Tampa Business Insurance

The Complete Tampa, FL Business Insurance Guide

In 2014, there were 2,180,556 small businesses, employing 3,000,167 people, headquartered in Florida. Nearly 45,000 of these businesses were based in the City of Tampa, FL. Some of the largest industries represented by businesses in this city are finance, retail, health care, tourism and real estate. Of course, businesses in all industries have the potential to thrive in this large city. Whether you own a larger business, like WellCare, or you own a sole proprietorship with no employees, it is important that you protect the investment you have made in your company with a suitable Tampa commercial insurance policy. Consider this: Businesses in Florida collected $19,737,799 in business insurance claims in 2014 alone.

Building a suitable Tampa business insurance package for your company can be complicated, so you may benefit from the guidance of someone who is familiar with the ins and outs of commercial insurance. Trusted Choice® agents can help you identify the various exposures that your business faces and can work with a number of reputable insurance companies to provide you with a selection of Tampa business insurance quotes for policies that are suitable to mitigate these risks. Find an agent near you to learn more.

General liability coverage is a crucial part of every commercial insurance policy package. It provides your company with coverage for legal defense fees, court costs and financial damages for a number of the liability lawsuits your business is likely to face. Your Trusted Choice agent can help you understand this coverage and identify any other types of liability insurance, such as commercial vehicle liability and completed operations liability coverage, that may be appropriate to add to your Tampa commercial insurance portfolio. Your agent may talk to you about such things as these:

  • Premises liability insurance: This is part of your general liability coverage. It covers third-party illness, injuries or property damage that may occur as a result of an accident on your business premises. According to the 2015 Travelers Business Risk Summary, 60% of small-business owners ranked medical cost inflation as their highest concern and over 30% said they felt the least prepared to handle this concern. Fortunately, this insurance covers many of the unexpected medical costs for which your business may be held liable.
  • Product liability insurance: This is another part of your general liability coverage. It covers your business if it is sued because a product it produces, sells or promotes causes injuries, illness or property damage to others. According to a national study, 71% of product liability awards by the courts amounted to $1 million or more, so this insurance coverage can prove invaluable.
  • Professional liability insurance: Also called errors and omissions insurance, this covers individuals in professional positions if they are sued for professional mistakes or errors in judgement. While there are errors and omissions policies designed for all kind of professionals, medical malpractice insurance is one of the best known types professional liability insurance. Considering that 53% of medical malpractice awards by the courts amounted to $1 million or more, it is easy to see the significance of having this coverage.

Business Interruption Insurance for Tampa Small Businesses

  • 2014 gross domestic product (GDP) for U.S.: 2.2%
  • 2014 gross state product (GSP) for Florida: 2.2%
  • The 2014 GSP increase was the same as the GDP increase

As a business owner in Tampa, you can take pride in the contribution you make to your local economy and to Florida’s GSP. However, if a disaster, such as a hurricane or a wildfire, forces you to shut down your commercial operations for an extended period while repairs are made, your business may not be able to generate any revenue at all during the closure. This can cause financial damage that can go so far as to force your company into bankruptcy.

You can shield your company from this threat by making sure that your Tampa commercial insurance portfolio includes business interruption insurance. This provides your business with a continuation of income while it is not operational because of damage caused by a covered event. With these funds, you can afford to pay employee salaries and monthly expenses until you are able to resume normal business operations. Business interruption insurance coverage is often limited to 12 months, though some policies allow for longer coverage periods.

Property Insurance for Small Business in Tampa

  • Number of natural disasters in the U.S. in 2014: 119
  • Only 61% of losses from natural disasters were covered; $9.7 billion from damage was not

Disasters, such as fires and hurricanes, can also lead to significant damage your business-owned property. This is why commercial property insurance, which is part of your business insurance package, is so important. This insurance provides compensation for loss or damage to such things as merchandise, inventory, outdoor signs, computers, tools, machinery and office furniture. Because the coverage needs of businesses in different industries are often quite diverse, it is beneficial to work with a Trusted Choice agent, who can recommend supplemental property coverage policies, such as inland marine insurance, when appropriate.

Workers' Compensation for Tampa Businesses

Each state has its own laws governing employers’ requirements for carrying workers' compensation insurance. In Florida, construction businesses with at least one employee and all other businesses with at least four employees are required to carry workman’s comp insurance. This insurance covers the medical costs, lost wages and other expenses associated with injuries and illnesses that employees may sustain in the course of doing their jobs. This insurance also protects your business from liability lawsuits related to employee injuries. Your Trusted Choice agent can help you find a workman’s comp policy that is well-suited to your particular company.

Employee Coverages for Small Businesses in Tampa

  • 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

If your Tampa-based business has at least 50 full time employees, you are required, in accordance with the terms of the Affordable Care Act (ACA), to provide these workers with subsidized health insurance coverage. Even if your business is smaller and you are not required to offer this coverage, offering benefits such as life and health insurance can help you attract and retain talented employees and may even qualify your business for a federal tax credit. If you are interested in learning more, your Trusted Choice agent can help you find and review a selection of affordable options.

Cyber Crime Insurance for Tampa Small Businesses

  • Number of identity theft complaints in Florida in 2014: 37,059
  • Ranked #1 highest for identity theft complaints in the U.S.
  • Only 22% of businesses have a cyber/data breach response plan

Because cyber crime insurance is a relatively new liability insurance offering, many companies are still without this important coverage. Unfortunately, cases of electronic data theft are on the rise and cyber crime coverage is becoming more and more necessary — particularly in Florida, where the rate of identity theft is extremely high.

Cyber crime insurance shields your business against lawsuits and damages that may result if criminals manage to hack into your computer system and steal sensitive customer or employee information, such as personal and financial data. Talk to your Trusted Choice agent to learn more about how adding cyber crime insurance to your portfolio of Tampa business insurance can be advantageous.

Find the Right Tampa Commercial Insurance for Your Business

Every company has specific insurance coverage needs, and different types of commercial insurance cater to businesses operating in different industries. Trusted Choice agents can help you identify the hazards faced by your particular company, and they can recommend the right coverage types to mitigate these exposures. These independent agents are free to work with several different insurance companies to help you find the most affordable coverage as you build your Tampa business insurance policy package.

There are many Trusted Choice agents with offices in Florida, including in and near the city of Tampa. Find an agent near you to get more information, to discuss your coverage needs and to compare customized Tampa commercial insurance quotes.

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