Sunrise Business Insurance

The Complete Sunrise, FL Business Insurance Guide

Find the right business insurance policy for you.

In previous years, there were 2,180,556 small businesses, employing 3,000,167 people, based in the state of Florida. Approximately 12,300 of these businesses were located in the city of Sunrise, FL. This city is dedicated to providing business owners with an environment that promotes commercial growth and sustainability and takes pride in the success of the many businesses that have opened in this area. In fact, Sunrise is one of southern Florida’s job-growth leaders. From retail stores in the downtown area to manufacturing plants in Sawgrass International Corporate Park, small businesses in this city can benefit from the protection afforded by a suitable Sunrise business insurance policy. Consider this: recently, businesses in Florida collected $19,737,799 in business insurance claims.

Creating a strong commercial insurance package for your business can be complicated. Fortunately, when you discuss your coverage needs with an experienced Independent Insurance Agent, the process can be much easier. These independent agents are free to work with several top-rated insurance companies to help you obtain and compare Sunrise commercial insurance quotes for policies that are designed specifically to cover the specific risks faced by your business. Find an agent near you to learn more.

When liability lawsuits are filed against a small business, the related costs can be fiscally devastating. That is why it is so important that your Sunrise commercial insurance policy includes the right kinds of liability coverage. This insurance compensates you for legal defense, court costs and financial damages related to covered lawsuits. Your agent can help you identify the types of liability coverage that are right for your Sunrise business. These may include such things as the following:

  • Premises liability insurance: This is part of your policy’s general liability insurance coverage. It covers your business if a third-party interest suffers property damage, illness or injuries because of an accident that takes place on your business premises. 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. Premises liability insurance protects your business by covering many of the medical costs for which it may be deemed liable.
  • Product liability insurance: This is also part of your policy’s general liability insurance. It provides coverage if a product that your Sunrise-based business produces, sells or actively promotes causes damage, illness or injuries to others. According to a national study, 71% of product liability awards by the courts amounted to $1 million or more, so it is easy to see how valuable this coverage can be.
  • Errors and omissions insurance: Professionals of all stripes can benefit from purchasing this industry-specific professional liability insurance. The most commonly known type of errors and omissions insurance is medical malpractice insurance. A national study found that 53% of medical malpractice awards by the courts amounted to $1 million or more. There are specific policies designed to cover all kinds of professions from party planners to architects.

Business Interruption Insurance for Sunrise 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

Businesses in Sunrise contribute to the local economy as well as to Florida’s gross state product. However, if a disaster, such as a hurricane or a wildfire, forces you to halt business operations for an extended period while repairs are made, this can have a significant negative impact on your business revenues.

To mitigate this risk, you may want to ensure that your Sunrise commercial insurance policy includes business interruption insurance. When you have this coverage, your firm can continue to collect income while it is closed because of damage caused by a covered event. With this compensation, you can continue to pay your employees and meet your monthly expenses until your business can resume normal business operations. This coverage is typically limited to 12 months.

Property Insurance for Small Business in Sunrise

  • 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 lead to substantial financial losses for your Sunrise-based business, and part of the reason can be attributed to property damage. Fortunately, your policy includes property insurance, which covers loss or damage to your business-owned assets, including such things as furniture, computers, tools, machinery, merchandise, inventory and outdoor signs. Businesses in different industries frequently have diverse coverage needs, and some may benefit from supplementing their policies with additional types of property coverage, such as inland marine or spoilage insurance. That is why it is particularly beneficial to receive the guidance of a knowledgeable agent when you are building your Sunrise business insurance coverage.

Workers' Compensation for Sunrise Businesses

  • Employee coverages for small businesses in Sunrise
  • 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 mandates that all U.S. companies that employ at least 50 full-time workers must provide these employees with affordable, subsidized health care coverage. Even if you have a smaller business and are not bound by this mandate, you may want to consider purchasing this coverage anyway. That is because including benefits like health and life insurance as part of your employee benefits package can help you attract and retain talented workers. Some small businesses can even qualify for a tax credit of up to 35% of their cost for premiums. If you are interested in learning more, your agent can help you review a number of appropriate coverage options.

Workers' Compensation Insurance for Sunrise Small Businesses

Like most other states, Florida has laws pertaining to workers' compensation requirements for businesses that operate within its borders. In this state, companies that are in the construction industry and have at least one employee are required to carry workman’s comp insurance. So too are all other companies that have at least four employees.

Worker’s comp provides coverage for injuries and illnesses that may be suffered by workers in the course of carrying out their job duties. It also provides coverage for lost wages and other related financial expenses and losses. This coverage can even help your Sunrise business avoid a liability lawsuit related to workplace injuries. Let your agent help you find a suitably priced policy to meet your business’s coverage needs.

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

Cyber crime insurance has become a progressively necessary type of liability coverage. As reports of electronic data hacking and identity theft continue to rise — particularly in Florida — more and more businesses are seeking to add this coverage to their commercial insurance portfolios. 

If your business electronically collects or stores sensitive personal and financial information about your employees, customers or other individuals, obtaining this insurance may be an especially good idea. It protects your company if hackers manage to access this information, therefore putting the affected individuals at risk for identity theft and fraud. You can get more information about how adding cyber crime insurance to your Sunrise business insurance policy can be of benefit to your company by speaking with your agent.

Find the Right Sunrise Commercial Insurance for Your Business

Every business has a number of specific exposures relative to its industry, size and location and the services it provides. Our agents can help you identify the risks your company faces and can make appropriate policy recommendations to mitigate these exposures. They can also provide you with an easy way to compare customized Sunrise business insurance quotes so you can choose the policies that provide the most value to your company.

There is no reason to build your business insurance package on your own. There are several reliable agents with offices in Florida, and many are located in and near Sunrise. Find an experienced agent near you to learn about finding the right Sunrise commercial insurance at the right price.

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