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Florida Business Insurance

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Business insurance in Florida

Small business owners and self-employed professionals drive Florida’s economy. In addition to being the majority of businesses in the state, small businesses employ more than 3 million Floridians and create about 75% of new jobs.1

One consideration that almost every small business in Florida has in common is business insurance. Business insurance in Florida offers business owners and their employees crucial protection in case of unexpected events, such as:

  • A landscaping company in Ft. Lauderdale injuries a client at a jobsite.
  • An employee of a house painting business in Cocoa Beach falls from a ladder and requires medical care.

Next Insurance helps more than 1,000 types of small businesses and self-employed workers easily get the coverage they need at the best price. We only work with small businesses, so we can help you find customized insurance to protect you from risks.

Continue reading to learn more about Florida business insurance or start a free instant quote online to explore customized options for your business.

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How Next can help you with business insurance in Florida  

We offer an easy way for small business owners and self-employed professionals to get business insurance online. In just a few minutes, you can get a quote, purchase coverage and share your certificate of insurance.

Our team of licensed, U.S.-based advisors is here to help if you have any questions.

Start an instant quote today.

We’ve got tailored policies for thousands of professions

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Business insurance coverage and requirements in Florida

Several factors help determine the type of small business insurance your business needs, including:

  • The industry you’re in
  • Number of employees
  • Exposure to risk. For example, construction companies have more risks than real estate agents.

Small businesses in Florida typically purchase general liability, professional liability (also known as errors and omissions) and commercial auto insurance

Many businesses also have workers’ compensation coverage to help cover medical expenses and lost wages after a workplace accident. It’s required by Florida law if you have four or more employees.

 

General Liability insurance 

We recommend general liability insurance in Florida for almost all businesses. This coverage can help pay for expenses if your business is held responsible for an injury or property damage involving anyone other than an employee.

Clients often require general liability insurance before they sign a contract with your business. Many commercial landlords will also ask that you carry this coverage before they offer you a lease.

Here’s an example of general liability insurance in action:

An Orlando-based janitorial business uses the wrong type of cleaning solution at a client’s office and damages the carpet throughout the building. General liability insurance pays to replace the carpet and could help the company avoid a lawsuit.

Cleaning and construction companies can boost their protection by bundling tools and equipment insurance with general liability coverage. This type of insurance pays to replace lost or damaged gear that is essential to keep your business running.

 

Commercial Auto insurance

Small businesses in Florida with company-owned vehicles need commercial auto insurance to protect against accidents that happen while driving for work. Personal auto insurance generally doesn’t cover damages that happen when you’re on the road for business purposes, even if you’re in your own car.

The cost of commercial auto insurance in Florida depends on factors such as the number and types of vehicles you own, how often you drive for work, employees’ driving records and your coverage’s deductible. 

For example, if a real estate agent drives to Miami to host an open house and has a minor fender bender on Interstate 95. Commercial auto insurance pays for damages to the agent’s car and the other driver’s vehicle. If the accident is serious, commercial auto insurance helps cover medical bills and lawsuit costs.

If your business’s employees occasionally drive their own cars or you rent vehicles for work, you’ll want to consider adding a form of commercial auto insurance called hired and non-owned auto coverage.

 

Professional Liability (E&O) insurance 

Even if you’re very careful with your business decisions and advice, a client could accuse you of making a work mistake or missing a deadline that causes financial losses.

This is where professional liability insurance comes into play. Also known as errors and omissions (E&O) insurance, we recommend this coverage for businesses in many industries.

For example, a client accuses a small Pensacola accounting firm of making a tax error that causes thousands of dollars in losses, and the customer files a lawsuit to recoup the damages. E&O coverage helps the accounting firm cover legal costs and attorney bills, even if it is not held liable for damages in court.

 

Workers’ Compensation insurance

Florida requires businesses with four or more employees to purchase workers’ compensation insurance, and all construction companies in the state must have coverage.

Workers’ comp helps business owners and employees who are injured on the job by paying for medical bills and lost wages up to the policy limit. It also pays for legal fees if an injured employee files a lawsuit against your business.

In Tampa, if a window cleaner falls from a scaffold and breaks an arm, it could result in expensive medical bills and three months out of work. Workers’ compensation insurance covers the employee’s medical care and reimburses most of the cleaner’s wages during recovery.

Business insurance in Florida costs

Florida insurance costs vary by industry and profession. If you run a business that has more risks, such as a construction company, you’ll typically pay a bit more each month than lower-risk businesses.

Recent Next Insurance numbers show that business insurance in Florida costs owners a median of $58 per month across all industries.

Professional service providers in Florida typically have fewer risks than some other industries and pay median monthly premiums of about $45. Construction firms, which could be named in pricey lawsuits over faulty building designs, can expect to spend closer to $60 each month for business insurance.

Start a quote with Next Insurance today to compare coverage options in just a few minutes.

 

More Florida small business and insurance information

Check out these links if you would like to learn more about starting a business in Florida:

Article sources: 

  1. Florida SBDC Network’s State of Small Business Report