Pritchard’s & Associates is a third-generation local insurance agency that has been protecting Floridians for over 30 years. We work hard to make sure your coverage fits your life, not force your life to fit the coverage. The same goes for your business. We carry companies like
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Auto-Owners
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Progressive
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Liberty Mutual
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Travelers
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Geico
- And so many more.
We are always looking for reputable carriers/markets to partner with, so we have solutions for every type of business owner.
Serving Businesses Across Florida
Being an independent agent and writing with many companies, we can write insurance anywhere in the state of Florida. Some companies have restrictions in certain areas, which is why we partner with a variety of companies. We can place clients wherever they are with the company that best suits them and their needs.
No matter where you are, we can help you.
We’ll Make Insuring Your Small Business Easy
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When Do You Need Small Business Insurance?
No matter how small your operation is, you can’t be too careful about insuring it. We recommend getting insured at the point of making “sustainable income” or when you are convinced your business needs coverage.
Sometimes, starting a business can sneak up on you. Sadly, most business owners don’t know that they need insurance until they are facing the aftermath of an incident (and paying thousands of dollars).
There is no perfect time to get small business insurance, but we generally recommend getting coverage around the following events.
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When your current policy is due for renewal
- Before you offer new or additional products
- Before or during relocating your business
- Before buying new equipment
- When you are hiring or laying off employees
- Increasing or decreasing your income
Basically, at any point where you feel your general rate of risk is increasing, you should consider small business insurance.
But, Why Do I NEED Small Business Insurance?
In the state of Florida, small business insurance is not required. Commercial auto insurance is a requirement for businesses that use vehicles to complete business-related tasks, but that same rule does not apply to general liability or related coverages. (Personal auto does not cover commercial/business coverage and incidents, which is where the necessary comes from.)
That being said, small business insurance is highly, highly recommended. Commercial-related lawsuits, liabilities, and issues are much more costly than personal ones.
We are also talking about your livelihood. That’s not something you want to risk.
How Small Business Insurance Works
Very similar to your personal policies, it all starts with a quote. A lot of people hold off getting small business insurance because 1) they don’t think they have a business quite yet, and 2) they are afraid of the cost. But you’d be surprised at how affordable coverage can be. It’s also aggressively cheaper than paying legal fees when a client relationship goes wrong. Many owners start with a BOP or Business Owner’s Policy because it combines three coverages into one package that is custom to your business. Some coverages you might choose include
General Liability Insurance helps safeguard your business against claims of bodily injury and property damage.
- Worker’s Compensation Insurance provides benefits and support for employees who are injured on the job or as a result of the job, including medical care, lost wages, and funeral costs.
- Commercial Auto Insurance helps cover you and your employees if you’re in an auto accident with company vehicles.
- Professional Liability Insurance covers or helps pay legal expenses in the event that your business makes a mistake.
- Business Income Insurance, also called business interruption insurance, helps recoup lost income when the business first suffers damage and has to close.
- Commercial Property safeguards the property from which a business operates.
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Additional Types of Insurance For Small Businesses
We know that no business is created equal or looks like another, so there are a lot of nuances with coverage. Thankfully, there are also a lot of additional types of coverage available.
Errors & Omissions Insurance
If a client of the covered business holds them responsible for losses caused by errors or omissions in their professional services and advice.
It’s great for anyone in industries such as
- Real estate agents
- Consultants
- Software developers
- Accountants
- Engineers
- Architects
- Investment advisors
Data Compromise Coverage
Often called “data breach liability insurance,” it helps reimburse your business for particular expenses after a data breach. It generally covers 1) informational materials for affected customers and employees, 2) credit monitoring services for impacted customers and employees, and 3) access to an identity theft helpline for affected customers and employees.
It can even cover your business’s legal fees.
Please note that these policies do not cover reimbursement to restore the affected computers and systems. It’s best for companies that work in any digital environment, software, or with sensitive information (such as patient health info, etc.).
Commercial Auto Insurance
While we explained this above, you should know that this type of policy is best for anyone working in the following industries.
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Lawyers
- Doctors and Dentists
- Realtors
- Landscapers
- Electricians
- Plumbers
- Carpenters
- Artisan and specialty contractors
- Florists
- And more
Employment Practices Liability Coverage
This is coverage for any legal cost regarding a suit brought against your company by an employee, a contractor, employment candidates, vendors, leased employees, and seasonal employees. It covers lawsuits like
Discrimination
- Sexual harassment
- Retaliation/adverse actions
- Wrongful termination
- Denial of a career opportunity
- Violations of the Family and Medical Leave Act (FMLA)
Equipment Breakdown Coverage
This will cover the repair or replacement of damaged or malfunctioning equipment after a covered incident. This type of small business insurance addition is great for anyone whose work is equipment-focused. It can also apply to spoiled food, depending on your policy.
It covers scenarios such as
- Repairs after a covered incident
- Extra costs associated with temporary repairs or rush repairs
- Loss of business income due to affected equipment
- Property damage liability costs
- Mandatory equipment inspections
- Covered incidents can include
Power surges
- Short circuits
- Mechanical breakdowns
- Motor burnouts
Frequently Asked Questions About Small Business Insurance
What is small business insurance?
For businesses with fewer than 500 employees or team members, this coverage protects all types of assets, such as assets, property, and income.
What does small business insurance cover?
The term “small business insurance” usually represents a Business Owner’s Policy (BOP) policy, which includes three types of coverage.
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Property Coverage
- General Business Liability Coverage
- Business Interruption Coverage
What is included in small business insurance?
It’s an informal term, so technically, small business insurance can cover whatever you want to be included in your policy.
How much does small business insurance cost?
On average, business insurance policy premiums cost
$57 per month
OR
$684 per month
But this is an average across all the businesses in the U.S.
Do I need insurance for a home-based business?
You might want to check your homeowner's insurance policy because coverage for home-based businesses might be included.
Is small business insurance required?
In the state of Florida, business insurance is not required. Commercial auto is a requirement for businesses that use any sort of vehicle to complete business-related tasks.
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