Florida Small Business Insurance
The Small Business Development Center at the University of West Florida estimates that there are more than 2.5 million small businesses in the Sunshine State, which equals 99.8% of all businesses in the state. They employ more than 40% of all private sector employees.
Small businesses are economic drivers, but they are also extremely vulnerable in the face of many hazards. To succeed, you must meet your financial benchmarks. But, in case of any type of unexpected problem, you might lose everything you have worked hard to build. It’s at this time that customized and tailored business insurance options will help you recover from a worst-case scenario.
States Insurance Agency is committed to delivering quality business insurance solutions to Florida small business owners. Call us at 727-863-8818 or request your quote on coverage now.
Common Small Business Insurance Questions
Why do Small Businesses Need Insurance?
Every business must have insurance in some shape or form. Not only is coverage critical for your own risk management program, but certain policies are often required of different businesses, depending on their industry and other operating factors.
Small businesses need insurance regardless of any requirements because of the proportionally higher risks they face. Whereas larger operations might be better able to withstand certain financial challenges, smaller operations don’t have the same financial reserves. If you have right insurance in place, you won’t have to dig deep into your own pockets to recover from any challenging event.
What is Small Business Insurance?
Businesses of any shape or size need multiple types of insurance, though your precise coverage needs will vary based on various operating factors.
Smaller operations need convenience and affordability out of their insurance benefits, and one of the best ways to start building your insurance portfolio is to buy a Business Owners Policy (BOP). As a package of coverage, a BOP will several essential benefits in one place, and at one price:
Property Insurance: If something damages physical property – such as your building or possessions - then this coverage can help you repair or replace them.
General Liability Insurance: This covers the business in the event it causes property damage or bodily injuries to another party, like a client or vendor.
Business Interruption Insurance: This helps you pay the bills if you must temporarily close after a damaging accident.
You will likely need to buy either endorsements or separate policies to round out your full insurance portfolio. Some of these extra benefits might include:
Workers’ compensation insurance
Commercial auto insurance
Professional liability/Errors & omissions insurance
Inland marine insurance
Employment practices liability insurance (EPLI)
Products/completed operations liability insurance
Cyber liability insurance
Umbrella liability insurance
How Many Employees do I Need to Qualify for Small Business Insurance?
You generally must have fewer than 100 employees to qualify for a BOP. However, many factors beyond just your payroll will affect your eligibility for coverage. Therefore, it’s better to work with your insurance agent to figure out how best to get coverage.
If you do not qualify for a BOP, then there are still many convenient ways that you can package your insurance to your advantage. With our help, you’ll receive strong, easily managed benefits that are still going to provide you with exceptional value.
How Much Does Small Business Insurance Cost?
BOPs offer convenience to policyholders because they only come with a single premium, which is usually more affordable than the cost of piecemeal coverage. However, your precise premium will vary, and it will have to be paid alongside any other commercial insurance benefits you might carry.
For help putting together the most proper commercial insurance portfolio for both your needs and your budget, let your States Insurance Agent be your guide.