Orlando, Fla.—Although three safe and effective vaccines contributed to the recovery, COVID-19 cases declined and jobs steadily returned—by mid-year, the highly-infectious Delta variant hindered expectations of a seamless path forward. Everyone was reminded that the future is still very unpredictable. The recent emergence of the Omicron variant has only reinforced this sense of uncertainty for many people.
For Florida’s economic outlook in 2022, projections are that employment will rise by 4.3 percent or about 379,500 additional jobs, and the state unemployment rate will decline to 3.5 percent. Job growth will lead in areas like Leisure & Hospitality but lag behind in Retail Trade. Personal income growth is also projected to rise by 1.5 percent next year; however, how this translates into increased consumer spending will be affected by how much inflation undermines consumer confidence.
Inflation is expected to rise by around 2.2 percent if supply chain and labor issues turn out to be truly transitory.
According to a recent forecast released by the Institute for Economic Forecasting at the University of Central Florida, our state’s population over the next three years will continue to grow, as Baby Boomers retire and move to the Sunshine State. More job-seekers will migrate to Florida as the travel and hospitality industry recovers from the pandemic-caused downturn of the past two years.
The sector with the biggest expected job growth in Florida over the next three years is hospitality, which was battered during the past two years by the pandemic, with a predicted jump of 8.1%. That is followed by professional and business services, which is expected to grow by 3.8%. Professional and business services are white-collar jobs like lawyers, architects and accountants.
Rebounding tourism has also brought many people back to the Sunshine State’s natural amenities and theme parks. Many regional real estate markets are attracting new residents to the state due to increased remote work. In response, many local businesses are capitalizing on the twin benefit of returning tourists and new residents.
Now more than ever is it important to have your business insurance protection perfectly tailored to its operations and needs. Whenever there is even low levels of uncertainty, it is important to protect your assets and all your investment from potential risks.
In Florida, if you have employees, you are required to carry Workers Compensation coverage. Even in non-mandatory states, it can be a very good idea, particularly if you have many employees, or if they are engaged in hazardous activities.
Also, General Liability insurance pays losses arising from real or alleged bodily injury, property damage, or personal injury on your business premises or arising from your operations.
Examples of a Broad Range of General Liability Protection
- Bodily Injury, including the cost of care, the loss of services, and the restitution for any death that results from injury.
- Property Damage coverage for the physical damage to property of others or the loss of use of that property.
- Products-Completed Operations provides liability protection (damages and legal expenses up to your policy's limit) if an injury ever resulted from something your company made or service your company provided.
- Products Liability is a more specialized product liability insurance that protects your company against lawsuits from product-related injury or accidents.
- Contractual Liability extends to any liability you may assume by entering into a variety of contracts.
- Other coverage includes: Reasonable Use of Force; Borrowed Equipment; Liquor Liability; Non-Owned Vehicles (such as aircraft and watercraft); Fire, Lightning or Explosion Damage; Water Damage Liability Protection; Legal Defense Costs; Medical Payments; Personal Injury; Advertising Injury; and specialized liability protection for specific business types.
At Garzor Insurance we care about your business. Our experienced professionals are dedicated to providing commercial insurance, including business general liability coverage in Florida as well as Texas, and now many other states across the U.S. If you have questions about truck insurance, or any other commercial insurance aspects, please do not hesitate to visit us online at Garzor Insurance, or you may want to call us directly at (321) 206-8035.
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