St. Petersburg Business Insurance

The Complete St. Petersburg, FL Business Insurance Guide

St. Petersburg, FL is known for its award winning beaches and world class restaurants. Located between the Gulf of Mexico and Tampa Bay, this city has a high influx of tourists and is home to many innovative and creative new businesses. St. Petersburg offers a beautiful downtown and a 20,000 square foot local market area that is ideal for a small business to grow and succeed. In 2014, 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. In 2014, loss payouts to Florida businesses totaled $19,737,799. Trusted Choice® Independent Insurance Agents can help you minimize your risk with affordable St. Petersburg business insurance.

As a business owner in St. Petersburg, you also face a variety of risks on a daily basis. From liability lawsuits to hurricane damage and even malicious cyber attacks, many things can go wrong. Trusted Choice independent insurance agents will help you choose the most important business insurance coverage to protect your company and help you succeed in St. Petersburg.

Every St. Petersburg small business must have the protection of a reliable general liability insurance policy. According to the 2015 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. If you encounter a lawsuit, liability insurance keeps you afloat and offers protection so that you can continue to stay in business.

  • Product Liability: According to a national study, 71 percent of product liability awards by the courts amounted to $1 million or more. Product liability lawsuits can be costly, and the majority of small businesses are simply unable to survive without closing the doors permanently. Product liability is crucial to any business that manufactures, designs or sells a physical good to the public in St. Petersburg.
  • Errors & Omissions/Professional Liability: You are still at risk for liability problems if your business offers a service rather than physical products. An upset client could file a lawsuit claiming errors or omissions, putting all of your hard work at risk. Consultants and other professionals can turn to E&O liability insurance because it protects business owners from client lawsuits and liability-related legal disputes.

Business Interruption Insurance for St. Petersburg Businesses

  • Gross domestic product in 2014: 2.2%
  • Florida gross state product in 2014: 2.2%

In order to run a successful business, you need to make sure your products or services are available to the public as often as possible. If your business is damaged by a natural disaster, the effect on revenue could ultimately cause you to close your small business. Business interruption insurance protects small businesses after catastrophic interruptions by providing compensation for lost revenue during the time they are unable to operate.

Property Insurance for St. Petersburg Businesses

  • Number of natural disasters in 2014: 119
  • Only 61% of losses from natural disasters were covered
  • Total uncovered property damage in 2014: $9.7 billion

Florida business owners should be aware of the constant threat of natural disasters. Florida is ranked as the second most dangerous state in the nation for natural disasters. St. Petersburg has seen 70 hurricanes since 1930 and also faces an average of five tornadoes each year. If your commercial property is damaged by a natural disaster, you need to have reliable property insurance so you can rebuild your business without bankrupting your company’s accounts.

Workers' Compensation for St. Petersburg Businesses

When operating a business in St. Petersburg that has employees, you definitely want a workman’s compensation policy in place. If one of your employees has an accident or suffers from a work-related illness, workers' comp pays for medical care and lost wages. Accidents can happen, but if you have workers' comp, you have peace of mind that you can provide the best care for your employee while also protecting your business from an employee lawsuit.

Employee Coverages for St. Petersburg Businesses

  • Total 2013 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 2013: $5,408/person or $16,070/family

Health insurance premiums seem to go up every year, leaving many Americans searching for new job opportunities that provide employee benefits. If can be hard as a small business to find affordable health coverage to offer employees. Trusted Choice independent insurance agents specialize in helping small businesses in St. Petersburg find the most affordable health and life insurance options for their employees. Our experienced agents offer free rate quotes on multiple policies, helping you find a reliable employee coverage plan at a cost that your business can afford.

Cyber Crime Insurance for St. Petersburg Businesses

  • 37,059 identity theft complaints in Florida in 2014
  • 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. Most small businesses do not consider the threat of cyber crime until they become a victim of a hacker. Cyber crime insurance is the best way to protect your business assets and keep your business afloat after a serious data breach.

Having a good commercial insurance policy is an important investment in the future of your business, but trying to navigate the maze of coverage options by yourself can feel overwhelming. Trusted Choice insurance agents will offer you one-on-one support and customized rate quotes on multiple policies during your search for the best policy. Our friendly agents will help you think through the biggest risks your business will encounter in St. Petersburg while finding the most reliable business insurance options to protect you from those worrisome threats. If you’re looking for affordable St. Petersburg commercial insurance, contact an agent today for a free rate quote.

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