In previous years, there were 2,180,556 businesses, employing 3,000,167 people, headquartered in the state of Florida, and more than 7,300 were based in the City of Tamarac, FL. Businesses in the retail trade, construction and administrative services industries are most abundant in this city, but companies of all sorts have the potential to thrive. As a small-business owner in this largely residential city, you can take pride in the contribution you are making to your community and local economy, and you can protect your investment with a suitable Tamarac business insurance policy package. Consider this: recently, businesses in Florida collected $19,737,799 in business insurance claims.
Building a strong portfolio of commercial insurance coverage for your small business can be a complicated endeavor. Fortunately, when you discuss your coverage needs with a reliable agent, the process becomes much less complex. These experienced, local professionals can work with several top-rated insurance companies to help you obtain a variety of customized Tamarac commercial insurance quotes that you can review and compare together. Find an agent near you to get started.
If someone files a liability lawsuit against your business, the resulting costs can be fiscally devastating. Even if the courts rule in your company’s favor, the cost of legal defense alone can be overwhelming. That is why it is so important that your Tamarac commercial insurance includes the right types of liability coverage.
Liability insurance compensates your business for legal defense fees, court costs and financial damages associated with covered lawsuits. Liability insurance includes general liability coverage; your agent can help you identify any other types of liability coverage (such as inland marine insurance and employment practices liability insurance) that may be right for your Tamarac business. Your agent may discuss such things as the following:
- Premises liability insurance: This is part of your general liability insurance coverage. It covers your business if a third-party interest suffers property damage, illness or injuries as a result of an accident on your commercial 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 covers the unexpected medical costs associated with these sorts of accidents and for which your business may be held liable.
- Product liability insurance: This is also a part of your general liability insurance coverage. It covers your Tamarac-based business if a product you produce, sell or actively promote causes damage, illnesses or injuries to others. According to a national study, 71% of product liability awards by the courts amounted to $1 million or more. Based on this, it is easy to see how this coverage may prove quite valuable.
- Errors and omissions insurance: Professionals in a number of different industries can benefit from purchasing this professional insurance. There are policies that are designed to be suitable for a number of specific jobs, from hairdressers to tax preparers. One commonly known type of errors and omissions policy is medical malpractice insurance. A national study found that 53% of medical malpractice awards by the courts amounted to $1 million or more.
Business Interruption Insurance for Tamarac 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 Tamarac contribute to Florida’s gross state product. However, a disaster, such as a hurricane or a massive structure fire, that forces you to shut down business operations for an extended period while repairs are made can have a serious negative impact on your business revenues.
Negate this risk by making sure that your Tamarac commercial insurance policy includes business interruption insurance. That way, your firm continues to collect income during such a forced closure, and you can continue to pay your employees and meet your monthly expenses until your business resumes its normal business operations and generates its own income once again. This coverage lasts for the entire time that your business remains closed, but it is typically limited to 12 months.
Property Insurance for Small Business in Tamarac
- 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, like hurricanes and uncontrolled fires, can cause your business significant losses through property damage. Fortunately, commercial property insurance covers loss or damage to your business-owned assets, including such things as merchandise, computers, tools, machinery and office furniture. Businesses in different industries typically have different coverage needs, and some may benefit from additional types of property coverage, such as inland marine insurance or boiler and machinery insurance. When you are building your Tamarac business insurance package, your agent can make appropriate policy recommendations to ensure that you are not facing any gaps in your coverage.
Workers' Compensation for Tamarac Businesses
Like most other states, Florida has laws pertaining to workers' compensation requirements for businesses that operate within its borders. Companies in the construction industry that employ at least one worker and companies in all other industries that employ at least four workers are required to purchase workman’s comp insurance to cover their employees.
Workman’s comp insurance provides coverage for the treatment of injuries and illnesses that may be suffered by workers in the course of carrying out their job duties. It also makes allowances for paid time off during the recuperation period and for death benefits to family members if an injury is fatal. Workers' compensation insurance can even help your Tamarac business avoid a liability lawsuit related to these events. Your agent can help you find an appropriate and reasonably priced policy.
Employee Coverages for Small Businesses in Tamarac
- 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
The Patient Protection and Affordable Care Act includes an “employer mandate” that requires all companies with at least 50 full-time employees to provide these workers with subsidized health insurance coverage. Including benefits like health and life insurance as part of your employee benefits package can help your business attract and retain good employees — and it may even qualify your business for a federal tax credit. Even if your company is smaller and is not obligated by law to provide coverage, it may be worth looking into. If you are interested in learning more, your agent can help you review a selection of affordable coverage 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
Cyber crime insurance is a relatively new type of liability insurance that covers the growing needs of businesses in a technological age. It is becoming increasingly necessary — particularly for businesses in the state of Florida, where identity theft is most common. If your company electronically collects or stores sensitive personal and financial information about your employees, customers or other individuals, it is at risk.
If data thieves hack into your business’s computer system and access this information, affected individuals can be put at risk for identity theft and fraud. This, in turn, can result in large damage rewards against your company. You can get more information about adding cyber crime insurance to your Tamarac business insurance policy by speaking with your agent.
Find the Right Tamarac Commercial Insurance for Your Business
Like all companies, your Tamarac-based business has specific risks relative to its industry, size and location and the services it provides. Our agents can help you identify your business’s specific exposures and can recommend policies to appropriately mitigate these risks. They can also provide you with an easy way to compare a selection of suitable Tamarac business insurance quotes. That way, you can be sure that you are choosing competitively priced coverage that offers great value to your company. You do not need to shop for business insurance on your own. There are several reliable agents with offices throughout the state of Florida, and many are located in and near the city of Tamarac.
Find an agent near you to learn more about your many Tamarac commercial insurance options.
TrustedChoice.com Article | Reviewed by Jeffrey Green
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