Your Kissimmee Business Insurance Guide

Recently, there were 2,180,556 small businesses that employed 3,000,167 people headquartered in Florida; and more than 10,000 of these businesses were based in Kissimmee, FL. These small businesses make a big contribution to the local economy. Whether you own a large business, like the Gaylord Palms Resort & Convention Center, or you own an independent contracting company with no employees, it important that you protect your business assets with an appropriate Kissimmee commercial insurance policy. Case in point: In previous years, businesses in Florida collected $19,737,799 in business insurance claims. This highlights how important business coverage is.

Building a comprehensive insurance policy can often be a complex endeavor, but you can simplify the process by discussing your coverage needs with one of our many Independent Insurance Agents. These agents can work with several different insurance companies to help you find reasonably priced coverage that is suitable for your commercial enterprise. Find an agent near you to compare customized Kissimmee business insurance quotes.

According to a recent Travelers Business Risk Summary, 60 percent of small-business owners ranked medical cost inflation as their highest concern and more than 30 percent said they felt unprepared to handle this concern.
According to a national study, 71 percent of product liability awards by the courts amounted to $1 million or more.
That same study showed that 53 percent of medical malpractice awards by the courts amounted to $1 million or more.

A lawsuit against your company can be financially damaging, even if the courts ultimately rule in your favor. Legal defense fees alone can sometimes cost thousands of dollars, and many small businesses are simply not equipped to handle losses in the amounts that they may be sued for. That is why it is so important that your Kissimmee commercial insurance policy includes general liability insurance as well as any other types of liability coverage that are applicable to your business. These policies can shield your firm from significant losses by covering legal defense fees, court costs and financial damages. Your agent can further explain your many options including the following:

Premises liability insurance: This covers the costs associated with injuries, illnesses or property damage that may be sustained by third parties as the result of an accident that occurs on your business premises. It is included as part of your general liability coverage.
Product liability insurance: This provides coverage if a product your company sells, produces or promotes is somehow faulty and causes damage, illnesses or injuries to others. It is also included as part of your general liability coverage.
Professional liability insurance/Errors and omissions insurance: This covers the professionals who work for your business against lawsuits due to professional mistakes, such as errors in judgment or failure to act in a timely manner. Medical malpractice insurance is an example of this sort of coverage, but there are specific policies for professionals of all stripes.

There are many other types of liability coverage, such as pollution liability insurance and commercial auto liability insurance. Some may be a good fit for your business. Your agent can make appropriate recommendations.

Business Interruption Insurance for Kissimmee 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 was the same as the recent GDP

Kissimmee-based businesses contribute significantly to Florida’s gross state product. However, if a covered disaster, such as a hurricane, fire or tornado, forces you to stop business operations while repairs are made, the lost income can significantly affect your business finances – particularly if the damage was extensive and the closure goes on for months.

You can avoid this problem by ensuring that your Kissimmee commercial insurance package includes business interruption insurance. That way, your company can continue to collect the income it needs to pay monthly expenses and employee salaries during the time of the forced closure. This coverage lasts until you are able to once again operate your business to capacity, but it is typically limited to 12-months.

Property Insurance for Small Business in Kissimmee

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 do more than just force your business to close for repairs. They can also cause extensive damage to your business-owned property. Commercial property insurance covers such things as merchandise, outdoor signs, computers, display cases, furniture, and décor. There are specific property coverage policies that go beyond the scope of basic property insurance. Depending on the scope of your business, your agent may recommend additional property coverage types, such as bailee insurance, inland marine insurance, and boiler and machinery insurance. Talk to your agent to learn more about your various options.

Workers' Compensation Insurance for Kissimmee Businesses

The state of Florida has workers' compensation (or “workman’s comp”) requirements for all businesses operating in this state. Companies in the construction industry that have at least one employee and businesses in all other industries that have at least four employees are required to include workers' compensation coverage as part of their business insurance coverage.

This insurance covers the treatment of work-related injuries and illnesses and pays employees for time off related to these injuries. It can even pay a death benefit to surviving family members if one of your workers suffers a fatal injury. Your agent can help you find a policy that is appropriate for your particular business.

Employee Coverages for Small Business

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

There is an “employer mandate” written into the Affordable Care Act (ACA). It states that companies with at least 50 full-time employees are required to provide them with subsidized health insurance. Even if your Kissimmee business has fewer than 50 employees, including benefits like health and life insurance in your employee benefits package can help you attract and retain a strong workforce. If you would like to learn more, your agent can help you review your options.

Cyber Crime Insurance for Small Business

Number of identity theft complaints in Florida in recent years: 37,059
Ranked highest for identity theft complaints in the U.S.
Only 22% of businesses have a cyber/data breach response plan

As news reports of electronic data theft continue to rise, more and more U.S. businesses are looking into purchasing cyber crime coverage. This is a relatively new type of liability insurance. It protects your business from the myriad financial losses that may result if hackers access customer or employee personal and financial data that you have collected or stored electronically for business purposes. If your company is at risk, be sure to ask your agent about adding this important coverage to your Kissimmee commercial insurance package.

Find the Right Kissimmee Commercial Insurance for Your Business

Every business has unique coverage needs relative to its size, industry, scope and inherent exposures. That is why there is no such thing as a one-size-fits-all business insurance plan. When you work with an independent insurance agent in our network, you will have access to a professional who can explain your many coverage options, advise you about which coverage types are appropriate and ensure that you are not left with any unrealized coverage gaps. You will also be able to easily compare Kissimmee business insurance quotes for policies that have been customized to meet your specific business needs. That way, you can be sure that you are getting the right coverage at a competitive price.

Contact an agent near your business to learn more about your options when it comes to buying Kissimmee commercial insurance.

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