Best Business Insurance Florida | PolicyAdvice

With more than 9 million workers, Florida makes up the one-fourth largest labor force in all states across the USA. There are approximately 3 million businesses in the Sunshine State, and, although business indemnity Florida is not mandatary ( except for workers ’ recompense for employers in the construction industry ), it is recommended specially if your business owns property or early assets. policy will help you protect your occupation against fiscal losses that can affect your income and property. In this article, we will talk about the coarse business policies Florida has to offer, arsenic well as the character of businesses that require policy, followed by some of the common causes of clientele insurance claims in Florida. We will besides address the price of and the laws and requirements for commercial enterprise insurance FL. In the last part of the article, we will answer some FAQs and provide reviews about the best clientele policy companies for a Florida man. If you do business even outside of Florida, make certain to check our list of best business indemnity companie mho in the US .

Business Insurance in Florida Stats and Facts

What does Florida business indemnity typically cover ?

A Business owner Policy ( BOP ) in Florida will normally cover :

  • Business Income Insurance: If your business operations are halted due to any unforeseeable events, a certain assign of your normal occupation income is covered .
  • Commercial property insurance: This policy type protects any property that your businesses own, rent, or lease. It can besides include coverage for passing of valuable records or accounts receivables .
  • General liability insurance: If your company is sued for causing damage to a person, constitution, or property, general liability insurance will cover any costs pertaining to that lawsuit .

In accession, indemnity policies related to workers ’ compensation, data breach, commercial umbrella, and management and professional liabilities are besides covered by business indemnity companies in Florida .

Who needs general liability insurance?

Although, as discussed, general indebtedness policy is not one of Florida state clientele requirements, small and medium-sized businesses typically get this indemnity. General liability policy might be required to : Apply for a professional license: Professionals like dentists, real estate agents, or accountants require a license before they can practice in the United States. Often, having cosmopolitan liability indemnity is one of the prerequisites for getting a master license. Sign contracts with major companies: Companies that hire landscapers, engineers, or general contractors might be required to get general indebtedness indemnity. Sign an office lease: If you are a master looking to rent a workspace or an position, you might need to get general liability insurance as separate of the lease requirements .

What can cause a general indebtedness claim ?

Below are some of the most common kinds of general liability claims :

  • property damage .
  • A mooring and fall event .
  • merchandise liability .
  • Customer injury .
  • advertise lawsuit .

How Much Does Business Insurance Cost in Florida?

The cost for insurance can vary from one company to the adjacent. by and large, the riskier the business, the higher your Florida clientele liability insurance rates. however, below are some park factors that impact the rates of business indebtedness policy in Florida :

  • The industry you are in: Some vocations are riskier than others. For case, if your company has numerous likely hazards or handles dangerous equipment, the insurance cost is likely to be on the higher side of the state average. It is for this argue that the construction diligence is ill-famed for promote liability .
  • Property and location: Although it is natural for indemnity rates to vary from state of matter to state, there is besides a capital bargain of intra-state variation. For model, if your commercial property is located close to a flood partition, you will be probable required to get extra flood policy for your business .
  • Business claims history: An insurance company will close assess the issue of insurance claims you have made, and the number of claims made against your business. The more the claims made against you, the greater the potential hazard to an insurance company, and the higher you can expect your policy cost to be .
  • Payroll size: The greater your number of people who work for you, the greater the number of people who will have to be covered and, naturally, the greater your indemnity monetary value. This is why rates of Florida general indebtedness insurance for small businesses are often less than for their larger counterparts .

What is the average cost of business insurance in Florida?

A typical, average-sized commercial enterprise in major Florida states like Miami, Orlando, Jacksonville, and Tampa, can expect to pay an annual commit between $ 300 and $ 5,000 for a cosmopolitan indebtedness insurance policy .

Laws and Insurance Requirements for Businesses in Florida

As previously discussed, it is not mandatary to get commercial enterprise liability indemnity Florida, except for some exceptions. first, businesses in the construction industry are required to get workers compensation. second, if your business owns company-owned vehicles, you have to get commercial car policy, careless of the industry in which you are operating, as per the Florida business indemnity requirements. furthermore, in every U.S. country, all employers with at least 15 employees must guarantee exemption from employment discrimination based on raceway, color, national lineage, sex, religion, and disability. Employers with at least 20 employees must guarantee freedom from age discrimination, and employers with at least four employees must guarantee exemption from discrimination based on citizenship status. Although business policy is not mandatary, many Florida occupation owners choose to opt for it anyhow, because it covers them against the unexpected, helps them sign of the zodiac larger contracts, protects against data rupture, injury claims, and staff actions .

Best Insurance Companies in Florida:

Company Ratings (A.M Best, J.D Power, Standard and Poor’s, Moody’s, Fitch). Best For Key Features
The Hartford
  • A.M Best : A+
  • J.D Power : 895
  • Standard and Poor’s: A+
  • Moody’s : A1
  • Fitch : A+
  • Auto-insurance for drivers belonging to AARP .
  • guard program for hazard lowering .
  • insightful claims team for cost control .
  • complete transparency on collateral .
State Farm
  • Car-insurance and home coverage .
  • # 1 car insurance company in the US .
  • # 1 home-owners insurance company in the US .
  • Number 36 thursday on Fortune 500 ( 2019 ) .
  • A.M Best: A
  • J.D Power: 742 .
  • Standard and Poor’s : ( senior debt : BBB+ ; Non-life fiscal lastingness : A+ ; Life fiscal military capability : A+ ) .
  • Moody’s : Baa1 .
  • Fitch: A+
  • Wide range of coverages .
  • Key person cover .
  • Business loanword auspices .
  • Shareholder protection .
  • A.M Best: A+
  • J.D Power: 803
  • Standard and Poor’s: A
  • Moody’s: A1
  • Fitch: A
  • Best car policy rates .
  • Better Business Bureau rat : A+
  • Non-owned and lease car indebtedness .
  • employment practices coverage .
  • Directors ’ and officers ’ indebtedness .
Florida Farm Bureau
  • A.M Best: A
  • J.D Power: 826
  • Standard and Poor’s:
  • Moody’s : –
  • Fitch:
  • Auto-insurance
  • valuable resources for saving money .
  • Discounts on healthcare, fomite, and travel insurance .
  • A.M Best: A-
  • J.D Power:
  • Standard and Poor’s: A
  • Moody’s: –
  • Fitch: A+
  • specialize coverage for belittled business owners .
  • US ’ s leading small business insurance company .

Detailed Reviews

The Hartford

Hartford has an average or better rate for car indemnity. The most popular features are the ‘ newly car surrogate ’ and ‘ life car rectify assurance ’. however, with an NAIC rat of 1.72, Hartford Insurance has received a greater number of complaints than is the average in the car policy industry .

State Farm

country farm is one of the best and the largest car insurance company in the United States. Compared to its size, the company had lower than median complaints to the state insurance company during 2019. furthermore, State Farm offers rideshare indemnity in about all states. Despite chiefly being an auto-insurer, the company provides a range of other insurance and fiscal products .


AIG is renowned for providing effective packages for all types and sizes of businesses, including packages for illness or injuries. They besides provide policy for product manufacturers and serve providers. With over a century of feel in this sphere, AIG is surely an option deserving considering if you are seeking business help for a motivate defense ( in cases of allegations or lawsuits ) or response .


One of the top liability policy providers of this class, Nationwide is one of your best choices if you are a small business owner looking for cosmopolitan liability policy. The company specializes in offering customizable services to its clients, along with clamant access to live representatives in lawsuit of a title.

Florida Farm Bureau

Florida Farm Bureau ( FLB ) is an adequate insurance provider. They provide decent fiscal stability, customer military service, and necessity policy coverages. however, there are identical few options for optional coverage, such as a glass substitute coverage for your vehicle. so, if you want anything beyond the basic coverage, you will have to look elsewhere .


Hiscox is a specialist indemnity ship’s company, providing indemnity services for small businesses that have fewer than ten employees. It offers customizable plans based on each individual business ’ requirements and needs and includes coverage for general indebtedness, errors and omissions, professional liability, and workers ’ and business owners ’ compensation. Its fiscal strength and constancy is another plus point .

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