Recently, there were 2,180,556 small businesses that employed 3,000,167 people, headquartered in Florida, and more than 8,400 of these businesses were based in Palm Beach Gardens, FL. Many businesses in this city cater to golf enthusiasts and tourists and to the residents who live here. The downtown area features a pedestrian-only open-air shopping complex that includes a number of specialty shops and dining venues. There is also a large indoor mall and a number of entertainment and cultural venues.
Regardless of the industry in which your business operates, it is important that you protect the investment you have made in it by purchasing a suitable Palm Beach Gardens commercial insurance policy. In previous years, Florida businesses collected $19,737,799 in business insurance claims, which highlights how important this coverage is.
Building an all-encompassing insurance policy package for your business can often be a complicated endeavor. That is why it is beneficial to discuss your coverage needs with an experienced Independent Insurance Agent. These local independent agents can provide guidance and can work with several reputable insurance companies to help you find the right coverage at a competitive rate. Find an agent near you to learn more, and discover out how easy it can be to compare suitably customized Palm Beach Gardens business insurance quotes.
- According to a recent Travelers Business Risk Summary, 60% of small-business owners ranked medical cost inflation as their highest concern and more than 30% said they felt unprepared to handle this concern.
- According to a national study, 71% of product liability awards by the courts amounted to $1 million or more.
- That same study showed that 53% of medical malpractice awards by the courts amounted to $1 million or more.
Even if the courts ultimately rule your favor, a liability lawsuit against your small business can be overwhelmingly expensive. Legal defense fees alone can amount to thousands of dollars, and your company can experience lost productivity if key employees are called on to testify. That is why it is so important that your Palm Beach Gardens business insurance includes general liability insurance as well as any other types of liability coverage that are appropriate for your business model. These policies can shield your company from significant financial losses by covering court costs, legal defense fees, associated costs, and financial damages. Your agent can further explain your many coverage options, including such things as these:
- Premises liability insurance: This covers the costs related to illnesses, injuries, and property damage if they are sustained by third parties as a result of an accident on your business premises. It is included as part of your policy’s general liability coverage.
- Product liability insurance: This provides coverage if a product your company sells, produces or promotes somehow causes illnesses, injuries or property damage to consumers, leading to your company being named in a lawsuit. It is also included in your policy’s general liability coverage.
- Professional liability insurance/errors and omissions insurance: This covers individuals in professional positions against lawsuits brought about because of perceived professional mistakes, such as errors in judgment and failure to act in a timely manner. Medical malpractice insurance is one example of this sort of coverage. There are policies in place that are specific to many different kinds of professions.
There are several other types of liability coverage (such as pollution liability insurance, employment practices liability insurance and commercial auto liability insurance), and some may be a good fit for your business. Your agent can help you identify your company’s various liability exposures and make appropriate coverage recommendations to mitigate these risks.
Business Interruption Insurance for Small Companies
- Recent gross domestic product (GDP) for the U.S.: 2.2%
- Recent gross state product (GSP) for Florida: 2.2%
- The recent GSP increase was the same as the GDP increase
Palm Beach Gardens businesses contribute to Florida’s gross state product as well as to their local community. However, if a covered disaster, such as a hurricane or a fire, forces you to halt business operations for an extended time while repairs are made, the income lost during the closure can greatly hurt your business finances.
You can avoid this problem by ensuring that your Palm Beach Gardens commercial insurance package includes business interruption insurance. That way, your business can continue to collect income during the necessitated closure in an amount sufficient for you to continue to pay monthly bills and employee salaries without suffering a financial setback. This coverage stays in effect until you can resume your normal business operations, but it is usually limited to 12 months.
Property Insurance for Small Business in Palm Beach Gardens
- 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
Major disasters can cause extensive damage to your business-owned property. Commercial property insurance covers things such as merchandise, inventory, computers, office furniture, tools, and machinery. Companies operating in different industries are likely to have varying coverage needs, so it is to your benefit to work with a knowledgeable independent insurance agent when you are building your property coverage. These agents can recommend supplemental property coverage policies — such as boiler and machinery insurance, inland marine insurance, and spoilage insurance — if they are appropriate for your business.
Workers' Compensation Insurance for Small Businesses
States govern their own workers' compensation coverage laws for companies that operate within their borders. In Florida, businesses 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 (or “workman’s comp”) insurance as part of their commercial insurance coverage.
Workman’s comp insurance covers the treatment of work-related injuries and illnesses as well as related expenses and paid time off during recuperation. It also benefits your business by helping it avoid liability lawsuits associated with these workplace injuries. Your agent can help you find an affordable policy that is designed specifically to meet the coverage needs of businesses that operate within your industry.
Employee Coverages for Small Business in Palm Beach Gardens
- 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 Affordable Care Act of 2010 (ACA) mandates that all U.S. companies with at least 50 full-time employees must provide those employees with subsidized health insurance coverage. Even if your Palm Beach Gardens business has fewer than 50 employees, offering benefits like health and life insurance can help you attract and retain strong employees and may even qualify your business for federal tax credits of up to 35% of your cost for premiums. If you are interested in learning more, your agent can help you review some appropriate and affordable options.
Cyber Crime Insurance for Palm Beach Gardens Businesses
- 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 is a somewhat new type of liability insurance. It protects businesses from the backlash that can ensue if hackers break into businesses' computer systems and steal sensitive data about customers, employees or others, thereby putting the affected individuals at risk for identity theft and fraud.
If your company electronically collects or stores personal or financial data that can be damaging if accessed by cyber criminals, your company is at risk. The financial damages for which you may be responsible can be overwhelming, so having coverage against this hazard can prove invaluable. To learn more, talk to your agent about how including cybercrime coverage in your Palm Beach Gardens business insurance package can benefit your small business.
Find the Right Palm Beach Gardens Commercial Insurance
Every company has specific coverage requirements relative to its location, size, and industry and to the services it provides. That is why there is no such thing as a one-size-fits-all business policy package. Fortunately, shopping for the right coverage is easy when you enlist the help of an agent. These knowledgeable agents can identify your business’s various exposures, explain your policy options and make appropriate coverage recommendations. That way, you can be sure that you are building a policy package that includes all of the coverage you need and none that you do not. Our agents also make it easy to compare customize Palm Beach Gardens business insurance quotes so that you can be sure that you are getting your coverage at a competitive price.
Contact an independent insurance agent near you to learn more about your options when it comes to creating a comprehensive policy portfolio for your small business.