In previous years, there were 2,180,556 small businesses that employed 3,000,167 people, headquartered in Florida, and more than 70,000 of these businesses were based in Titusville, FL. Small businesses play a big role in this community. They provide goods and services needed by those who live here, and they create much needed jobs in an area hard hit by cuts to the space program. If you are a small-business owner in Titusville, you can take pride in your accomplishments and you can protect your investment by purchasing a suitable Titusville commercial insurance policy. Recently, Florida businesses collected $19,737,799 in business insurance claims, which highlights how important this coverage is.
Building a well-rounded insurance package for your small business can sometimes be a complicated endeavor. That is why it is beneficial to discuss your coverage needs with an Independent Insurance Agent. These independent agents can work with several reputable insurance companies to help you find the right coverage at competitive rates. Find an agent near you for guidance and the opportunity to compare customized Titusville business insurance quotes.
- 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% say 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.
Even if the lawsuit is dismissed or the courts rule in your company’s favor, a liability lawsuit can be quite detrimental to your business finances. Legal defense fees alone can cost thousands of dollars. That is why it is so important that your Titusville business insurance include general liability insurance as well as any other types of liability coverage that are appropriate for your business. These policies shield your company by covering legal defense fees, court costs and financial damages for covered lawsuits. Your agent can further explain your many options, including such things as the following:
- Premises liability insurance: This covers the liability costs related to illnesses, injuries or property damage sustained by third parties while they are on your business premises. It is included as part of your general liability coverage.
- Product liability insurance: This provides coverage if a product your business sells, produces or promotes leads to illnesses, injuries or property damage injuries to others and your business is named in a liability lawsuit. It is also included as part of your general liability coverage.
- Professional liability insurance/Errors and omissions insurance: This covers people in professional positions against lawsuits related to errors in judgement, failure to act and other professional mistakes. Medical malpractice insurance is one example of this sort of coverage, though there are policies designed specifically for many different kinds of professional jobs.
There are several other types of liability coverage — including pollution insurance, completed operations insurance, employment practices liability insurance and more — and some may be a good fit for your business. Your agent can help you identify your company’s liability exposures and can suggest appropriate policies to mitigate them.
Business Interruption Insurance for Titusville 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
You can take pride in the contribution your Titusville-based business makes to your local economy as well as to Florida’s GSP. Nevertheless, if a covered disaster, such as a hurricane or a structure fire, forces you to halt business operations for a lengthy time while repairs are made, the resultant lost income can greatly damage your business finances. Also, if you cannot pay key employees during an extended closure, you run the risk of losing them to the competition.
You can avoid this problem by including business interruption in your Titusville commercial insurance policy package. When you have this insurance, your company continues to collect income during the closure in an amount that enables you to continue to pay monthly bills and employee salaries without suffering overwhelming financial losses. This coverage lasts until you can resume normal business operations; but the coverage period is usually limited to 12 months.
Property Insurance for Small Business in Titusville
- 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 also result in extensive damage to your company-owned property. Commercial property insurance covers assets such as inventory, computers, tools and machinery, and office furniture. Companies in different industries frequently have diverse coverage needs, so it is to your benefit to work with a knowledgeable agent, who can recommend other types of property coverage, such as inland marine insurance, if appropriate for your particular business.
Workers' Compensation Insurance for Titusville Businesses
Every state has its own laws pertaining to the need for businesses to carry workers' compensation coverage. In the state of Florida, businesses in the construction industry that employ at least one worker and businesses in all other industries that employ at least four workers are required to include workman’s comp insurance as part of their business coverage.
This insurance covers the treatment of work-related injuries and illnesses as well as other associated expenses, such as paid time off. Having this insurance protects your employees as well as your business, which can benefit from liability lawsuits associated with workplace injuries. Your agent can help you find a suitable policy that is appropriate for businesses that operate in your industry.
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
The Affordable Care Act of 2010 (ACA) requires all U.S. companies with at least 50 full-time employees to provide those workers with subsidized health insurance coverage. Even if your Titusville business has fewer than 50 employees, offering benefits like health and life insurance can help you attract and retain ideal employees, and your business may even qualify for a federal tax credit. If you are interested in learning 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
Cyber crime coverage is a somewhat new type of liability insurance that protects your business in the event that hackers break into your company’s computer system and access personal or financial data about your customers, employees or others. If this happens, your company can be held liable for losses sustained by banks, credit card companies and individuals, and you may be required to purchase credit monitoring services for those affected. If your company collects or stores sensitive information, it is at risk for this sort of data breach, so be sure to ask your agent about including cyber crime coverage in your Titusville business insurance package.
Find the Right Titusville Commercial Insurance for Your Business
Every company has specific coverage needs relative to its size, industry and inherent exposures. That is why there is no such thing as a one-size-fits-all business insurance package. When you choose to work with an independent insurance agent, you will have access to a knowledgeable professional who can make appropriate policy recommendations and help you build a solid portfolio of coverage. You will also be able to easily compare customized Titusville business insurance so that you can be sure that you are getting your coverage at a competitive price.
Contact an agent near you to learn more about your options when it comes to buying Titusville commercial insurance.