West Palm Beach has white sandy beaches and offers some of Florida’s best waterways. Located only one short hour from downtown Miami, West Palm Beach, FL is considered one of the Sunshine State’s premier destinations. Its downtown area features fine dining and an amazing retail and entertainment district. If you are looking for the perfect spot to launch a thriving small business, West Palm Beach is the place for you. 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. Independent Insurance Agents can help you minimize your risk, with affordable West Palm Beach business insurance.
As a business owner, you will face many different risks ranging from natural disasters that wreak damage on your property to liability lawsuits. Trusted agents will help you find the best West Palm Beach business insurance policy to protect yourself and your company from common threats. General liability is the first type of insurance that every small business needs. 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. If you find yourself in the middle of an expensive lawsuit, you can have the peace of mind that general liability insurance protects your company.
- Product Liability: According to a national study, 71% of product liability awards by the courts amounted to $1 million or more. Product liability lawsuits happen every single day and are usually so financially devastating they cause businesses to permanently close the doors. If you manufacture a physical product or good, product liability is an essential part of your comprehensive West Palm Beach commercial insurance plan.
- Errors & Omissions/Professional Liability: If your business offers a service rather than physical products, you are still at risk for liability problems. It only takes one dissatisfied client to land you in the middle of an expensive lawsuit and put all your hard work in jeopardy. E&O liability insurance protects consultants and other professionals from client lawsuits and liability-related legal disputes.
Business Interruption Insurance for West Palm Beach Businesses
- Recent Gross domestic product: 2.2%
- Recent Florida gross state product: 2.2%
Florida is no stranger to natural disasters. Each year, residents endure brutal hurricanes and tropical storms that produce high winds and flooding. So what happens if a natural disaster forces you to close the doors? As a business owner, you will lose precious revenue that could cause permanent damage to your financial future. Business interruption insurance protects small businesses after catastrophic interruptions by providing compensation for lost revenue during the time you are unable to operate.
Property Insurance for West Palm Beach 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
As the second most dangerous state in the nation for natural disaster threats, Florida residents face severe weather often. Hurricanes and tropical storms are the most common type of threat, however, flooding and wildfires can also damage property. If your property is damaged by a hurricane or any type of severe weather, you can easily file a claim with your insurance company and receive the funds to make repairs.
Workers' Compensation for West Palm Beach Businesses
In most states, employers are legally required to have a workman’s compensation policy in place before hiring employees. Lost wages and medical care are just some of what workman’s compensation pays if an employee is injured or made ill on the job. Make sure you have this layer of protection for both yourself and your dedicated employees.
Employee Coverages for West Palm Beach Businesses
- 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
Health insurance premiums seem to go up every year, leaving many Americans searching for new job opportunities that provide employee benefits. Offering good employee benefits can be essential in attracting a loyal staff. As a small-business owner, you can find it difficult to offer employee coverages, thanks to high rates and annual increases. Our experienced agents offer free rate quotes on multiple policies, helping you find a reliable employee cover plan at a cost that your business can afford.
Cyber Crime Insurance for West Palm Beach 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 issue across the nation for both small and large companies. If you become the victim of a hacker or find that your company has had a serious data breach, you will want the protection that cyber crime insurance offers.
In order to see your business succeed in West Palm Beach, you need a reliable commercial insurance policy. Our independent insurance agents can help you create a customized insurance plan to protect your company from the most concerning local risk factors. Our experienced agents will provide you with personalized rate quotes on the coverage you need so that you can find an affordable plan that offers complete peace of mind.
Contact an agent today to learn more and to get free customized quotes on West Palm Beach commercial insurance.
TrustedChoice.com Article | Reviewed by Jeffrey Green
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