Orlando Business Insurance

The Complete Orlando, FL Business Insurance Guide

In 2014, there were 2,180,556 small businesses that employed 3,000,167 people, headquartered in Florida, and more than 37,500 of these businesses were based in Orlando, FL. Businesses in the hospitality, construction, retail trade, manufacturing and technological advancement industries are thriving here; but business of all types can succeed in this diverse city. Whether you own a large company with many employees, like CNL Financial Group, or an independent contracting company with no employee, it is important that you protect your business with a suitable Orlando commercial insurance policy. In 2014, for example, Florida businesses collected $19,737,799 in business insurance claims.

Building an all-encompassing insurance package that leaves your business without any coverage gaps can be a complicated endeavor. That is why it is beneficial to discuss your coverage needs with an independent insurance agent in the Trusted Choice® network. Your local agent can work with several reputable insurance companies to help you find the right coverage at a competitive rate. Find a Trusted Choice Agent near you to learn more and to find out how easy it can be to compare customized Orlando business insurance quotes.

  • According to the 2015 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.
  • According to a national study, 71 percent of product liability awards by the courts amounted to $1 million or more.
  • That same study showed that 53 percent of medical malpractice awards by the courts amounted to $1 million or more.

Even if the courts rule in your company’s favor, the final price of a liability lawsuit can be detrimental to your business finances. Legal defense fees alone can amount to thousands of dollars, and your company may also experience lost productivity if key employees are called on to testify. That is why it is so important that your Orlando business insurance include general liability insurance as well as any additional types of liability coverage that are appropriate to your business model. These liability policies shield your company from significant financial losses by covering legal defense fees, court costs and financial damages related to covered lawsuits. Your Trusted Choice Agent can further explain your many options, including such things as the following:

  • Premises liability insurance: This coverage covers lawsuits related to illnesses, injuries or property damage sustained by third parties as a result of an accident on your business premises. This coverage is included as part of your policy’s general liability coverage.
  • Product liability insurance: This coverage covers lawsuits related to illnesses, injuries or property damage caused by a product your company produces, promotes or sells. It is also included in your policy’s general liability coverage.
  • Errors and omissions insurance: This professional liability insurance covers workers in professional positions for lawsuits brought about because of perceived errors in judgement, failure to complete a job competently and other professional errors. Medical malpractice insurance is a familiar example of this sort of coverage, though there are policies in place that are specific to many different kinds of professional jobs, from architects to party planners.

There are several other types of liability coverage (such as pollution insurance, completed operations insurance, employment practices liability insurance and commercial auto liability insurance). Some may be a good fit for your business. Your Trusted Choice Agent can help you identify your company’s various liability exposures and can make appropriate coverage recommendations to mitigate these risks.

Business Interruption Insurance for Orlando Small Businesses

  • 2014 Gross domestic product (GDP) for U.S.: 2.2%
  • 2014 Gross state product (GSP) for Florida: 2.2%
  • The 2014 GSP was the same as the GDP

Orlando businesses make a large contribution to Florida’s gross state product. However, if a covered disaster, such as a hurricane or wildfire, forces you to stop business operations for a long time while repairs are made, the lost income can greatly damage your business’s financial health. Furthermore, if you are unable to pay key employees for the duration of an extended closure, there is a chance that you will lose them to the competition.

You can avoid this problem by ensuring that your Orlando commercial insurance package includes business interruption insurance. That way, your company can continue to collect income during the necessitated closure in an amount that enables you to pay monthly bills and employee salaries without suffering great financial losses. This coverage stays in effect until you can resume normal business operations but is often limited to 12 months.

Property Insurance for Small Business in Orlando

  • Number of natural disasters in the U.S. in 2014: 119
  • Only 61% of losses from natural disasters were covered; $9.7 billion from damage was not

Major disasters can result in extensive damage and destruction to your business-owned property. Commercial property insurance covers business assets, such as merchandise, inventory, computers, office furniture, tools and machinery, and outdoor signs. Companies in different industries can have varying coverage needs, so it can be quite beneficial to work with a knowledgeable Trusted Choice Agent who can recommend additional types of property coverage (such as boiler and machinery insurance, inland marine insurance, and spoilage insurance) when they are appropriate for your business.

Workers' Compensation Insurance for Orlando Businesses

Every state has its own workers' compensation coverage laws. In Florida, all businesses in the construction industry that have at least one employee and all businesses in nonconstruction industries that have at least four employees are required to carry workman’s comp insurance. This insurance covers the treatment of work-related injuries and illnesses and provides employees with paid time off while they recuperate. Having this insurance can benefit your business by helping it avoid liability lawsuits associated with workplace injuries. Your Trusted Choice Agent can help you find and compare quotes for affordable policies that are appropriate to your particular business industry.

Employee Coverages for Small Business

  • Total 2013 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 2013: $5,408/person or $16,070/family

The Patient Protection and Affordable Care Act of 2010 (ACA) mandates that all U.S. companies that have at least 50 full-time employees must provide those employees with subsidized health insurance coverage. Even if your Orlando-based business has fewer than 50 employees, offering benefits like health and life insurance can help you draw and retain good employees – and it may even qualify your business for a federal tax credit. If you are interested in learning more about finding suitable life or health insurance coverage for your employees, your Trusted Choice Agent can help you find and compare some affordable options.

Cyber Crime Insurance for Small Business

  • Number of identity theft complaints in Florida in 2014: 37,059
  • Ranked #1 highest for identity theft complaints in the U.S.
  • Only 22% of businesses have a cyber/data breach response plan

Cyber crime coverage is a rather new type of liability insurance. It protects your business from the financial backlash that can result if hackers break into your business computer system and steal personal and financial data about your customers or employees. This sort of data breach puts those affected at risk for identity theft and fraud, and your company can be held liable for the financial losses sustained by banks, credit card companies and private individuals. You may also be required to purchase a few years of credit-monitoring services for those who were potentially affected. If your company is at risk, be sure to ask your Trusted Choice Agent for more information about the benefits of including cyber crime coverage in your Orlando business insurance package.

Find the Right Orlando Commercial Insurance for Your Business

Every company has specific coverage needs relative to its size, industry and location and the services it provides. That is why there is no such thing as a one-size-fits-all business insurance package. Fortunately, building a suitable coverage portfolio is easy when you enlist the help of an independent insurance agent in the Trusted Choice network. These agents can work with you to identify your business’s exposures and can recommend appropriate coverage options to mitigate those risks.

Trusted Choice Agents can also make it easy to compare customized Orlando business insurance quotes. That way, you can be sure that you are getting the coverage you need at a competitive price. Contact a Trusted Choice Agent near you to learn more about your options when it comes to buying Orlando commercial insurance.

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