Tallahassee Business Insurance

The Complete Tallahassee, 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, headquartered in the state of Florida; and more than 15,700 of these businesses were based in the City of Tallahassee, FL. Companies that operate in the public administration and retail trade and in professional, scientific and technical services industries are most abundant in this city, but businesses in all industries are thriving here. Whether you own a large business, like Capital City Bank, or you own an independent contracting business with no employees, it important that you protect your business assets with an appropriate Tallahassee commercial insurance policy. Case in point: recently, businesses in Florida collected $19,737,799 in business insurance claims. This serves to highlight how important business coverage can be.

Building a comprehensive commercial insurance policy can often be a complex endeavor, but you can simplify the process by discussing your coverage needs with an Independent Insurance Agent. These independent agents can work with several different insurance companies to help you find reasonably priced coverage that is suitable to meet the needs of your commercial enterprise. Find an agent near you to compare customized Tallahassee business insurance quotes and learn more.

  • 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 company, can be financially damaging — even if the courts ultimately rule in your 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 so important that your Tallahassee commercial insurance policy include general liability insurance as well as any other types of liability coverage that are applicable to your business. These liability insurance policies can shield your firm from significant losses by covering legal defense fees, court costs and financial damages. Your agent can further explain your many options, including such things as the following:

  • Premises liability insurance: This covers costs associated with injuries, illnesses or property damage sustained by third parties as a result of an accident on your business premises. It is included as part of your general liability coverage.
  • Product liability insurance: This covers the costs associated with injuries, illness or property damage caused by a product your company sells, produces or promotes. It is also included as part of your general liability coverage.
  • Errors and omissions insurance: This is professional liability insurance that covers individuals in professional positions against lawsuits due to professional mistakes, such as errors in judgment or failure to act in a timely manner. Medical malpractice insurance is an example of this sort of coverage, but there are specific policies designed for professionals of all stripes, from hairdressers to architects.

There are many other types of liability coverage, such as pollution liability insurance, commercial auto liability insurance, and employment practices liability insurance. Some policies may be a good fit for your business. Your agent can help by making appropriate recommendations.

Business Interruption Insurance for Tallahassee 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

Tallahassee-based businesses make a significant contribution to their local economy and to Florida’s gross state product. However, if a covered disaster, such as a hurricane or a fire, forces you to halt business operations while repairs are made, the lost income can significantly affect your business finances — especially if the damage was extensive, causing your business to remain closed for several months.

You can avoid this problem by ensuring that your Tallahassee commercial insurance package includes business interruption insurance. That way, your company can continue to collect the income it needs to pay monthly expenses and employee salaries during the time that it is not operational. This coverage lasts until you are able to return to normal business activities, but it is typically limited to 12-months.

Property Insurance for Small Business in Tallahassee

  • 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

Major disasters can do more than just force your business to close temporarily. These events can also cause extensive damage to your business-owned property. Commercial property insurance covers such things as your business’s inventory, merchandise, outdoor signs, computers, and office furniture. There are supplemental property coverage policies that go beyond the scope of basic property insurance. Depending on the type of business you own, your agent may recommend additional property coverage, such as spoilage insurance, inland marine insurance, or boiler and machinery insurance. Talk to your agent to learn more about the coverage types that may be right for your company.

Workers' Compensation Insurance for Tallahassee Businesses

The state of Florida has workers' compensation (or “workman’s comp”) requirements for all businesses that operate within its borders. 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 carry workers' compensation insurance. This insurance covers the treatment of work-related injuries and illnesses and covers your employees’ lost wages for necessitated time off related to these injuries. It can even pay a death benefit to an employee’s family members if a work-related injury is fatal. Your agent can help you find a policy that is well-suited to your particular business.

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

There is an “employer mandate” written into the Patient Protection and Affordable Care Act, which went into effect in 2010. The mandate states that all U.S. companies with at least 50 full-time workers are required to provide those employees with subsidized health insurance. Even if your Tallahassee business has fewer than 50 employees, including benefits like health and life insurance in your employee benefits package can help your business attract and retain a capable workforce. In some cases, small businesses can even qualify for a federal tax credit of up to 35% of the cost of their premiums. If you would like to learn more, your agent can help you review a selection of affordable options.

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 instances of electronic data theft and computer hacking continue to rise, more and more U.S. businesses are looking into purchasing cyber crime insurance coverage. This is a relatively new type of liability insurance that protects your business from the myriad financial losses that may result if your company’s data is compromised. Hackers may access customer or employee personal and financial data that you have collected or stored electronically for business purposes, or they may steal valuable intellectual property. All of this can result in large liability lawsuits against your company. If your business is at risk, be sure to ask your agent about adding this important coverage to your Tallahassee commercial insurance package.

Find the Right Tallahassee Commercial Insurance for Your Business

Every business has specific coverage needs relative to its size, industry, scope, and location. That is why there is no such thing as a one-size-fits-all business insurance policy package. When you work with an agent, you will have access to a professional who can explain your many coverage options, advise you about which coverage types are appropriate for your business and ensure that you are not left with any unrealized coverage gaps. Your agent will also make it easy for you to compare Tallahassee business insurance quotes for policies that have been customized to meet your specific business needs. That way, you can be sure that you are getting the right coverage at a competitive price. 

Contact an agent near you to learn more about your options when it comes to purchasing Tallahassee commercial insurance coverage.

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TrustedChoice.com Article | Reviewed by Jeffrey Green

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