The Ultimate Guide to Florida General Liability Insurance

In the event that a customer or visitor sustains bodily harm or property damage on your Florida business’s premises, general liability insurance can shield you from legal action. It also protects your organization from a lawsuit linked to advertising damage. Continue reading for an overview of small business insurance and the cost of general liability insurance in Florida.

General Liability Insurance Florida

We compared premium costs, quality of service, financial security, and ease of getting a quote online to determine which Florida-based general liability insurance providers were the best overall. Thimble won first place in our poll. Costs for its plans range from $22 per month for solo proprietors to $65 per month for LLCs with 20 or more workers.

We also shopped around for the most affordable providers of general liability insurance for entrepreneurs. In this respect, Next has emerged victorious. The next monthly premiums for businesses with 20 employees are about $28, while those with no employees cost about $26.

What Is General Liability Insurance?

It’s a staple of the insurance landscape for companies of all sizes. Your company can benefit greatly from purchasing general liability insurance, commonly known as commercial general liability insurance.

Take the case of a consumer who comes to your store. If customers get injured there due to a slip and fall, your company could be held responsible. This is why it’s important to have commercial general liability insurance. If you don’t have general liability insurance, your small business could suffer financially if you’re sued, regardless of who was at fault. If you are proven responsible, your insurance company may pay for the repairs and medical bills up to the policy’s maximum. Every company needs to have general liability insurance today.

What Sorts of Businesses Need General Liability Insurance Coverage?

The following categories of businesses frequently purchase general liability insurance:

Independent craftspeople
Consultants
Experts in Information Technology
The Cleaning Department
Those who work in landscaping
Advertising agencies
Estate brokers
Owners of Niche Businesses

Best Florida General Liability Insurance Providers

These are the best general liability insurance providers:

#1. CoverWallet

The Finest Online Insurance Quote Comparison Tool:

CoverWallet is an online commercial insurance agency. They work with numerous prominent business insurance firms and are able to provide quotations from these organizations. The benefit of dealing with a digital broker like CoverWallet is that you may compare various quotations from their partner providers in one spot within minutes after entering your information once. Without having to fill out multiple quote forms or speak with multiple agents, this is the most efficient method for comparing quotes online.

After purchasing a policy from CoverWallet, you can also take advantage of their excellent digital dashboard to centrally manage all of your business’s insurance plans. If you don’t want to pay $99 a year, you can’t use their digital dashboard.

#2. Hiscox

Policy Personalization Is Easiest With Hiscox

Hiscox is the most popular online insurance provider for small businesses. They insure more than 300,000 small businesses and can create a policy that is perfect for you. A quote can be obtained online in a matter of minutes. Alternative payment schedules are available. Hiscox is highly recommended if your company has fewer than one hundred workers.

#3. The Hartford

Hartford Is the Best Option for Customized Business Plans

The Hartford is a major commercial insurance company. Also, they have a variety of plans for small businesses. Hartford has every type of insurance policy a small business might ever need. You may acquire rates and purchase insurance entirely in an online environment, which is a highly convenient feature. In addition, for a well-established company like Hartford, this is a great perk. Their industry-specific policy packages set them apart from competitors and make it simpler for businesses to acquire appropriate coverage.

#4. Next

The Best Upcoming Insurance for Small Business Owners Who Work for Themselves

Next is a leading provider of insurance for sole proprietors and small businesses. When we asked for a different price, they asked for our SSN or FEIN and said they could only provide it as part of a business policy that also covered the owners. We were able to receive a quote without any hassle after explaining that we were California residents.

Furthermore, Thimble is a great option if you run a seasonal or part-time business. You may purchase general liability insurance for as little as an hour, and it covers the state of Florida. Coverage for errors and omissions, professional liability, and even drones (Thimble was originally founded as a drone insurance firm) can all be added on the same day. We were quoted $1,000,000 in coverage for a Florida-based photographer, and the price was as follows.

#5. InsurePro

For instance, day-by-day general liability insurance coverage, InsurePro is your best bet.

InsurePro is a cutting-edge insurance agency that specializes in serving small businesses. Also, you can acquire coverage for as little as a few days thanks to their cutting-edge solution, which was developed in collaboration with many major insurance providers. They think that the annual premiums for small business insurance are too high. Contractors, cleaners, yoga instructors, and other sole proprietors can purchase short-term insurance policies to safeguard themselves in case of an emergency.

Small Business General Liability Insurance Florida

More than 2.5 million companies of any size were based in Florida by 2020. The COVID-19 pandemic caused a dramatic change in employment, making it possible for more people to pursue their dreams of starting their own businesses.

As of 2022, industry experts expect a growth in entrepreneurialism in Florida. Your small business has great potential in Florida, whether it provides a personal service (like a salon or eyelash technician) or a more general one (like commercial real estate development or new building builders).

Florida’s economy is the fourth-largest among the states in the United States. There are 15 ports, roadways, and railroads in Florida, making it a hub for the transportation industry that serves millions of people every day. The Small Business Administration (SBA) recommends Florida as the best place to set up shop because of the state’s thriving transportation and import industries.

A “small business” is described as one with less than 500 employees.

More than 550,000 of Florida’s estimated 2.5 million small enterprises actually have employees.

88% of all employees in the state work for a very small business, one that has 20 employees or fewer.

It doesn’t matter if you’re opening a new Florida-based small business, hoping to reduce your current insurance premiums, or researching ways to expand your current policy’s coverage:

General Liability Insurance Florida Cost

In Florida, LLCs with 20 employees pay an average of $64 per month for general liability insurance, whereas sole proprietors with no employees pay an average of $30 per month for the same coverage.

Insurance with a $1 million per-occurrence limit and a $2 million total limit, with no deductible, costs as shown here. The sum total of all claims filed during the policy period is known as the aggregate limit. Contrast this with the occurrence limit, the maximum amount your insurance will pay for a single claim. To have their insurance company begin paying claims, business owners must first pay their deductible.

Factors That Impact General Liability Insurance Costs in Florida

The cost of general liability insurance varies from company to company based on the following:

#1. Policy Restriction

A more expensive policy with higher limits provides more financial security. Choosing lesser limits means you’ll pay less in premiums, but this could cost you more in the long run if you need to submit a claim. Choose insurance limits that are commensurate with the dangers to which your company is exposed.

#2. Payroll Size and Associated Expenses

There is a direct correlation between the size of your payroll and the premiums you pay for general liability insurance. If your company has more people on the payroll, insurance premiums will be higher. It’s estimated that the average monthly premium in the state of Florida ranges from $30 for single proprietors to $64 for LLCs with 20 employees.

#3. Site of Operations

More densely populated places are seen as having a higher risk by insurance companies. The premiums for general liability insurance will be much higher if your company is located in a major city. Keep in mind that our statewide average rates may not reflect local variations.

#4. Case Records

Maintaining a claim-free history often results in lower premiums for general liability insurance. That’s why it’s so important for business owners to practice good risk management and steer clear of insurance claims whenever possible.

#5. Industry

Insurance rates tend to be higher for businesses in high-risk fields like construction. The cost of general liability insurance in Florida varies by business type, as shown in the chart below.

What Insurance Do I Need for My LLC in Florida?

One of the most common types of insurance is general liability insurance, which protects the policyholder from financial losses in the event of a lawsuit. Businesses that offer expert services should have professional liability insurance. It’s useful for protecting against malpractice and other types of mistakes.

Is General Liability Worth It?

General liability coverage is recommended because it provides financial protection in the event your organization is sued due to an unanticipated accident, and this is true regardless of the liability risks your company faces.

What Does General Liability Insurance Typically Cover?

Can you explain the scope of general liability insurance? You and your business are protected against claims of personal injury and property damage caused by your operations and products by purchasing general liability insurance. If you cause damage to your landlord’s property, you may potentially be compensated for that.

Do I Need General Liability Insurance in Florida?

In Florida, general liability insurance is not required by law. However, local jurisdictions across the state may mandate supplementary coverage. Business owners in Florida who aren’t sure whether or not they need commercial insurance should contact their local government or city clerk.

Does General Liability Include Auto?

General liability insurance does not cover business auto insurance, worker medical expenses, property damage, professional errors, claims that exceed the policy limit, or criminal activity on the part of you or your employees.

The Ultimate Guide to Florida General Liability Insurance