Small Business Insurance Miami

Small Business Insurance Miami

Miami Commercial Insurance Entrepreneurship is quickly growing in Miami. In 2017, Miami ranked first for new business creation.1 Of the working adults in the city, 22% are starting or running a new business.2 Compared to the U.S., where 12% of working adults are starting or running a new business.

About Business Insurance in Miami

Small Business Insurance Miami Small business insurance helps safeguard you from liability claims, while also protecting your company’s property. There are different insurance coverages business owners can buy. The types of insurance coverage each Miami business needs can vary. For instance, general liability insurance isn’t mandatory in the state of Florida, but coverage is a good idea if your company owns property or other assets. Small business insurance typically consists of three types of coverage:

  • Business income
  • General liability
  • Business property

Business property insurance covers the physical location where your business operates. It also helps protect equipment you use to conduct your business, such as tools and inventory. This coverage applies whether you own or rent your business property.

General liability insurance helps cover your Miami business from the financial costs of certain claims made against your business, such as:

  • Property damage
  • Bodily injury
  • Personal or advertising injury

Business income insurance covers your business’s lost income if you can’t open because of a covered event, such as property damage or theft. This coverage is also known as business interruption insurance.

While these coverages are bundled through a BOP, you can purchase general liability and business property insurance separately. Business property insurance includes business income coverage.

Minimum Requirements of Small Business Insurance in Miami, FL

Business Insurance in Miami, FL Insurance requirements differ depending on the state. Businesses operating in Florida with at least four employees need workers’ compensation coverage. This includes part- and full-time employees.

Miami workers’ compensation insurance provides benefits to employees hurt or sick because of their job. If your employee suffers a work-related injury or illness, this coverage can help cover their treatment costs. It can also help recover some of their lost wages if they take recovery time away from work. Workers’ comp can also help protect you by limiting your liability when a work-related injury or illness occurs.

Some examples of how this insurance can help protect you and your employees are:

  • A cook at your diner burns themselves while preparing a meal for a customer. He ends up in the emergency room. Workers’ compensation can help cover his medical expenses. It can also help cover his costs for ongoing care.
  • Your employee develops carpal tunnel syndrome from years of improper ergonomics. Workers’ comp can help cover their treatment costs.
  • One of your office workers trips over a misplaced box while at work. She fractures her wrist. Workers’ comp can help cover her treatment costs. It can also help cover her costs for ongoing care, such as physical therapy.

Additional Business Insurance for Miami Businesses

Business Liability Insurance Miami While workers’ compensation coverage is only required for some Florida businesses, other coverages are still available through The Hartford. Additional business insurance for Miami businesses include:

Data breach coverage, which can financially protect your business if there is a security breach where personally identifiable information is improperly accessed. Data breach coverage helps cover your costs of:

  • Offering identity protection solutions
  • Paying legal fees
  • Running public relations
  • Notifying impacted customers or clients

Data breaches don’t just happen through a cyberattack. This type of coverage can help Miami businesses if:

  • Data gets saved on a compromised network.
  • Customer records get stolen by hackers.
  • Your employee sends an email with confidential information to the wrong person.
  • You leave your work laptop in a coffee shop and it gets stolen.

Professional liability insurance helps protect businesses found negligent in the services provided. This type of insurance is also known as errors and omissions coverage. Some businesses that can benefit from professional liability coverage include:

  • Tech service professionals
  • Interior decorators
  • Travel agents
  • Consultants
  • Accountants

A few examples of how professional liability insurance can help your business are:

  • An accounting employee makes a mistake with a client’s tax returns. The client files a lawsuit. This coverage can help cover your legal costs.
  • While booking a vacation for a customer, you accidentally forget to book a connecting flight. The customer pays extra to find a last-minute flight. The customer files a lawsuit against your travel agency. Professional liability coverage can help cover your costs to resolve the lawsuit.

Commercial umbrella insurance protects businesses from catastrophic costs. This type of coverage can help cover claims if it exceeds your business’s policy limits. Some examples of when Commercial umbrella insurance can help a business include:

  • A customer trips over a cord and falls down the staircase in your business. This results in medical bills that exceed your general liability coverage limits.
  • Your employee damages a customer’s property while working in their house. The damages exceed your general liability coverage limits.

Available Business Insurance for Miami, FL

We’re backed by over 200 years of experience. We understand the unique risks and needs small business owners have. Our dedicated small business team can help you find the right coverage for your Miami business. We can help you learn more about the different business coverages, including:

  • Commercial Auto Insurance
  • Business Income Insurance
  • Commercial Property Insurance
  • Commercial Umbrella Insurance
  • Data Breach Insurance
  • General Liability Insurance
  • Surety & Fidelity Bonds
  • Home-Based Business Insurance
  • Employment Practices Liability

Get a quote for small business insurance today. You can also contact an insurance agent or call 305-222-9001 and speak to one of our specialists.