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Small Business Insurance in Florida

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Introducing Our Small Business Solutions

The majority of the Florida business market relies on small businesses. With a booming economy and a great amount of sunshine, entrepreneurs in Florida find it easy to realize their business dreams. These dreams could be a restaurant, a beauty salon, or a landscaping company. In all cases, they need to protect their businesses with a good small business insurance plan.

What is Florida Small Business Insurance?

Small business insurance is a type of insurance that consists of several coverages designed to protect small business owners against many kinds of unexpected events. This page will guide you through the ins and outs of small business insurance. The experts at Florida Insure will help you learn all you need to know so you can make an informed decision.
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Why Choose Us for Your Florida Small Business Insurance?

  • Since 2013, we’ve demonstrated dedication and professionalism when working with our Florida business insurance clients. We put our clients first, before the insurance carriers.
  • We have niche expertise in the small business industry. Our agents are experts when it comes to providing insurance solutions to small businesses in various sectors.
  • We offer customizable solutions that fit our clients’ needs. You will not pay for extra coverage that you don’t need.

Types of Florida Small Business Insurance We Offer

Small Business General Liability Insurance in Florida

Commercial General liability insurance for a small business in Florida is the most important coverage that any company could have. It offers you protection from potential accidents that may happen any day. For example, if a client slips and falls on your property, they may sue your company. Other examples include damage to a client’s property, advertisements that might appear harmful, or any scenario calling for legal fees.

Best for:

  • Client injury at your business
  • Damage to the client’s property
  • Libel and other types of advertising injuries

Commercial Property Insurance in Florida

Commercial property insurance is another essential component of small business insurance in Florida. It protects your business against any damage to the rented or owned property, such as the operations office or the restaurant. Also, it protects the business assets, such as the contents inside the property, for example. If a fire destroys the property and its contents, you will be compensated. Similarly, theft and loss of assets are compensated for. If you bundle property insurance with general liability insurance, you get a discounted policy known as a business owner’s policy (BOP).

Best for:

  • Damage to the business property
  • Damage to contents of the business property
  • Theft or misplacing the contents

Commercial Auto Insurance in Florida

This insurance coverage covers job-related injuries and illnesses of employees of a small business in Florida. It covers lost wages, medical bills, funeral costs, and legal fees. This insurance is required if your business has four or more employees, whether they work full-time or part-time. Another perk of this coverage is that it protects sole proprietors from the costs associated with work injuries that health insurance might not cover.

Best for:

  • Legal fees from employee injuries.
  • Medical expenses for employees.
  • Disability benefits.

Florida Workers Compensation Insurance

This insurance coverage covers job-related injuries and illnesses of employees of a small business in Florida. It covers lost wages, medical bills, funeral costs, and legal fees. This insurance is required if your business has four or more employees, whether they work full-time or part-time. Another perk of this coverage is that it protects sole proprietors from the costs associated with work injuries that health insurance might not cover.

Best for:

  • Legal fees from employee injuries
  • Medical expenses for employees
  • Disability benefits

Florida Professional Liability Insurance

Also known as errors and omissions insurance, small business liability insurance protects businesses in case a client is unsatisfied with the service they received or the advice they received from your business professionals. It pays for legal costs relating to issues with work performance. It also covers negligence lawsuits, whether actual or alleged, paying for the defense costs.

Best For:

  • Late, incomplete, or unsatisfactory work.
  • Work mistakes.
  • Negligence lawsuits.

Business Owners Policy (BOP) in Florida

This Florida business insurance coverage is a combination of business liability insurance and commercial property insurance. It’s recommended for small businesses because it’s the most cost-effective insurance coverage. If your small or mid-sized business rents or owns commercial property, like a storefront, office building, or storage property, this coverage is a great option. It financially covers your business in case of fire, theft, and other covered disasters. You can also add more coverage options to your BOP to make it more suitable and comprehensive for your company.

Best for:

  • Damage to rented or owned business property
  • Damage to the client’s property
  • Bodily injury claim

Business Income Insurance in Florida

Business income insurance adds more protection for your business in case property damage or loss results in lost income. If your business property gets damaged because of a covered event, like fire, theft, or wind, you get compensation. It is also known as business interruption insurance.

Best for:

  • Lost income.
  • Employees lost wages.
  • Extra expenses.

Cyber Liability Insurance

Nowadays, most professional services go digital to facilitate operations, store clients’ data, and more. Data breaches and other cyber-attacks put the business at great liability risk, in addition to potential business interruption. Cyber liability insurance can mitigate the risks and help with data recovery, investigative costs, financial losses, and legal costs. It’s a crucial coverage for businesses that store or manage customer data.

Best for:

  • Data Breaches.
  • Data recovery expenses.
  • Customer notification costs.

Florida Errors and Omissions Insurance

Errors and Omissions is a specific type of professional liability insurance. It focuses on mistakes, negligence, or oversights (errors) in professional services provided. It’s especially recommended for services where a small error might lead to significant financial losses for clients.

Best for:

  • Work errors and oversights
  • Negligence lawsuits
  • Missed deadlines

Other Small Business Insurance Coverage

Florida Small Businesses Insurance Requirements

Does Florida Require Small Business Insurance?
In Florida, most business insurance coverages, like general liability coverage, aren’t legally mandatory for most businesses. Only a few types of Florida businesses are required to carry business insurance. That being said, two insurance coverages are mandatory:

  • Workers’ Compensation Insurance is mandatory for businesses that employ four or more employees.
  • Commercial auto insurance is legally required if the business operates vehicles. The minimum required coverage includes $10,000 for property damage liability and $10,000 for personal injury protection.

Although not mandatory, small business owners are advised to carry business insurance in Florida. Depending on the nature of the business, general liability insurance, professional liability insurance, and commercial property insurance are the most recommended. All types of businesses can face unexpected events that threaten the continuity and profitability of the business.
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We Serve These Industries

Church & Religious Organizations

Nonprofit Organizations

Nightclubs

Schools

Charter Schools

Camps

Restaurants

Metal Manufacturers

How to Choose the Right Insurance Coverage for Your Small Business in Florida

  • Understand coverage limits and deductibles: Reading more about coverage limits and deductibles will help you get the exact coverage you need without breaking the bank.
  • Assess your business’s insurance needs: Make sure you get adequate insurance without sacrificing important coverage or paying for additional coverage you don’t need.
  • Work with insurance agents or agents in Florida: Our agents at Florida Insure are happy to share their knowledge and expertise with you. They can also help get you the best deal in Florida.
  • Read customer reviews and ratings: Find out what others say about insurance providers in Florida to be confident about your choice.

What is the Cost of Small Business Insurance in Florida?

When it comes to small business insurance Florida costs, there’s not a fixed number. Each small business has its own needs and recommended coverages. Here is the average cost of some of the common coverages:

  • General Liability Insurance:This typically costs around $45 per month or approximately $540 annually for a small business
  • Workers’ Compensation Insurance:The average cost is about $46 per month, totaling approximately $552 annually
  • Professional Liability Insurance (E&O):This tends to cost more, averaging around $61 per month, which amounts to $732 annually
  • Business Owner’s Policy (BOP):Bundling general liability and commercial property insurance into a BOP can cost between $350 and $3,000 annually.

Factors Affecting Small Business Insurance Costs

Business Type: For example, a business that involves interacting directly with customers, handling clients’ data, or offering consultancy might require more specific coverage which adds to costs.

  • Size of Business: The number of employees and annual revenue also affect the insurance costs. More employees and more revenue equal higher insurance premiums.
  • Industry: Some industries carry more risk than others. High-risk industries include construction and manufacturing companies.
  • Claims History: If a business has a history of filing insurance claims, the insurance company may view it as a higher risk, resulting in higher premiums.
  • Location: Some locations in Florida face more extreme weather conditions or higher property value, which increases the insurance premiums.

How to Get Cheap Business Insurance in Florida

Here are some tips to help you get a lower small business insurance cost:

  • Compare quotes from different small business insurance providers. Our agents at Florida Insure can help you find the best deal.
  • Bundle different types of Florida business insurance coverages together.
  • Review your coverage limits to ensure you only pay for the coverage you need.
  • Set a high deductible but make sure you can afford it if you have to file a claim.
  • Implement risk management strategies to lower the chance of having to file a claim.

Common Claims Scenarios

  1. A client slips and falls on your business property. They can file a claim requiring medical payments and compensation. If you have bodily injury coverage under general liability insurance, the insurance company will cover costs.
  2. A fire damages your business property and its contents. In that case, commercial property insurance will come to the rescue.
  3. An employee suffers injuries from carrying heavy tools while working for you. They can file a claim that can be settled with the help of workers’ compensation insurance.
  4. A client sues your consulting business, claiming they lost money due to incorrect financial advice. Professional liability insurance can help cover legal fees and any settlements .

We Serve These Cities in Florida

We Serve These Cities in Texas

Small Business Insurance Florida FAQs

For businesses with more than 4 employees, workers’ compensation insurance is required by law. Also, if the business operations include the use of vehicles, they should be insured with commercial auto insurance.

General liability insurance is considered the most important type of insurance for small businesses, as it covers many legal and financial risks.

Small business insurance is tailored to protect small business owners from costly expenses that arise from unexpected events. It includes CGL, E&O, Commercial Property insurance, and more. Talk to our agents to learn more about how this insurance can help your business and get the best small business insurance in Florida.

Florida is known to have a high percentage of claims. To insurance companies, more claims mean they have to pay out a lot. That’s why insurance premiums in Florida are higher than other states to cover the expenses

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