Entrepreneurs and self-employed professionals are the backbone of Florida’s economy. More than 3 million Floridians work for small businesses, which also account for the vast majority of the state’s enterprises and account for roughly 75% of all new job creation.
Florida has over 2.8 million businesses, the vast majority of which are small.
Having the proper business insurance is critical to operating a successful business, whether you are a small business owner or looking to establish your enterprise in Florida.
Small business insurance protects your business from financial losses caused by a variety of risks, including bodily injury, property damage, and lawsuits.
General liability insurance
We recommend general liability insurance for almost all businesses in Florida. This coverage may help defray expenses if your company is held liable for an injury or property damage caused by someone other than an employee.
Customers frequently ask for general liability insurance before entering into a contract with your company. Many commercial landlords will also require this insurance before granting you a lease.
Commercial auto insurance
In order to protect small businesses with company-owned vehicles from accidents while operating company vehicles, Florida requires commercial auto insurance. Even if you drive your own car, personal auto insurance does not typically cover damages sustained while on the road for business.
The number and type of vehicles you own, how frequently you drive for business, your employees’ driving records, and the deductible on your policy are all factors that influence the cost of commercial auto insurance in Florida.
As an example, suppose a real estate agent traveled to Miami to host an open house and was involved in a minor collision with another vehicle on Interstate 95. Commercial auto insurance will cover the damages to both the agent’s car and the other driver’s car. In the event of a serious collision, commercial auto insurance can help cover medical expenses and legal fees.
Professional liability insurance (E&O)
Even if you take great care when offering advice and making business decisions, a client may accuse you of making a work error or missing a deadline that results in losses.
Professional liability insurance may be useful in this situation. This coverage is recommended for businesses in a variety of industries.
For example, a client may claim that a small accounting firm in Pensacola made a tax mistake that resulted in thousands of dollars in losses. The client would then file a lawsuit seeking compensation. Even if the accounting firm is not legally liable for any damages, E&O insurance covers the cost of attorneys’ fees and other related expenses.
Workers’ compensation insurance
Workers’ compensation insurance is required by Florida state law for businesses with four or more full-time or part-time employees. If a construction company has even one employee, it is required to provide workers’ compensation.
This policy covers medical expenses incurred as a result of workplace illnesses and accidents. It also includes a portion of the employee’s lost wages while they are recovering.
Commercial auto insurance
All company vehicles in Florida must have commercial auto insurance. This policy covers expenses incurred as a result of accidents involving company vehicles.
Trucking companies may be required to carry additional insurance in order to comply with the law.
How much does small business insurance cost 2023?
General liability insurance is the most basic and least expensive type of insurance that most business owners require. According to Insureon’s analysis of 28,000 small business owners’ commercial insurance policies, the median cost of a general liability policy is $42 per month or $500 per year.
A business owner’s policy (BOP), which provides a discounted combination of general liability insurance and business property coverage, costs an average of $53 per month or $636 per year.
- Insurance costs also depend on your profession
Professionals who interact with the public typically pay more for general liability insurance because it covers third-party bodily injury and property damage. Higher risks mean a greater likelihood of filing a claim, which means higher insurance premiums.
How can you save money on commercial insurance?
Shopping around is one of the simplest ways to save money on business insurance. You can compare rates from various insurance companies to find a policy that fits your budget.
The amount and type of insurance you purchase determine the cost. To save money on premiums, you can choose a higher deductible or lower policy limits.
Top 5 Small Business Insurance Providers in Florida 2023
Despite the fact that they face numerous challenges, small businesses can safeguard their financial future by purchasing high-quality insurance. In order to find the best small business insurance, we examined the complaint records of more than five different companies.
- Thimble
Thimble has established itself as a provider of policies that are universally applicable to your specific workday. General and professional liability insurance, errors and omissions insurance, business equipment protection, and event insurance are all available. There are 120 professions represented. Covering a work event at the last minute is possible.
Check More Information :- https://www.thimble.com/
- CoverWallet
You can use CoverWallet’s service to get customized business insurance quotes. To compare policies from different providers, select your business type, enter the number of employees, and provide your estimated annual revenue.
CoverWallet can connect you to a variety of providers for the various insurance policies you require for your restaurant. Commercial auto, BOPs, and workers’ compensation policies are available from three different companies, and you can manage all of your policies through the CoverWallet platform.
Check More Information :- https://www.coverwallet.com/insurance
- Simply Business
Simply Business makes business insurance comparison shopping easier. You can compare the costs and available options for protection from reputable companies such as Hiscox, Travelers, and Axis Insurance Company using its insurance search tool.
In less than 10 minutes, you’ll have access to online policy options. Furthermore, if you require immediate assistance, you can contact the authorized Simply Business agents.
Despite the fact that Simply Business will not handle your claim directly, it can assist you in contacting your provider and obtaining new copies of your policy documents if necessary.
Check More Information :- https://www.simplybusiness.co.uk/insurance/
- The Hartford
For more than 30 years, The Hartford has made a commitment to providing the best insurance options for small businesses. Because of its business owner’s policy, you can easily combine your coverage (BOP). This policy provides coverage for general liability, business property, and business income.
You will also be able to add on additional insurance coverage, such as commercial auto insurance and professional liability insurance. If you’re not sure what kind of insurance coverage your company needs, The Hartford’s team can assist you by putting together a quote based on the risks you face.
Check More Information :- https://www.thehartford.com/business-insurance
- B2Z Insurance
B2Z insurance was created for busy business owners and managers like you. Because running a small business is much more difficult than running a large corporation, you simply do not have the time to sit down and read through a new insurance policy for hours.
Check More Information :- https://www.b2z-insurance.com/
Conclusion
We ranked commercial liability and commercial property insurance providers in 2023 based on complaint data. The National Association of Insurance Commissioners compiles complaint data based on complaints upheld by state insurance departments across the country.
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