Sarasota Business Insurance

The Complete Sarasota, FL Business Insurance Guide

Find the right business insurance policy for you.

Sarasota, FL is a beautiful waterfront community that draws thousands of tourists each year. Known for its thriving theater and art district, it is one of Florida’s most loved Gulf Coast cities. This city offers endless opportunities for small businesses to thrive. 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 payouts to Florida businesses totaled $19,737,799. 

Our Independent Insurance Agents are available to help you find the right Sarasota business insurance that will protect your business and fit your budget. Business owners face many threats, including but not limited to cyber attacks, lawsuits and hurricane damage. Make sure your small business is protected when these threats come your way. An independent insurance agent will help you choose the right business insurance policy so that your business is protected and will have the best chance at success.

Liability insurance is essential to every small business in Sarasota. Your small business needs the protection this type of insurance offers. 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. With liability as part of your business insurance policy, you will be able to weather the financial damage that a lawsuit can cause.

  • Product Liability: According to a national study, 71 percent of product liability awards by the courts amounted to $1 million or more. If your business offers or manufactures any type of product, this insurance is a necessity. Most small businesses are simply unable to survive a product liability lawsuit, without devastating loss. Product liability insurance keeps your business moving during a lawsuit by someone claiming to have been injured by one of your products.
  • Errors & Omissions/Professional Liability: Liability problems are still an issue for your small business even if you don’t produce a product. Contractors, consultants and other professionals are still at risk for liability lawsuits. A dissatisfied client could file a lawsuit claiming errors or omissions, putting your small business in jeopardy. E&O liability insurance protects consultants and other professionals from client lawsuits and liability-related legal disputes.

Business Interruption Insurance for Sarasota Businesses

  • Recent Gross domestic product: 2.2%
  • Recent Gross state product: 2.2%

In order to run a successful business, you need to continue to keep your product or service available to the public. So what happens if a natural disaster forces you to close the doors? If your business is destroyed by one of Florida’s historic hurricanes, you’ll have nowhere to operate until you can rebuild. Business interruption insurance helps you deal with any type of interruption that your business might face. This type of policy compensates for lost revenue during the time that your business is unable to run.

Property Insurance for Sarasota 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

Florida is ranked as the second most dangerous state in the nation for natural disasters. The main threat is hurricanes, followed closely by flooding and wildfires. If you operate a business in Sarasota, make sure you have a reliable policy that protects your commercial property if it is damaged by one of Florida’s historic storms. If your business is damaged by a natural disaster, you file a claim and receive funds to help you rebuild or repair your commercial property.

Workers' Compensation for Sarasota Businesses

If your Sarasota business has employees, you need a workman's compensation policy in place. This type of insurance pays for any medical bills or lost wages if one of your employees has a work-related illness or injury. If you have workman's compensation insurance, you can have the peace of mind that you and your employees are protected and you won’t have to pay out of pocket in case an accident does happen.

Employee Coverages for Sarasota 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

Health insurance premiums are on the rise across the country. This leaves many Americans looking for job opportunities that offer health insurance. It can be difficult for many small businesses to offer employee coverages due to the rising expense. Our agents are able to help small businesses locate the most affordable health and life insurance policies so that they can offer it to employees. Our reliable agents offer free rate quotes on multiple policies, helping you find a reliable employee cover plan at a cost that your business can afford.

Cyber Crime Insurance for Sarasota Businesses

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

Florida has more annual identity theft complaints than any other state in the country. Yet reports show that only 22 percent of small businesses have a response plan in place to deal with data breaches and cyber attacks. Cyber crime insurance offers protection to your business assets after a serious data breach or an attack from a malicious hacker.

Commercial insurance is an important investment in the future of your business. However, navigating through all of the coverage options can feel overwhelming and confusing. Our independent insurance agents take the guesswork out of shopping for business insurance by providing one-on-one support and customized rate quotes on multiple policies. Our agents will help you find the policy that is right for you by taking into consideration the unique risk your Sarasota business will face. 

Contact an agent today to find affordable commercial insurance and to get a free quote.

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