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Comprehensive Small Business Insurance

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What is Small Business Insurance?

Small business insurance refers to specialized types of coverages made for small business owners to protect their livelihoods from all unexpected risks. It protects businesses from claims or lawsuits related to property damage, professional errors, employee injuries, third-party injuries, and more.

For businesses that operate on a small scale, insurance solutions differ compared to mid-sized companies and big corporations. For example, small businesses have limited funds and can’t afford to lose chunks of their money in accidents. As a specialized small business insurance agency, we offer small business insurance products that include general liability, commercial property, commercial auto, professional liability, workers’ compensation insurance, and many more. Our goal is to help small businesses protect their business and focus on its growth.

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Why Is Small Business Insurance Important?

Protects Against Financial Losses

Incidents, like property damage, lawsuits, or natural disasters, can result in financial setbacks. With small business insurance, you don’t have to cover all the expenses out-of-pocket. The insurance company takes care of most of it.

Ensures Legal Compliance

In many states, some insurance types, like workers’ compensation insurance, are required by law. Buying the mandatory insurance coverage ensures your business complies with the state laws.

Safeguards Employees and Assets

Not only does insurance pay legal fees, but it also covers medical expenses and lost wages for injured employees. Having insurance protects your most important asset- your employees.

Enhances Business Credibility

Having insurance shows potential clients and investors that you are a responsible business owner, who is committed to protecting your business. It could be a deciding factor for them when choosing between you and a competitor.

Ensures Business Continuity

Without insurance, unexpected events can consume a lot of money, threatening your business’s stability. Insurance covers most of these events to help you feel secure. And if the worst happens and your business is no longer operational, business interruption coverage covers lost income until you get back on your feet again.

Why Florida Insure for Small Business Insurance?

Florida Insure is an insurance agency that provides a suite of insurance products, like business, non-profit, religious, and personal insurance. Here’s why it should be your top choice:

  • Experienced Insurance Agents: Our insurance agents have specialized experience with extensive knowledge of the world of small business insurance. We know how to help you.
  • Risk Management Solution: Our team helps you plan risk mitigation strategies with expertise and dedication. We have over a decade of experience of getting businesses out of tough spots.
  • In-House Claim Management: We have our in-house claim management adjusting team. They work directly for our agency, which allows for the consistent application of company policies and guidelines.

What Does Small Business Insurance Cover?

Commercial Property Insurance

Whether you lease, own, or rent a business property, you should get commercial property insurance. Damage from external factors, like fire, theft, vandalism, or a windstorm can take a toll on your commercial property, costing a lot of money for repairs. Commercial property insurance for a small business covers the cost of repairs, as well as the cost of replacing lost, stolen, and damaged items.

General Liability Insurance for Small Business

Commercial general liability insurance (CGL) or business liability insurance is a coverage that protects your small business from claims of property damage, bodily injury, or advertising injury. These claims, made by clients or third parties, can be expensive to settle, whether you win or lose. CGL covers the legal expenses, as well as the injury’s medical bills.

Commercial Auto Insurance

If operating commercial vehicles is part of your business operations, you are required by law to insure the vehicles. Auto insurance protects your vehicles from liability claims and property damage. If you own more than one vehicle, you can get fleet insurance to protect all the vehicles under one policy.

Workers’ Compensation Insurance

Your employees are the fuel that powers your business; protecting them is crucial to ensure success. With workers comp, the insurance company can provide lost wages and cover medical expenses for workers injured on the job.

Professional Liability Insurance

Professional liability is a type of liability coverage that protects your business against claims of negligence, misrepresentation, violation of good faith and fair dealing, and inaccurate advice. In other words, if a client is unsatisfied with your advice or service, you can get sued. If you carry the coverage, your insurance company will cover the legal expenses, as well as the settlement fees.

Business Owners Policy

BOP is a commercial insurance package made for a small business that includes general liability insurance and commercial property insurance. Some insurers also include business interruption insurance as an option to add to the package. BOP is a cost-effective, convenient option for small business owners to easily manage all their commercial insurance coverage under one policy.

Business Income Insurance

Business income insurance, also known as business interruption insurance, is a type of commercial insurance that covers you if your business operations halt because of severe property damage. It covers lost income, employee’s wages, and any other expenses to prevent your business from shutting down completely. It can also cover reopening costs.

Cyber Insurance

Most small business owners rely on digitization to store and manage clients’ data. This is an efficient approach, but the probability of a cyberattack or data breach makes it risky for the business. With cyber insurance, the company is protected in case of an attack, as the insurance company will help with data recovery, system restoration, business interruption, and expenses related to notifying affected parties.

Coastal Commercial Property Insurance

While commercial property coverage protects your property from some damage, coastal commercial property insurance specializes in buildings located near the coast. These business properties face unique risks common to coastal environments, like windstorms, flooding, storm surges, erosion, and more.

Commercial Umbrella Insurance

It’s hard to tell exactly how much insurance you need for your business. In case of a covered event where the expenses are higher than your coverage limit, commercial umbrella insurance bridges the gap, paying the difference so you don’t have to pay it out-of-pocket.

Commercial Hurricane Insurance

Commercial hurricane insurance protects businesses from the financial impact of hurricanes. Its protection extends the protection offered by commercial property coverage for hurricanes. It covers cases of wind damage, water damage, and business interruption.

Small Business Health Insurance

Health insurance for small business employees is known as group health insurance. It provides small business owners access to health insurance coverage for their employees that extends beyond the regular healthcare plan. Having small business health insurance is a good strategy to attract and keep top talent.

Errors and Omissions Insurance

Errors and Omissions is a type of professional liability coverage. It covers scenarios like work errors and mistakes, missed deadlines, and breach of contract among other claims of inadequate service.

Is Small Business Insurance Legally Required?

Small business insurance is an important supplement that boosts your business’s chance of success. With so many options, one might ask which types of insurance are obligatory and which are not. Below we discuss the insurance types that are legally required, as well as the essential ones.

Small Business Insurance Legal Requirements

  • Workers Compensation: For businesses with four or more employees, state laws require having workers comp, whether they work part-time or full-time.
  • Commercial Auto Insurance: Any vehicle operated by a business must be covered under commercial auto insurance.

Essential Small Business Insurance

  • General liability insurance: Without CGL, your business is exposed to claims that may arise from day-to-day accidents.
  • Commercial property insurance: Protects your business property where you carry the operations and make a profit.

We Serve These Industries

Church & Religious Organizations

Nonprofit Organizations

Nightclubs

Schools

Charter Schools

Camps

Restaurants

Metal Manufacturers

How to Get Commercial Business Insurance with Florida Insure

  1. Click on the ‘Get a Quote’ button.
  2. Fill out all your information.
  3. Receive a free online small business insurance quote.
  4. Our agents will be in touch.
  5. Choose the coverage you need.
  6. Compare quotes and choose an insurance provider.

Have any questions? Call our expert insurance agents at Call (844) 435-2467 for a free consultation!

How to Choose the Right Insurance Coverage for Your Small Business

  • Determine the types of business insurance you need depending on your small business insurance needs and the risk factors.
  • Learn more about mandatory coverages to ensure you abide by the law.
  • Compare rates and coverage options from different insurance providers.
  • Consult with small business insurance agents near you.
  • Review your policy documents thoroughly and adjust as needed.

How Much is Small Business Insurance Per Month?

The average cost of business insurance for a small business insurance monthly differs from one business to another, depending on factors like risk factors, industry, business size, and more. Here’s a breakdown of prices for common policies per month.

  • General Liability Insurance: Approximately $42 per month.
  • Professional Liability Insurance: About $61 per month.
  • Business Owners’ Policy (BOP): Combines general liability and commercial property insurance, averaging $57 per month.
  • Workers’ Compensation Insurance: Around $45 per month.
  • Commercial Auto Insurance: Approximately $147 per month.

Factors Affecting Insurance Costs

  • Size of Business: A business with more revenue and employees has more assets to protect, so the insurance costs may be higher.
  • Industry: Some industries are more high-risk than others. For example, a construction business costs more to insure than a marketing company because the risk of injury is higher.
  • Claims history: Your history of claims is important for insurance companies. If you’ve made several claims before, that puts you in the high-risk category, which increases your premium rates.
  • Coverage Types: Different coverage options have different prices. Adding more coverage limits increases the protection you get but also increases the premiums.
  • Business Location: Some areas are more prone to natural disasters or have higher claim rates, making them more expensive for insurance companies to insure.

How to Get the Cheapest Small Business Insurance

  1. Compare quotes from several small business insurance companies to get the best deal.
  2. Increase your deductible to reduce the premium.
  3. Implement safety protocols and risk management strategies in the workplace.
  4. Bundle different types of business insurance under one policy to get a discount.
  5. Ask your insurance provider about discounts.
  6. Work with a local business insurance agent to get expert advice.

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What Is Business Insurance for LLCs?

A limited liability company (LLC) has as many insurance requirements as any other company. The liability insurance carried by LLCs protects the owners only in the form of personal liability coverage, and not the business itself. Therefore, a limited liability company needs small business insurance coverage to shield themselves against unexpected events.

Recommended coverages for LLCs:

  • General liability coverage
  • Product liability coverage
  • Professional liability coverage
  • Commercial property insurance
  • workers’ compensation insurance
  • Commercial auto insurance

Tips for Managing Your Small Business Insurance

  • Review your policy regularly. As your business grows, your insurance needs will change.
  • Report any insurance claims immediately after the incident happens to ensure the process goes smoothly.
  • Consider bundling policies to get more coverage at a lower price and make it easier to manage your business insurance.
  • Update your policy annually, adding or removing coverage as required.

Common Claims Scenarios

  • General liability coverage: An employee accidentally spills hot coffee on a client, causing burns that the client sues you for.
  • Commercial property insurance: A short circuit causes a fire that damages part of your business property.
  • Commercial auto insurance: Your commercial car gets damaged in an accident.
  • Professional liability coverage: You advise your clients to make a business decision that ends up costing them money.
  • Workers’ compensation insurance: A data entry employee gets carpal tunnel from typing too much.

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We Serve These Cities in Texas

Small Business Insurance FAQs

For general liability insurance, the premium is around $42 per month or $500 per year. Generally, the insurance costs for a small business differ from one policy to another.

Most businesses need liability insurance as a starter. Liability insurance includes professional liability and general liability insurance. Commercial auto insurance, property insurance, and workers comp are also recommended for small business owners.

The most common business insurance types are:

  • Commercial automobile.
  • Commercial general liability.
  • Commercial umbrella insurance.
  • Workers’ compensation.

Professional liability protects your business against claims of negligence, misrepresentation, violation of good faith and fair dealing, and inaccurate advice.

The average small business insurance monthly costs differ from one business to another. Here’s a breakdown of prices for common policies per month.

  • General Liability Insurance: Approximately $42 per month.
  • Business Owners’ Policy (BOP): Combines general liability and commercial property insurance, averaging $57 per month.
  • Workers’ Compensation Insurance: Around $45 per month.
  • Commercial Auto Insurance: Approximately $147 per month.
  • Professional Liability Insurance: About $61 per month.

A small business insurance policy with a $1 million limit costs around $69 a month and $824 a year. Each business has different insurance needs, so the price will vary.

Generally, you should insure your business to protect it against damage you can’t afford to fix, like liability claims, property damage, work-related injuries, faulty products, cyberattacks, and so on. Insurance will cost you a small monthly fee but will pay a great amount if a covered unexpected incident happens.

It takes you between 24 and 48 hours to complete the process of buying insurance and getting your business covered. All you have to do is get the formal proof of insurance document, which is issued soon after signing off on an insurance policy.

Yes, small business liability insurance premiums are generally tax-deductible as they’re considered ordinary and necessary business expenses. The Internal Revenue Service (IRS) allows businesses to deduct the cost of insurance policies that are common and appropriate for their trade or industry. This includes various types of liability insurance, such as General liability, professional liability, and product liability insurance.

  1. Assess your business insurance needs.
  2. Consider the risks you may face.
  3. Get a personalized quote from a reliable insurance agency.
  4. Choose the best rate and pick the coverages.

General liability insurance, also known as business liability insurance, protects your LLC when there are claims of bodily injury, property damage to someone else’s property, or advertising injury made against your company. It is the most important type of commercial insurance for your LLC, as it protects against incidents that can commonly happen any day inside your company.

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