Small Business Insurance Florida. A small business, as defined by the Small Business Administration, is one with 500 or fewer employees. As of 2016, there are 27 million or more small businesses in operation within the U.S., ranging from sole-proprietorships owned by the self-employed to construction firms, small stores, beauty salons, and even community banks. Regardless of their volume of business, all small businesses share a common thread - the need for obtaining proper small business insurance to protect their businesses from all angles.
Small business owners in FL can work request a quote to find the right small business insurance Florida policies for their businesses. From rate and policy comparison to finding the exact coverage that meets a specific business need, we can help you find policies for the your FL business needs. Small business insurance Florida protects your investment by minimizing financial risks associated with unexpected events such as a death of a partner, an injured employee, a lawsuit, or a natural disaster.
Small business insurance Florida protects your business from lawsuits with rates as low as $29/mo. Get a fast quote and your certificate of insurance now.
The smallest home businesses that have no employees are not subject to governmental requirements for purchasing insurance. Nonetheless, businesses with employees, even small businesses need certain types of insurance - some to remain compliant with government requirements and others that protect the business owner in the event of work-related accidents, illnesses, ideuries, or even death. Companies with employees may need:
Worker's comp policies for FL small businesses. This type of small insurance Florida may be available through the worker's compensation insurance program in FL or through a commercial agent selling small business policies. The requirements for worker's compensation insurance are specific to Florida, making it important that small businesses consult with an insurance pro for FL requirements to ensure their compliance.
Unemployment insurance for FL small businesses. Unemployment insurance is paid for using UI taxes collected by each individual state. After a business establishes itself and registers with the Florida Department of Labor, the business owner begins paying UI taxes and is covered in the event of layoffs and other related unemployment issues.
Disability insurance policies for small FL businesses. The purchase of disability insurance by small business owners can be a valuable type of insurance for small businesses looking to build up their employee benefits packages.
Group medical coverage for FL small businesses. Small businesses with more than 50 employees may be required to purchase group health insurance for their employees under the Affordable Care Act. Even if you have no employees, you should consider coverage under a small business insurance Florida policy for yourself and your family.
A type of optional insurance coverage, small business insurance Florida provides your business with the coverage it needs to maintain operations after a lawsuit or catastrophic event. Lawsuits can wreak devastation to your business model, as can extreme weather events, fires, and accidents.
As many as 50 percent of businesses that undergo a natural disaster such as a hurricane, tornado, fire, or major flooding fail within a five-year period. Businesses that fail to resume operating in the aftermath of disaster within a 10-day period tend to close within a month's time in 80 percent of instances. These FL businesses usually lack a solid insurance policy that helps the business to remain profitable and resume operations as soon as possible after setbacks due to covered perils.
Small business insurance Florida needs vary widely, due to the vast numbers and types of small businesses in operation. Some considerations for the FL small business owner when purchasing small business insurance to protect against loss and damage:
An important component of any commercial business insurance policy FL is small business liability insurance. While the risk you need to protect your business from differs based on your industry, it is difficult to find a one-size-fits-all policy. Small business insurance Florida policies are customizable, so your agent can tailor the policy to fit your risk threshold and the assets you need to protect. Some FL small business liability insurance options are:
The amount and type of coverage needed by your business determines the rates. Insurers also look at the likelihood of a business facing liability suits when determining the rates charged.
Customized small business insurance Florida plans are designed to fit your particular business model and may include other types of coverage that is uniquely necessary for your individual business. For example, your business may need:
Finding the right policy for a small business is no easy task, since business vary as much as the policies available. According to the SBA, "You should discuss your specific business risks and the types of insurance available with your insurance agent or broker. Your agency can advise you on the exact types of insurance you should consider purchasing."
Request a free quote today to get help in assessing your business' risks and formulate the right policy for your specific needs and risks.
Our agents can help you get a small business insurance Florida quote online from several companies, which is instrumental in finding the right policy that meets your budget. We work with multiple companies and are not bound to sales for a particular company, making it easier to compare rates and options.
If you are thinking about starting up a business in the state of Florida, it's important to understand the economic standing of the state before you set up shop. Furthermore, you should understand the rules and regulations regarding FL commercial insurance.
With this information, you will be able to determine if Florida is the right place for your business, and if so, what type of insurance you will need to carry to protect yourself, your employees, and the people that you serve.
Florida is known as the sunshine state, and the economic outlook for this state is just as bright as the weather. It is estimated that the economy in Florida will reach $1 trillion by the end of the 2019 calendar year. However, while financially, the economy is expected to boom, it is forecasted that job growth will decline.
The reason for the economic boom? While businesses do certainly contribute to the economy, industry isn't the reason why Florida's economy is expected to soar; the residents that move to the state are largely responsible for its economic growth. Approximately 898 people move to Florida every day, and those new residents bring a tremendous amount of income for the state.
In terms of job growth, the rate of new jobs has been its highest since 2007; however, it is forecasted to slow during 2018. Approximately 180,000 new jobs will be added in 2018, which is slightly less than the new jobs that were added in 2017.
The industries that contribute the most to Florida's economy include:
The Florida Office of Insurance Regulation regulates insurance in FL. The only type of coverage that business owners must carry is workers' compensation. Organizations in any industry must carry this type of coverage if they employ a staff of hourly or salaried workers. But, organizations that employ three or less people are not legally required to carry this type of coverage.
Business owners are also required to carry commercial auto insurance if they use any vehicles for their operations, such as making deliveries or transporting goods. Commercial liability insurance is another type of coverage that Florida business owners should consider carrying, though they are not legally required to have this type of insurance.
Protect your company and employees with the right commercial insurance policies. Read informative articles on small business insurance coverages - and how they can help shield your company from legal liabilities.
Your small business faces many potential disasters including: fire, floods, theft, equipment breakdown, lawsuits from clients or customers and current & former employees. Any many other risks you haven't even thought about.
A small business commercial insurance program should provide protection for both larger and smaller disasters. The obvious things like fire, flood and theft most business owners think about... but what if a hacker infects your computers with a virus - and files containing private customer information like credit card and Social Security numbers are stolen?
Who is going to pay to fix your customers credit rating etc...? Will your insurance pay for the cost? You need to know that.
Your commercial insurance program should cover events that can close down your company, or cause it to lose revenue. Anything less than that is not enough coverage. Commmercial insurance doesn't cover everything, and all policies have exclusions and limits.
You need a written plan that allows you to get your operations back up and running as quick as possible.
Request a free Small Business Insurance Florida quote in Altamonte Springs, Apopka, Aventura, Boca Raton, Bonita Springs, Boynton Beach, Bradenton, Cape Coral, Casselberry, Clearwater, Clermont, Coconut Creek, Cooper City, Coral Gables, Coral Springs, Crestview, Cutler Bay, Dania Beach, Davie, Daytona Beach, DeLand, Deerfield Beach, Delray Beach, Deltona, Doral, Dunedin, Edgewater, Fort Lauderdale, Fort Myers, Fort Pierce, Gainesville, Greenacres, Haines City, Hallandale Beach, Hialeah Gardens, Hialeah, Hollywood, Homestead, Jacksonville Beach, Jacksonville, Jupiter, Key West, Kissimmee, Lake Worth, Lakeland, Largo, Lauderdale Lakes, Lauderhill, Leesburg, Margate, Melbourne, Miami Beach, Miami Gardens, Miami Lakes, Miami, Miramar, New Smyrna Beach, North Lauderdale, North Miami Beach, North Miami, North Port, Oakland Park, Ocala, Ocoee, Orlando, Ormond Beach, Oviedo, Palm Bay, Palm Beach Gardens, Palm Coast, Palmetto Bay, Panama City, Parkland, Pembroke Pines, Pensacola, Pinellas Park, Plant City, Plantation, Pompano Beach, Port Orange, Port St. Lucie, Riviera Beach, Rockledge, Royal Palm Beach, Sanford, Sarasota, Sebastian, St. Cloud, St. Petersburg, Sunny Isles Beach, Sunrise, Tallahassee, Tamarac, Tampa, Tarpon Springs, Temple Terrace, Titusville, Venice, Wellington, West Palm Beach, Weston, Winter Garden, Winter Haven, Winter Park, Winter Springs and all other cities in FL - The Sunshine State.
Also learn about Florida small business insurance requirements for general liability, business property, commercial auto & workers compensation including FL business insurance costs. Call us (954) 399-3996.