Many consider Palm Bay to be central Florida’s hidden gem. Even driving the scenic highway along Indian River Lagoon is a thrilling experience that’s full of a wide assortment of visual delights. Palm Bay, FL offers residents and tourists alike scenic waterfront shopping, diverse sporting opportunities, nature trails, wildlife, plenty of exotic dining options, cycling and more. The low crime rate and highly rated schools attract residents from a wide range of backgrounds.
Not only is Palm Bay a wonderful spot to live in, but it’s also a thriving community that provides plenty of opportunities to business owners. It doesn’t matter if you’re an old hand at running a business or an entrepreneur in the early stages of starting your first one, the time has never been better than now to turn your thoughts to Palm Bay commercial insurance. When you do, you’ll find that the insurance creates peace of mind and will eventually help you get through any hard times your business encounters.
Recently, there were 2,180,556 small businesses in Florida, providing employment to 3,000,167 people. It was also revealed that in previous years, loss payouts to Florida businesses totaled $19,737,799. Having good business insurance, such as the type that our Independent Insurance Agents can help you find, is the best way to ensure that you and your business are ready to thrive, no matter what problem arises.
All it takes is one liability lawsuit to destroy a Palm Bay business. Even if you win a case, it’s unlikely that your business will be able to handle the expensive legal bills that accumulate while you and your lawyer work to resolve the matter. 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: Product liability insurance helps any type of business that comes into contact with a product. It doesn’t matter if your business handles distribution, manufacturing or design. If someone is hurt while using the product, the person can name your business in a lawsuit. Without good product liability insurance, your business won’t be able to survive the expense of the case. According to a national study, 71 percent of product liability awards by the courts amounted to $1 million or more.
- Errors & Omissions/Professional Liability: Professional liability insurance works much the same way as product liability but covers Palm Bay businesses that provide services rather than products. It safeguards small businesses against errors and omissions that lead to a client’s harm.
Business Interruption Insurance for Palm Bay Businesses
- Recent Gross domestic product: 2.2%
- Recent Florida gross state product: 2.2%
If disaster strikes in Palm Bay and you are suddenly forced to shut down temporarily, it doesn’t mean the bills stop. Rather than sinking into debt while you try to get things up and running again, you can use business interruption insurance to cover your expenses until you’re able to get your revenue stream flowing once again. This life-saving policy compensates your business for lost profits after a natural disaster or uncontrollable interrupting event.
Property Insurance for Palm Bay 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
The only downside to living in Palm Bay, Florida, is that the area is considered to be at a high risk for hurricanes. Since 1930, nearly 70 hurricanes have ravaged the area, doing a great deal of damage to both residential and commercial properties. The most recent hurricane to rage at Palm Bay was Dorian. Whether your commercial property was damaged in a hurricane or by local vandals, the repairs can be expensive, and in many cases, it’s not an expense your business is prepared to tackle. Property insurance is the best way to make sure that the damage gets repaired and that you can remain in business for many, many years.
Workers' Compensation for Palm Bay Businesses
In most states, you’re legally required to carry workers' compensation insurance if you hire employees. As a result of the workers' comp plan, your employees' medical bills and lost wages are covered if they’re injured while working for you. If an employee decides to file a lawsuit naming your business as the defendant, the workers' comp insurance handles both the legal fees and the settlement.
Employee Coverages for Palm Bay 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
Employee benefits such as health insurance are key aspects of attracting the best employees to your company. The problem is that the cost of these benefits keeps going up. Contacting our independent insurance agents makes it easy to get free rate quotes from several different plans and see the pros and cons of each policy before deciding which policy best suits your business and employees.
Cyber Crime Insurance for Palm Bay Businesses
- 37,059 identity theft complaints in Florida in recent years
- Ranked #1 highest for identity theft complaints in the U.S.
No business is completely immune to the threat of cybercrime. Experts estimate that only 22 percent of all small businesses have a plan in place that would help them deal with the financial fall after a cyber attack. You don’t want to be a business that has to shut its doors because of cybercrime. Having cyber insurance allows you to protect your clients and financial records, making it possible for you to take a stand and fight back against this type of crime.
Your business’s ability to get through different types of crises depends largely on the type and quality of your business insurance. Finding affordable coverage is possible with the help of our independent insurance agents on your side. Our friendly agents will answer your questions, explain your commercial coverage options and help you build a customized Palm Bay business insurance plan that will protect your company from Florida’s most worrisome threats.
Contact an agent today to get a free rate quote on business insurance in Palm Bay.
TrustedChoice.com Article | Reviewed by Jeffrey Green
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