Wellington Village, FL is the premier community in Palm Beach County. Florida’s white sandy beaches are just a 30-mile drive from Wellington, and all the amenities of Fort Lauderdale are just one hour away. With the constant influx of tourists, Wellington is a great place to launch a thriving small business. In previous years, there were 2,180,556 small businesses in Florida, providing employment to 3,000,167 people. Of course, owning a business also carries some heavy risks. Recently, loss payouts to Florida businesses totaled $19,737,799. Our Independent Insurance Agents can help you minimize your risk by securing for you affordable Wellington Village business insurance.
As a business owner, the first step in protecting your investment to have a good comprehensive business insurance policy. Business owners face a wide variety of risks on a daily basis, ranging from cyber crime to liability lawsuits. Our independent insurance agents will help you choose the most important business insurance coverages to protect your company and help you succeed in Wellington Village.
General liability insurance is the first coverage every business owner should consider. 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 the least prepared to handle this issue. Liability lawsuits can quickly become a financial nightmare for businesses. When you invest in liability coverage, you have a buffer of protection that keeps your company afloat even if you encounter a lawsuit.
- Product Liability: According to a national study, 71% of product liability awards by the courts amounted to $1 million or more. The majority of small businesses are simply unable to survive product liability lawsuits without closing the doors permanently. That’s why product liability insurance is crucial if you manufacture, design or sell any type of physical goods in Wellington Village.
- Errors & Omissions/Professional Liability: If your business offers a service rather than physical products, you are still at risk for liability problems. Professional liability insurance can protect contractors and consultants a layer of protection against a disgruntled client filing a lawsuit claiming errors or omissions. E&O liability insurance protects consultants and other professionals from client lawsuits and liability-related legal disputes.
Business Interruption Insurance for Wellington Village Businesses
- Recent Gross domestic product: 2.2%
- Recent Florida gross state product: 2.2%
Florida residents are no stranger to natural disasters. What would you do if your business is damaged in a tropical storm and under feet of water? You would be forced to close your business for weeks while the necessary repairs were made. Business interruption insurance protects small businesses after catastrophic interruptions by providing compensation for revenue lost during the time you are unable to operate.
Property Insurance for Wellington Village Businesses
- Number of natural disasters in recent years: 119
- Only 61% of losses from natural disasters were covered
- Total uncovered property damage in recent years: $9.7 billion
Florida is ranked as the second most dangerous state in the nation for natural disasters. The primary threat is hurricanes, followed closely by flooding and wildfires. If your commercial property is damaged in a natural disaster, having a reliable property insurance policy pays off in big ways. You can file a claim and receive the money you need to rebuild or make repairs without tapping into your company’s bank account.
Workers' Compensation for Wellington Village Businesses
Before even hiring the first employee, business owners should make sure they have a workman’s compensation policy in place. Workers' comp pays for medical care and lost wages if an employee suffers a work-related illness or injury. Accidents can happen, but if you have workers' comp, you have peace of mind that you can provide the best care for your employee while also protecting your business from an employee lawsuit.
Employee Coverages for Wellington Village Businesses
- 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
Health insurance premiums seem to go up every year, leaving many Americans searching for new job opportunities that provide employee benefits. It can be difficult for small businesses to offer employee coverages due to high rates and annual increases. Our agents specialize in helping small businesses find the most affordable health and life insurance options for their employees. Our experienced agents offer free rate quotes on multiple policies, helping you find a reliable employee coverage plan at a cost that your business can afford.
Cyber Crime Insurance for Wellington Village Businesses
- 37,059 identity theft complaints in Florida in recent years
- Ranked #1 highest for identity theft complaints in the U.S.
Florida has more annual identity theft complaints than any other state in the country. Yet reports show that only 22% of small businesses have a response plan in place to deal with data breaches and cyber attacks. Cyber crime is a growing problem across the nation. Cyber crime insurance is the best way to protect your business assets and keep your business afloat after a serious data breach or an attack from a malicious hacker.
In order to protect your business's future, make sure you invest in commercial insurance. Our independent insurance agents take the guesswork out of shopping for business insurance by providing one-on-one support and customized rate quotes on multiple policies. Our agents will help you think through the biggest risks your business will encounter in Wellington Village while finding the most reliable business insurance options to protect you from those worrisome threats.
If you’re looking for affordable Wellington Village commercial insurance, contact an agent today for a free rate quote.