Recently, there were 2,180,556 small businesses that employed 3,000,167 people, headquartered in Florida; and more than 6,600 of these businesses were based in the City of Palm Coast, FL. This city encourages new business growth and development through its “Prosperity 2021” economic development plan that is designed to create an environment that attracts and supports area businesses. Whether you own a large business, like Palm Coast Data, or you own a sole proprietorship with no employees, it important that you protect your business assets with an appropriate Palm Coast commercial insurance policy. Consider this: In previous years, businesses in Florida collected $19,737,799 in business insurance claims. This highlights how important business coverage is.
Building a comprehensive insurance policy that can suitably protect your business against all of its various exposures can be a complex task. Fortunately, you can simplify the process by discussing your coverage needs with an Independent Insurance Agent. These local agents can work with several different insurance companies to help you find reasonably priced coverage that is designed to meet the specific needs of your small business. Find an agent near you, and discover how easy it can be to compare customized Palm Coast 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.
A liability lawsuit filed against your business can be financially damaging — even if the courts ultimately rule in your company’s favor. Legal defense fees alone can sometimes cost tens of thousands of dollars, and many small businesses are simply not equipped to handle losses in the amounts for which they may be sued. That is why it is imperative that your Palm Coast commercial insurance policy include general liability insurance as well as any other types of liability coverage that are applicable to your business model. These policies cover legal defense fees, court costs and associated financial damages that pertain to covered lawsuits. Your agent can further explain your many options including such things as the following:
- Premises liability insurance: This is included in your policy’s general liability coverage. It covers the costs associated with injuries, illnesses or property damage sustained by third parties as a result of an accident on your business premises.
- Product liability insurance: This is also included in your policy’s general liability coverage. It covers the costs associated with injuries, illnesses or property damage sustained by third parties because of a product that your business produces, sells or promotes.
- Professional liability insurance: Also referred to as errors and omissions insurance, this covers, not your business, but rather the individuals in professional positions who might work for you. This covers these professionals against lawsuits that may be brought about because of professional mistakes, such as errors in judgement or 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 designed for those in all types of positions, from real estate agents to architects.
You have the option to purchase many other types of liability coverage, such as pollution liability insurance, commercial auto liability insurance and employment practices liability insurance. Some of these extra liability coverage types may be ideal for your business. Your agent can make appropriate recommendations and provide you with more information.
Business Interruption Insurance for Palm Coast 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 increase was the same as the recent GDP increase
Palm Coast-based businesses contribute to their local economy as well as to Florida’s gross state product. However, if a covered disaster, such as a hurricane or an accidental structure fire, forces you to halt business operations while repairs are made, the lost income may significantly affect your business finances — particularly if the damage is extensive and the closure lasts for several months.
You can avoid this problem by ensuring that your Palm Coast commercial insurance package includes business interruption coverage. That way, your company continues to collect the income it needs so that it can pay monthly expenses and employee salaries during the time of the forced closure without suffering a large financial setback. This coverage typically lasts until you are able to once again operate your business to capacity, but many policies limit coverage to one year.
Property Insurance for Small Business in Palm Coast
- 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
Catastrophic events can result in loss and damage to your expensive business-owned property. Commercial property insurance, which is included in your business insurance policy, covers such things as merchandise, inventory, office furniture, computers, outdoor signs and display units. Policies can vary in their coverage according to the industry for which they are designed.
There are also supplemental property coverage polices that go beyond the scope of basic property insurance. Your agent may recommend additional property coverage types, such as spoilage insurance, boiler and machinery insurance, or inland marine insurance if they are appropriate for your particular business. Talk to your agent to learn more about your various options, and find out which are appropriate for your company.
Workers' Compensation Insurance for Palm Coast Businesses
Florida has workers' compensation requirements for businesses that operate within its borders. In this state, companies in the construction industry that have at least one employee and businesses in all other industries that have at least four employees are required to include workers' compensation (or “workman’s comp”) coverage as part of their business insurance policy package.
This insurance covers the costs associated with the treatment of work-related injuries and illnesses, paid time off for recuperation and other miscellaneous expenses. It can even pay death benefits to family members in the ill-fated event that an employee suffers a fatality on the job. Your agent can help you find an affordable policy that is appropriate to the industry in which your particular business operates.
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) went into effect in 2010. It includes an “employer mandate,” which states that all U.S. companies with at least 50 full-time employees are required to provide these workers with affordable, subsidized health insurance. Even if your Palm Coast business has fewer than 50 employees, making the decision to include benefits like health and life insurance in your employee benefits package may be a good idea. Some small businesses can even qualify for a federal tax credit of up to 35% of their cost for premiums. If you are interested in learning more about your employee coverage options, your agent can help.
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 system hacking and electronic data theft become more commonplace, particularly in the state of Florida, a growing number of U.S. businesses are actively seeking cyber crime insurance. This relatively new type of liability insurance protects businesses from the myriad financial losses that may result from cyber crime.
Data thieves can be quite sophisticated in their methodology. Criminals could manage to hack into your business computer systems and access personal or financial data that your company keeps about your employees, customers or other individuals; this opens these people up to the possibility of identity theft and fraud. As a result, your company can be sued by the individuals affected as well their banks and credit card companies. If you are interested in learning more about this liability coverage, be sure to ask your agent about the benefits of adding cyber crime coverage to your Palm Coast commercial insurance package.
Find the Right Palm Coast Commercial Insurance for Your Business
Every business has specific risks, exposures and coverage needs relative to its size, industry, scope and inherent exposures. That is why insurance providers don’t offer a one-size-fits-all business insurance plan. When you work with an experienced agent, you will have the guidance of an experienced professional who can explain your many coverage options, advise you about which coverage types are well suited to your business and ensure that your insurance package does not leave you with any dangerous and unrealized coverage gaps.
Your agent will also make it easy for you to compare an assortment of customized Palm Coast business insurance quotes for policies that have been customized to meet your particular business needs. That way, you can be sure that you are getting the best coverage at a competitive price.
Contact an agent near you to learn more about your options when it comes to building a suitable Palm Coast commercial insurance package.