as a result of an accident that occurred on your commercial premises. 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 unprepared to handle this concern. Premises liability insurance covers the unexpected medical costs associated with these sorts of accidents.
- Product liability insurance: This is also a part of your general liability insurance coverage. It covers your Oakland Park-based business if a product it produces, sells or promotes causes damage, illness or injury to others. According to a national study, 71 percent of product liability awards by the courts amounted to $1 million or more – so this coverage can prove quite valuable to your company.
- Errors and omissions insurance: Professionals in a number of different industries can benefit from purchasing this type of professional liability insurance. There are policies in place specifically for professionals in a number of different jobs, from real estate brokers to architects to wedding planners. The most commonly known type of professional liability insurance is medical malpractice insurance. A national study found that 53 percent of medical malpractice awards by the courts amounted to $1 million or more.
Business Interruption Insurance for Oakland Park 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 Oakland Park contribute to Florida’s gross state product. However, if a disaster, such as a hurricane or a substantial structure fire, forces you to close shop for an extended period while repairs are made, this can negatively affect your business revenues. You may, therefore, want to be sure that your Oakland Park commercial insurance policy includes business interruption insurance. With this coverage, your firm can continue to collect income during a forced closure that is due to damage caused by a covered event. This coverage lasts until you can resume normal business operations but is typically limited to 12 months.
Property Insurance for Small Business in Oakland Park
- 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
Natural disasters and catastrophes, such as structure fires, can result in significant property damage to your business assets. Fortunately, commercial property insurance covers loss or damage to your business-owned assets, including such things as merchandise, tools, machinery, outdoor signs, office furniture, and computers.
Businesses in different industries may have different coverage needs, and some companies may benefit from additional types of property coverage, such as inland marine insurance or boiler and machinery insurance. When you are building your Oakland Park business insurance package, your agent can make appropriate property coverage recommendations to ensure that you are not facing any coverage gaps.
Workers' Compensation for Oakland Park Businesses
Like most other states, Florida has laws governing the requirements to carry workers' compensation insurance. Companies that operate in the construction industry must carry this insurance if they employ at least one worker, and companies in all other industries must purchase this coverage if they employ at least four workers. Workers' compensation (also commonly referred to as “workman’s comp”) provides coverage for employee injuries and illnesses that may occur in the course of carrying out their job duties, and it can even help your Oakland Park business avoid a liability lawsuit related to these events.
Employee Coverages for Small Businesses in Oakland Park
- 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
The Patient Protection and Affordable Care Act includes a provision that requires all companies with at least 50 full-time employees to provide these employees with subsidized health insurance coverage. Even if your company is smaller and not obligated to offer health insurance, it may be worth looking into. When you include benefits like health and life insurance as part of your employee benefits package, it can help your business attract and retain good workers – and it may even qualify your company for a federal tax credit. If you are interested in learning more, your agent can help you review a variety of affordable coverage options.
Cyber Crime Insurance for Small Business
- 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, which is a relatively new type of liability insurance, is becoming increasingly necessary – particularly in the state of Florida, where the problem of identity theft is most common. If your business electronically collects or stores sensitive personal and financial information about your employees or customers, it is at risk for this crime. If data thieves hack into your business computer system and access critical information, it can put several individuals at risk for identity theft and fraud, and your company can be deemed liable. You can get more information about how adding cybercrime insurance to your Oakland Park business insurance policy can benefit your company by speaking with your agent.
Find the Right Oakland Park Commercial Insurance for Your Business
Your Oakland Park-based business has specific exposures relative to its industry, location and size and relative to the services it provides. Our independent insurance agents can help you ascertain what your company’s specific exposures are and can recommend the right policy options to mitigate these risks. They can also provide you with an easy way to compare customized Oakland Park business insurance quotes so that you can be sure you are choosing coverage that offers great value to your company. There is no need to shop for business insurance on your own. Several reliable gents have offices throughout the state of Florida, and many are located in and near the city of Oakland Park.
Find an agent near you to learn more about your Oakland Park commercial insurance options.