Find the Best Business Insurance Options in Florida
There are approximately 3 million small businesses in Florida, which represents over 99% of the businesses in the state. Small businesses employ over 3.6 million people in Florida, making small businesses essential to the state’s economy.
Florida business owners face various risks, from crime, severe weather, fires, and other kinds of property damage to the financial devastation that a single lawsuit can bring. Florida business owners, regardless of size, need business insurance to protect their assets and employees.
Business insurance is not a single insurance policy. It is a set of tailored policies designed to cover the unique risks of your business. A comprehensive program can help you repair and rebuild damaged property after a disaster, and it can help you stay in business and pay for your defense if you are faced with a lawsuit.
An independent insurance agent can help you compare business insurance quotes in Florida.
Best Business Insurance Companies in Florida
There are a lot of insurance companies that offer business insurance in Florida. We’ve noted some of the best business insurance companies in Florida. They are highly rated for their mix of valuable coverage offerings and competitive pricing.
- Progressive: Progressive is based in Ohio, but offers business insurance across all 50 states, including Florida. Florida business owners can look to Progressive for most of their business insurance needs.
- Hanover Insurance Group: Together with local independent agents, Hanover Insurance Group offers standard and specialized insurance protection for small and mid-sized businesses.
- Nationwide: Nationwide provides business insurance and other popular types of insurance coverage in Florida. The company is headquartered in Columbus, OH, and is represented by independent insurance agents in 50 states.
- EMC Insurance Companies: EMC is in the top 60 business insurance companies in the United States. The company specializes in designing well-rounded insurance programs to protect the financial assets of many types of businesses and organizations.
- Travelers: Travelers offers highly rated business insurance in Florida. The company provides a variety of business insurance options, including inland marine, workers' compensation, and general liability.
An independent insurance agent in your area can help you learn more about these and other Florida business insurance companies. A local agent can help you get competitive quotes for the coverage that fits your Florida business insurance needs.
Florida Business Insurance Requirements
Business insurance is a package of insurance policies covering your property and liability risks. Most types of business insurance are not required in Florida. If your business owns any vehicles, you're likely to have to buy commercial vehicle insurance that complies with the state’s financial responsibility laws.
In addition, employers in the state of Florida are required to provide workers’ compensation insurance for their employees. Specific coverage requirements may vary are based on the type of industry, the number of employees, and what type of entity (LLC, sole proprietorship, partnership, etc.) your business is.
Your independent insurance agent can help you learn more about the requirements for commercial vehicle insurance and workers’ compensation insurance in Florida
What Business Insurance Covers in Florida
A typical business insurance package in Florida will include the following types of coverage, at a minimum:
- Commercial general liability (CGL) insurance: Protects your business from lawsuits related to bodily injury and property damage claims. It pays for medical expenses, legal fees, and financial settlements or judgments. Your CGL policy even covers personal injury claims such as libel and slander.
- Commercial property insurance: This covers damage to a building and its contents if damaged by a weather event, fire, theft, vandalism, and other covered perils.
- Business interruption coverage: Protects your earnings and pays certain expenses if your business cannot operate because of damage after a fire, hail, wind, equipment breakdown, or another covered event. If you are forced to close for a while to make repairs or rebuild your business, this coverage pays for rent, employee salaries, lost income, relocation fees, and more.
- Commercial vehicle insurance: Protects your business-owned cars and trucks from property damage and liability claims.
- Workers’ compensation insurance: Pays for medical expenses and a portion of an employee's lost wages after a work-related injury.
Your business insurance in Florida may include additional policies that cover your unique risks.
Liability Coverage Options for Small Businesses in Florida
Lawsuits against businesses are common. Whether a customer trips and falls in a store or a food manufacturer is responsible for sickening hundreds with tainted products, negligence claims can quickly destroy a business.
A commercial general liability (CGL) policy is a type of small business liability insurance that offers broad protection from lawsuits. It covers the injured party's medical expenses and any property damage you are responsible for. It also covers court costs, attorney fees, and even settlements or judgments that you must pay to injured parties.
A CGL policy does not cover every kind of liability risk. There are additional small business liability policies available for times when your CGL policy isn’t sufficient.
Talk to your independent insurance agent about why you might need other liability coverage options like commercial umbrella insurance, employment practices liability insurance, cyber liability insurance, professional liability insurance, or any other customized small business liability protection.
Property Coverage Options for Small Businesses in Florida
Property losses can originate in a variety of ways and cause tremendous harm to your business. Here are the basic business property coverage options in Florida:
- Commercial property insurance: Helps you rebuild or make repairs when an unexpected event—like a fire, a flood, hail, lightning, or a tornado—destroys your business property. It helps you replace, rebuild, or repair computers, inventory, equipment, machinery, furniture, and more after a covered event.
If you own your building, your property insurance covers damage to the structure. If you rent your space, your landlord must purchase coverage for the structure, but you still need to purchase commercial property insurance to cover the contents of your commercial building.
- Business interruption coverage: Compensates you for lost business income and pays for operating expenses if you must temporarily close after a covered loss. It is usually included as part of a commercial property policy.
A local independent insurance agent can help you get quotes for business property insurance in Florida.
Other Insurance Options for Small Business Owners in Florida
Your business insurance needs probably don’t end with basic property and liability coverage. Other insurance options for small business owners in Florida include:
- Business owners policy (BOP): A package policy that includes commercial liability insurance, commercial property insurance, and business interruption insurance.
- Workers’ compensation insurance: Typically required for any business that has employees. It pays for lost income and medical expenses for employees that are injured on the job.
- Commercial vehicle insurance: Covers your vehicles and drivers in the event of an accident or other types of vehicle damage.
- Cyber liability insurance: Provides coverage in the event of a data breach involving your business.
- Employment practices liability insurance: Protects you if an employee sues you for discriminatory employment practices.
- Flood or hurricane insurance: Your basic commercial property policy does not cover flood or hurricane damage. Talk to your agent about flood and hurricane insurance if you live in an area that is prone to these events.
- Professional liability insurance: Protects you if a client claims you have been negligent in providing professional services.
- Commercial umbrella insurance: Provides excess liability coverage above and beyond the limits of your applicable underlying commercial liability policies.
This is not an exhaustive list of your business insurance options in Florida. An independent insurance agent can make sure that all of your Florida business insurance needs are met.
Average Cost of Business Insurance in Florida
The size of your business and the types of policies you need to cover your unique risks are the biggest predictors of how much Florida business insurance will cost. A variety of variables that are unique to your business help determine how risky you are to insure, and consequently how costly your insurance will be.
To determine the types and amounts of coverage that you need, your insurance company will evaluate several factors, such as:
- Number of employees
- Size and location of your business
- Whether you are a single-location or multi-location business
- Whether you have flammables, dangerous chemicals, expensive machinery, or other risky or costly commercial property
- Amount and value of your commercial property
- Whether you own or lease your building
The more risks you face across your business, whether they are property risks or liability risks, the more your business insurance will cost in Florida. An independent business insurance agent can help you understand all of the risks you face and get quotes for affordable business insurance in Florida.
How does your city measure up to the national average?
Number of businesses in the US: 30,819,176
Burglary rate per 1,000 residents in the US: 3.76
Auto theft rate per 1,000 vehicles in the US: 2.29
| City | No. businesses | Burglaries / 1,000 people | Auto thefts / 1,000 cars |
| Boynton Beach | 2,089 | 3.2 | 2.73 |
| Bradenton | 1,486 | 3.47 | 1.34 |
| Cape Coral | 3,806 | 1.41 | 0.84 |
| Clearwater | 3,872 | 2.28 | 1.46 |
| Davie | 3,583 | 1.87 | 2.55 |
| Fort Lauderdale | 9,505 | 6.9 | 4.67 |
| Gainesville | 2,949 | 3.71 | 3.02 |
| Jacksonville | 1,301 | 5.39 | 3.09 |
| Melbourne | 2,722 | 5.25 | 1.72 |
| Miami | 17,451 | 3.69 | 3.4 |
| Naples | 2,950 | 1.29 | 0.85 |
| Orlando | 10, 411 | 5.01 | 4.36 |
| St. Petersburg | 6,208 | 3.9 | 2.93 |
| Tallahassee | 5,082 | 6.08 | 3.48 |
| Tampa | 12,425 | 2.55 | 1.3 |
How Does Your Florida City Measure Up?
Property: In addition to severe weather events, property crimes like theft and arson can lead to large business losses if you do not have the right insurance. The crime rate in Gainesville can affect your coverage rates.
Commercial auto: There aren't nearly as many auto thefts in Gainesville as in other parts of the state. If your business owns a vehicle or a fleet of vehicles, you need comprehensive protection. Accidents can happen in moments, and you need the right amount and type of coverages for these realistic threats.
Workers’ compensation insurance: Pays for medical bills and lost wages for workers who are injured or become ill on the job. It is required for most Florida employers. Every workplace has unique risks and hazards for its workers, which is why workers' compensation rates vary significantly depending on your industry.
Property: Severe weather events should certainly be a major concern, since you're in a coastal state, but other risks like theft and arson can lead to serious property damage and large business losses if you do not have the right insurance. Consider all the risks when looking at which insurance is right for your business.
Commercial auto: Your commercial auto insurance rate will be based on the number and types of vehicles you are covering as well as the risk of collisions and vehicle theft in your city. It's a unique combination of characteristics that gives you personalized, yet comprehensive, coverage.
Workers’ compensation insurance: Pays for medical bills and lost wages for workers who are injured or become ill on the job. It is required for most Florida employers. Every workplace has unique risks and hazards for its workers, which is why workers' compensation rates vary significantly depending on your industry.
Property: Severe weather events are just one type of incident to keep in mind when talking about business insurance rate factors. Damage to other property can occur from crimes like theft and arson, which can lead to large business losses if you aren't properly insured. Keep this crime rate in mind when looking at insurance options.
Commercial auto: You will need commercial auto insurance if your business owns a vehicle or a fleet of cars. Your rates will be based on a number of specific and unique factors like the number and types of vehicles you have, the risk of collisions in your city, and the vehicle theft rate in your city.
Workers’ compensation insurance: Pays for medical bills and lost wages for workers who are injured or become ill on the job. It is required for most Florida employers. Every workplace has unique risks and hazards for its workers, which is why workers' compensation rates vary significantly depending on your industry.
Property: How would your current commercial insurance policy respond if your property were damaged? Because your physical location is a key part of your business, you need to have the right amount of coverage to protect it. That way, rebuilding or reconstruction doesn't have to be complicated.
Commercial auto: Does your business use cars for work? If so, you will need commercial auto insurance. Whether you're just renting a few times a month or actually own a fleet of cars, this coverage will ensure you're properly covered if something happens on the road.
Workers’ compensation insurance: Pays for medical bills and lost wages for workers who are injured or become ill on the job. It is required for most Florida employers. Every workplace has unique risks and hazards for its workers, which is why workers' compensation rates vary significantly depending on your industry.
Property: Bad weather, theft and unexpected fires can lead to serious business losses. That's why you need the proper insurance that covers a number of specific risks. The crime rate in Miami can affect your coverage rate, so keep it in mind when shopping for insurance options.
Commercial auto: Accidents happen — especially when you can't control other drivers on the road. So if your business owns a vehicle or two, you will need the right commercial auto insurance.
Workers’ compensation insurance: Pays for medical bills and lost wages for workers who are injured or become ill on the job. It is required for most Florida employers. Every workplace has unique risks and hazards for its workers, which is why workers' compensation rates vary significantly depending on your industry.
Property: Naples businesses should take note. Because the crime rate in the area is higher than average, your property insurance could be higher than you'd like, but that just means you're protecting yourself against realistic threats. Don't suffer financially if something unexpected happens. Get insured.
Commercial auto: You may not be too concerned when you look at this number, but if your business owns a vehicle or a fleet of vehicles, you will definitely need commercial auto insurance. Each rate will be different, however, since the number and types of vehicles you are covering are unique to you.
Workers’ compensation insurance: Pays for medical bills and lost wages for workers who are injured or become ill on the job. It is required for most Florida employers. Every workplace has unique risks and hazards for its workers, which is why workers' compensation rates vary significantly depending on your industry.
Property: You need to protect your physical property from a number of threats. Bad weather, an unexpected fire, a burst pipe, or a break-in can cause both emotional and financial stress.
Commercial auto: Your commercial auto insurance rates will be based on a number of factors like the number and types of vehicles you are covering, the risk of collisions in your city, and the average rate of vehicle theft in your city. It creates something personalized and unique so all your risks are covered.
Workers’ compensation insurance: Pays for medical bills and lost wages for workers who are injured or become ill on the job. It is required for most Florida employers. Every workplace has unique risks and hazards for its workers, which is why workers' compensation rates vary significantly depending on your industry.
Property: Weather events, property crimes like theft and arson, and accidental fires can lead to large business losses if you don't have the right insurance. Considering that the crime rate in St. Petersburg is relatively low, this could make insurance rates lower.
Commercial auto: How would you continue to do business if you woke up one morning to a stolen vehicle? If your business owns a vehicle or a fleet of vehicles, you will need commercial auto insurance. Your rates will be based on a number of unique factors, but at the end of the day, you'll feel good knowing you have the coverage you need.
Workers’ compensation insurance: Pays for medical bills and lost wages for workers who are injured or become ill on the job. It is required for most Florida employers. Every workplace has unique risks and hazards for its workers, which is why workers' compensation rates vary significantly depending on your industry.
Property: Keep your property safe. You can install cameras and a security system, but the only surefire way to be financially secure is with the right commercial insurance policy that protects against physical damage.
Commercial auto: If your business owns a vehicle or two, you will need commercial auto insurance. Since your rates will be based on a number of factors, your rate could be above or below national and state averages.
Workers’ compensation insurance: Pays for medical bills and lost wages for workers who are injured or become ill on the job. It is required for most Florida employers. Every workplace has unique risks and hazards for its workers, which is why workers' compensation rates vary significantly depending on your industry.
Property: The property crime rate in Tampa is much higher than the national average. That means that commercial property insurance in Tampa can sometimes be more expensive, since you need the extra protection.
Commercial auto: Does your business own a vehicle or a fleet of vehicles? You'll definitely need commercial auto insurance. Although the area's crime rate will be taken into account, your rate will be based on unique factors, including the number and types of vehicles you are covering.
Workers’ compensation insurance: Pays for medical bills and lost wages for workers who are injured or become ill on the job. It is required for most Florida employers. Every workplace has unique risks and hazards for its workers, which is why workers' compensation rates vary significantly depending on your industry.
Popular Questions About Business Insurance in Florida
While you can't predict the exact costs of small business insurance in Florida, it’s important to understand what variables play a role in your rates. Here are just a few of the factors that insurance companies use when calculating your business insurance costs in Florida:
- Type of industry
- Number of employees
- Gross annual sales
- Location of business
- Number of company vehicles
- Past claims reported
- Number of years in operation
In Florida, it’s essential for almost every business to carry a comprehensive business insurance package. Business insurance is not required by law in Florida, except for workers’ compensation insurance. Workers’ compensation is required for most employers, with specific requirements depending on the industry, type of business, and other factors.
An independent insurance agent in your area can help you navigate the insurance laws and find the right coverage.
Most businesses in Florida need a combination of property and liability insurance, in addition to workers’ compensation insurance and commercial vehicle insurance as required by the state.
Depending on your unique business and the risks you face, you’re likely to need some additional coverage, such as professional liability insurance, commercial umbrella insurance, or cyber liability insurance.
Small business general liability insurance is one of the first policies every small business owner obtains. It helps protect your operation from bodily injury and property damage lawsuits that come your way as a result of doing business. Though not mandatory by Florida state law, this policy is necessary to avoid major financial ruin after a lawsuit.
Health insurance and other employee benefits are important for many small businesses and their employees. A good employee benefits plan helps companies support a healthy and satisfied workforce. In addition, employers who offer employee health plans may also be eligible for significant tax benefits.
There are many different health insurance policy types and options available for you to choose from. An independent insurance agent can help you find small business health insurance plans in Floria.
Progressive, Hanover, Nationwide, EMC, and Travelers are some of the best small business insurance companies in Florida. They are highly rated for offering broad coverage, top-notch customer service, and a variety of affordable options for business owners.
Businesses in Florida, including LLCs, need a wide variety of business insurance policies depending on their needs. That’s why business insurance costs for LLCs and other businesses are hard to predict. One business may need five different policies or more, while another might only need one policy that offers all of the coverage it needs.
Even similar businesses will have varying business insurance costs, because no two businesses are exactly alike. Most business insurance policies will have premiums that vary based on the size of the company and several other variables.
To get accurate quotes for your LLC in Florida, enlist the help of an independent insurance agent in your area. Independent insurance agents aren’t tied to a single carrier. They can get quotes from multiple insurance companies so you can find quality coverage that also meets your budget.
Do You Know What Your Business Insurance Covers in Florida?
https://www.myfloridacfo.com/division/wc/employer/coverage-requirements
https://www.thezebra.com/auto-insurance/florida-car-insurance/state-laws-fl/