Recently, there were 2,180,556 small businesses that employed 3,000,167 people, headquartered in Florida; and nearly 5,000 of these businesses were based in Ormond Beach, FL. Companies in the manufacturing, education, health care and government industries are the largest employers in the area, but businesses of all types have the potential to thrive in this city. Whether you own a larger business, like Mircroflex, Inc., or you own a sole proprietorship with no employees, it important that you protect your business assets with an appropriate Ormond Beach commercial insurance policy.
Consider this: In previous years, businesses in Florida collected $19,737,799 in business insurance claims. Building a comprehensive insurance policy that can properly protect your business can sometimes be confusing. Fortunately, you can simplify the process by discussing your coverage needs with a local independent insurance agent. These agents can work with several different insurance companies to help you find reasonably priced coverage that is suitable to meet the specific needs of your small business. Find an agent near you to discover how easy it can be to compare customized Ormond Beach business insurance quotes.
- 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.
- 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.
A liability lawsuit filed against your company can be financially devastating – even if the courts ultimately rule in your favor. Legal defense fees alone can often amount to thousands of dollars, and many small businesses are not equipped to handle losses in the amounts for which they may be sued. That is why your Ormond Beach commercial insurance policy includes general liability insurance and it is imperative that you add any other types of liability coverage that are applicable to your business. Liability policies can cover costs (such as legal defense fees, court costs and associated financial damages) so long as they pertain to covered lawsuits. Your agent can talk to you about such things as the following:
- Premises liability insurance: This is included in your general liability insurance. It covers the costs associated with injuries, illnesses or property damage sustained by third parties as a result of an accident that occurred on your business premises.
- Product liability insurance: This is also included in your general liability insurance. It covers the costs associated with injuries, illnesses or property damage sustained by third parties from the use of product that your business produces, sells or promotes.
- Professional liability insurance/Errors and omissions insurance: This covers individuals in professional positions against lawsuits brought about because of professional mistakes, including errors in judgement and failure to act in a timely manner. Medical malpractice insurance is an example of this sort of coverage, but there are specific professional liability policies for all kinds of professionals from real estate brokers to wedding planners.
There are many other types of liability coverage that may be pertinent to your business, such as pollution liability insurance, commercial auto liability insurance, completed operations liability insurance and employment practices liability insurance. Your agent can ensure that your Ormond Beach business insurance package includes the liability coverage your business needs.
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Business Interruption Insurance for Ormond Beach 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
Ormond Beach-based businesses contribute to Florida’s gross state product. However, if a covered disaster, such as a hurricane or a major structure fire, forces you to temporarily halt business operations while repairs are made, the lost income can significantly affect your business finances – particularly if the damage is extensive and the closure goes on for several weeks or even months.
You can avoid this type of loss by ensuring that your Ormond Beach commercial insurance package includes business interruption coverage. That way, your company can continue to collect the income it needs in order to pay monthly expenses and employee salaries during the forced closure. This coverage typically lasts until you are can return to operating your business at capacity, but it is often limited to a maximum of 12 months.
Property Insurance for Small Business in Ormond Beach
- 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 damages was not
Catastrophic events can result in loss or damage to your expensive business-owned property. Commercial property insurance covers assets, such as merchandise, inventory, office furniture, computers, outdoor signs, tools and machinery. There are additional property coverage polices that go beyond the scope of basic property insurance. Depending on the specific needs of your company, your agent may recommend additional property coverage types, such as spoilage insurance or inland marine insurance. Talk to your agent to learn more about your various options, and get advice about which options are right for your small business.
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Workers' Compensation Insurance for Ormond Beach Businesses
Florida has workers' compensation requirements for all businesses operating in this state. Companies in the construction industry with at least one employee and businesses in all other industries with at least four employees are required to include workers' compensation (also referred to as “workman’s comp”) coverage with their business insurance coverage. This insurance pays for the treatment of work-related injuries and illnesses as well as paying for the costs of paid time off for the injured employee. It can even pay death benefits to family members if a worker suffers a fatality on the job. Your agent can help you find an affordable policy that is appropriate for your business.
Employee Coverages for Small Business
- 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
The Affordable Care Act (ACA) of 2010 includes a section known as the “employer mandate.” It states that all companies with at least 50 full-time workers are required to provide these employees with subsidized health insurance. Even if your Ormond Beach business has fewer than 50 employees, including benefits like health and life insurance in your employee benefits package can help it to attract and retain good workers. If you are interested in learning more, your agent can help you review and compare a selection of suitable 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
As reports of data hacking and identity theft become more commonplace – particularly in the state of Florida – more and more U.S. businesses are realizing the importance of cyber crime insurance. This relatively new type of liability insurance protects your company from the many financial losses that may result if cyber criminals break into your business’s computer system and access sensitive information. If your company electronically collects or stores personal or financial data, it is at risk. Be sure to talk to your agent to get more information about how adding cyber crime coverage to your Ormond Beach commercial insurance package can benefit your company.
Find the Right Ormond Beach Commercial Insurance for Your Business
Every business has specific coverage needs relative to its size, industry, location and inherent exposures. That is why insurance companies don’t offer businesses a one-size-fits-all commercial insurance plan. When you work with an agent in our network, you will have access to an experienced professional who can explain your many coverage options, advise you about which coverage types are best suited to your business model and ensure that your insurance package does not have any unrealized coverage gaps.
Your agent can also make it easy for you to compare Ormond Beach business insurance quotes for policies that have been customized to meet your company’s particular coverage needs. That way, you can be sure that you are getting the right coverage at an affordable price.
Contact an agent near you to learn more about your many options when it comes to buying Ormond Beach commercial insurance.