Pompano Beach offers a little touch of paradise in a coastal community between Palm Beach and Miami. The city has been featured numerous times by CNN, Money, and Wall Street Journal as one of the nation’s top vacation home markets. The real estate market is booming and businesses thrive in Pompano Beach, where tourists are plentiful and the permanent residents are eager to support small businesses.
In previous years, 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. Recently, loss pay-outs to Florida businesses topped out at $19,737,799. Our Independent Insurance Agents can help you minimize your risk by helping you find affordable Pompano Beach business insurance. Our experienced agents will help you navigate the maze of commercial insurance coverage and design a customized business insurance policy to safeguard your company against Florida’s biggest small business threats.
Liability insurance is something you can’t afford to ignore if you own a small business in Pompano Beach. 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 least prepared to handle this issue. If you ever face a liability lawsuit, having general liability insurance could save you from thousands of dollars in related expenses.
Product Liability: According to a national study, 71% of product liability awards by the court amount to $1 million or more. Most small businesses simply do not have the financial resources to handle such a massive financial burden. Product liability insurance will give you a buffer of protection by paying for legal fees and settlements if you ever face a lawsuit for a defective or misrepresented product.
E&O/Professional Liability: If your company doesn’t sell physical products, you’re not out of the woods for liability threats. Professional liability insurance covers lawsuits related to judgment errors, contract breaches, or gross omission in providing adequate services. If a client ever comes back to sue you, having E&O insurance could be the key to helping your company stay afloat.
Business Interruption Insurance for Pompano Beach Businesses
- Recent Gross Domestic Product: 2.2%
- Recent Gross State Product: 2.2%
Natural disasters are unpredictable, especially in Pompano Beach where hurricanes are fairly common. If a major storm demolishes your business property, you’ll be stuck waiting for repairs with no way to operate your business in the meantime. Business interruption insurance steps in to offer compensation for lost revenue, helping you bridge the weeks or months when you’re unable to work without suffering serious financial losses.
Property Insurance for Pompano Beach 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
As a coastal community, Pompano Beach is a prime target for hurricanes and tropical storms. Each year, businesses in Pompano Beach face property damage related to natural disasters, but with commercial property insurance, you can have peace of mind that you are always protected. This policy will provide you with the resources you need to make repairs without tapping into your business bank account.
Worker's Compensation for Pompano Beach Businesses
Across most of the United States, business owners are required to purchase worker’s compensation insurance before hiring employees. Worker’s comp will protect you from lawsuits if an employee gets injured on the job. This policy will also provide complete coverage of medical bills and lost wages so that you can rest easy knowing your employee is receiving the best care after an unfortunate accident.
Employee Coverages for Pompano Beach Businesses
- Total recent Spending on Premiums in Florida: $3,131,293
- Ranked 49th for Highest Premiums in the US
- Annual Cost of Health Care for Small Businesses in recent years: $5,408/person or $16,070/family
Providing healthcare and life insurance benefits can be expensive for a small business, but our agents can help. Our experienced agents can offer you rate quotes on multiple polices in Pompano Beach, giving you more options as you select a benefits plan for your employees.
Cyber Crime Insurance for Pompano Beach Businesses
- 37,059 Identity Theft Complaints in Florida in recent years
- Ranked #1 Highest for Identity Theft Complaints in the US
Reports show that only 22% of small businesses have a response plan in place to deal with data breaches and cyber attacks. This is a concerning statistic when you consider that Florida has more identity theft complaints than any other state. If a hacker targets your business, cyber crime insurance will protect your financial assets and give you an instant response plan.
Shopping for commercial insurance in Pompano Beach can seem like an overwhelming task. There are so many coverage options to consider and sometimes it’s hard to determine the source of your greatest risk. Our independent insurance agents can walk you through the best business insurance options and help you build a customized policy that will best protect your Pompano Beach business from common threats. Whether you’re a brand new business owner or you’ve been serving the people of Pompano Beach for decades, our agents can help you find the most comprehensive commercial insurance solutions.
Contact an agent today to get a free customized quote on Pompano Beach commercial insurance.