Oviedo Business Insurance

The Complete Oviedo, FL Business Insurance Guide

Find the right business insurance policy for you.

Located just 20 miles northeast of Orlando, is Oviedo, FL, a town that is famous for the free-range chickens that roam throughout the historic downtown section. Every year, more and more people are drawn to Oviedo, attracted to its offering of many conveniences found in the big cities while still maintaining a great deal of small-town charm. Many of the local businesses are connected to the Saturday morning farmers market or the local airboat ride industry.

It doesn’t matter if you’ve been an Oviedo business owner for 20 years or you’re in the process of starting your first business; you need to spend a few minutes thinking about commercial insurance. By choosing the best coverages, you can keep your business afloat during tough times and gain peace of mind even when business is booming.

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. Our Independent Insurance Agents specialize in helping Oviedo business owners find affordable commercial insurance solutions. Whether you’re searching for Oviedo business insurance to protect against liability, property damage or cyber crimes, our experienced agents can help.

There’s little that can destroy an Oviedo business faster than a liability lawsuit against a company that’s not adequately insured. Even if the business doesn’t have to pay a settlement, it will still have to finance what is often a considerable legal bill. 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: Businesses that sell any type of product need the protection of a product liability insurance policy. According to a national study, 71 percent of product liability awards by the courts amounted to $1 million or more. It only takes one defective product to get you in a lot of legal trouble, but our independent insurance agents can help you find a policy to protect your business from this worrisome threat.
  • Errors & Omissions/Professional Liability: Just because you don’t sell any products doesn’t mean you don’t need to worry about liability insurance. It’s still something you need. Professional liability insurance covers Oviedo businesses that provide services rather than products. This type of insurance provides financial protection if your business is accused of something such as judgment error, breach of contract or omissions.

Business Interruption Insurance for Oviedo Businesses

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

Florida’s unpredictable weather is a constant threat to Oviedo businesses. If a hurricane causes major property damage to your office, you have to shut down until you can make repairs. In the meantime, you have to deal with a frustrating loss of revenue. Business interruption insurance steps in to pay you for lost profits after a disaster, helping your company stay afloat until property repairs are complete and you can get back to business as usual.

Property Insurance for Oviedo 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, Oviedo 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 Oviedo Businesses

In most states, if you hire so much as one employee, you must have workers' compensation insurance. This type of insurance makes it possible for you to cover everything from employees' medical fees to their lost wages should they be hurt during working hours. If an employee decides that an injury was the result of a safety violation on your part and files a lawsuit, the workers' compensation policy covers both the legal fees and, if necessary, the settlement.

Employee Coverages for Oviedo 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

Providing the type of benefits that attract top employees isn’t easy. Our independent insurance agents can help you find the most affordable employee health insurance and life insurance policies. Whether you’re a small business with only a handful of employees or a growing corporation with a multilevel staff, our experienced agents can provide you with multiple rate quotes and help you choose a comprehensive employee coverage option that will work within your current business budget.

Cyber Crime Insurance for Oviedo Businesses

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

You can’t afford to adapt a blasé attitude toward cyber crime. Experts estimate that only 22 percent of small businesses have a response plan to deal with cyber attacks and data breaches. Cyber crime insurance not only helps you weather this type of crime but also provides you with an instant response plan while simultaneously safeguarding your company’s financial assets and clients.

Choosing the best Oviedo commercial insurance can seem like an overwhelming task, but our experienced independent insurance agents can help. Our friendly agents can provide you with quotes on multiple policies, answer your questions and help you build a customized commercial insurance plan to protect your business. 

To learn more about the best business coverage options in Oviedo, contact an agent for a free rate quote today.

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TrustedChoice.com Article | Reviewed by Jeffrey Green

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