The best business insurance providers in Florida are a necessary protection for your small business. Your business could potentially be held liable if someone is injured on your property. The financial losses associated with a lawsuit could be damaging to your company. There is also the risk of damages, theft, and even natural disasters that interfere with your ability to work as usual.
The State of Florida currently requires all businesses with four or more part- or full-time employees to carry workers’ compensation insurance. The state also requires businesses to have commercial auto insurance for their vehicles.
Regardless of the state’s requirements for insurance, it’s important that you secure business insurance that fits your business’s needs.
What is business insurance?
Business insurance is designed to protect your business from financial loss that could occur while conducting business. This can include everything from accidents that happen on the property to lawsuits, and natural disasters that disrupt your operations.
Business insurance works by choosing the coverage you need and then paying a premium for the ability to file a claim and recover losses if you need to use your insurance. There are several property and casualty insurance options to select. It’s possible to purchase a single coverage or add several together.
Opting out of business insurance is a risky move that could have devastating consequences. A single lawsuit filed against you can damage your finances. You may even have your assets seized. At best, this would slow down or interrupt your work. At worst, you would be unable to pay your employees and struggle to recover your operations, possibly causing your business to close.
Best business insurance providers in Florida
Next Insurance
Next Insurance offers Florida business insurance for both small business owners and the self-employed. They have seven policy types and give you the ability to design your own coverage plan.
The online platform is fast and simple to use. Get a quote, purchase your policy, and have a Certificate of Insurance to prove coverage in minutes.
Many customers experience quick claims processing, with some taking only 48 hours. Everything you need to do to purchase and manage your policy can be completed online. The digital experience is fantastic for many customers, but some may prefer a personalized approach.
- Coverage Offered: Choose from general liability, workers’ compensation, professional liability, commercial auto, tools and equipment, commercial property, and business owner’s policies. Thousands of professions are covered, making it easy to obtain insurance for your exact needs.
- Premium Cost: Monthly premiums at Next Insurance are affordable and average $58 per month. A discount is offered if you buy more than one type of policy. This makes it easy to fit Florida business insurance into your budget.
- Claims Processing: File a claim online or by making a phone call. Many claims are resolved in as little as 48 hours. This is a fast turnaround time that gets you the resources you need to resolve your situation fast. It’s important to note that processing times vary by the claim. Some may need further investigation and take longer to finalize.
Next Insurance’s featured coverages include:
- General Liability Insurance
- Business Owner’s Policies (BOPs)
- Commercial Auto Insurance
- Commercial Property Insurance
- Professional Liability Coverage (Errors and Omissions Insurance)
- Hired & Non-Owned Auto Insurance
- Liquor Liability Insurance
- Tools & Equipment Insurance
- Workers’ Compensation Insurance
The Hartford
The Hartford is one of the best business insurance providers in Florida. Its comprehensive policy gives you general liability insurance for your business, combined with property and income insurance. With this policy, you get property and bodily injury coverage, as well as coverage for lost income due to a fire, theft, or destructive winds.
Another great feature is the option to purchase a workers’ compensation plan that you pay for as you go. Real payroll data determines the cost of your plan, so you only pay for the level of coverage you need.
- Premium Cost: Florida business insurance policies from The Hartford tend to be on the high side, with an average of $125 per month across several common industries. If you purchase a workers’ compensation policy, your coverage cost could be lower than other insurers. Your actual payroll data is used to ensure you don’t overpay or underpay.
- Coverage Offered: The comprehensive policy gives you coverage for liability, property, and income insurance under one policy. Hartford also has policies for workers’ compensation, business auto insurance, or professional liability insurance. There are plenty of options to suit the needs of most small businesses. Customize your coverage by purchasing add-ons that address your unique needs and risk factors. Some examples of add-ons include data breaches and loss of paper records.
- Claims Processing: Filing a claim and obtaining a resolution is dependent on the need for further investigation and documentation of your claim. Some claims are finalized quickly, while others can take a month.
The Hartford’s featured coverages include:
- Business Owner’s Policy
- Commercial Auto Insurance
- General Liability Insurance
- Commercial Property Insurance
- Lost Business Income Insurance
- Business Interruption Insurance
- Professional Liability Insurance
- Workers’ Compensation Insurance
- Cyber Insurance
- Commercial Umbrella Insurance
- Employment Practices Liability Insurance
State Farm
State Farm offers a Commercial Liability Umbrella Policy that allows you to tailor your coverage to the needs of your business. You can also add additional protection to minimize your risk with professional liability, errors and omissions liability, health and life insurance, and more.
Customers who prefer to conduct the majority of their business online may not like the necessity of working with an agent. However, this is a great feature for anyone who wants a human touch.
Premium Cost: State Farm doesn’t provide an average price for Florida business insurance. You must request a quote to explore pricing options. Take advantage of the autopay feature and paperless billing for greater convenience.
Coverage Offered: There is a wide range of standard options for Florida business insurance. State Farm’s Umbrella Policy is a great way to choose the insurance coverage you need to build a customized policy. You can also purchase business insurance as an independent contractor.
Claims Processing: Claims can’t be filed online. You must initiate the claims process by calling your State Farm agent. This can be a nuisance and less convenient than some other insurers.
Hiscox
Hiscox is the best small business insurance provider in Florida for micro-businesses, as it has helped insure thousands of small and micro-businesses. The company has a dedicated team of small business professionals who focus only on helping small businesses get the right types of coverage at the best prices.
With Hiscox, you get Florida business insurance from a company trusted for decades. Choose from a wide range of insurance options for over 180 professions. Hiscox even has policies with coverage priced for independent contractors.
Premium Cost: Hiscox offers low-cost coverage that starts as low as $30 each month. Some plans are specially created with independent contractors in mind, so you only pay for the coverage you need.
Coverage Offered: Over 180 professions are covered by Hiscox. Answer a few questions on their website for help choosing the right policy. Coverage for a full range of options can be tailored to meet your business needs. Independent contractors can choose from products designed specifically for their needs. Purchase your policy online and get instant coverage.
Claims Processing: Claims processing times are fairly standard for the industry, for the most part, and can vary depending on the complexity of your situation.
Hiscox’s featured coverages include:
- General Liability Coverage
- Professional Liability Coverage
- Business Owner’s Policy
- Short-Term Insurance Policies
- Cyber Insurance
- Workers’ Compensation Insurance
- Coverage for 180+ professional services
Embroker
Embroker is one of the best business insurance providers in Florida. It lets you get a quote, select your insurance coverage, and purchase a policy in as little as 15 minutes. It offers business insurance policies for startups, growing businesses, and long-established companies in Florida.
You can easily find the business insurance you need at great prices. Most of Embroker’s customers report that their policy is an excellent value for the level of coverage it provides.
Premium Cost: Embroker is a great option for the best business insurance in Florida because they offer some of the most competitive rates available. Policies start at around $42 per month. Many customers report significant savings when they purchase this business insurance policy.
Coverage Offered: You can purchase broad protection for your small business or a package designed specifically for a startup, growing business, or management liability. Customize your insurance policy based on your profession and business needs.
Claims Processing: The Embroker team is available 24/7 to handle your claims inquiries. You can call your personal broker or contact support through online chat. Always know what is happening by tracking your claim through your account dashboard. There are a few mixed reviews by customers that report claims were denied or the process was confusing. However, the majority of clients have a satisfying experience with Embroker.
Factors that determine the best insurance providers in Florida
These are the main factors considered when determining the providers that have the best business insurance in Florida:
- Types of coverage offered
- Premium cost
- Deductible
- Discounts
- Customizability
- Claims processing difficulty and timeframe
- Customer service
- Company experience and reputation
- Industries and professions covered
The business insurance that you select should be based upon your preferences and the needs of your business. You must consider what you need most and work with a company that can provide all of the essential coverage to keep your financial risk at a minimum.
What types of business insurance do I need in Florida?
The insurance you need depends on the type of business you operate. There are several kinds of business insurance available, from basic liability to highly specialized coverage meant for a particular industry. The types you need depend on your industry, profession, and risk factors.
These are some of the most common coverage types to consider:
- General liability insurance: A general liability policy is important for all Florida businesses. It covers common risks, including customer property damage and injuries. Most commercial leases require this coverage.
- A Business Owner’s Policy (BOP): This policy is a combination of various types of insurance, such as Hartford’s 3-in-1 policy for liability, income, and property insurance. It’s often the most cost-effective type of Florida business insurance coverage.
- Commercial property insurance is great for any business with a large number of physical assets. It covers damage or loss to your equipment, inventory, and more.
- Professional liability insurance: Protects small business owners who provide professional services against legal costs related to work performance. It’s also called errors and omissions insurance (E&O).
- Product liability insurance covers costs associated with a defective product and is for manufacturers, distributors, and retailers.
- Commercial auto insurance: This policy covers injuries and property damage in an accident, along with vehicle theft, vandalism, and weather damage.
- Cyber insurance: Covers financial losses caused by data breaches and cyberattacks. It can help Florida businesses recover quickly after a data breach exposes sensitive customer data.
- Business interruption insurance protects you from financial loss if you are unable to continue your business operations due to a covered event.
- Workers’ compensation: Workers’ compensation insurance is required for Florida businesses that have four or more employees. It also protects sole proprietors from work injury costs that health insurance might deny.
- Disability insurance covers part of an employee’s wages if they suffer an illness or injury that prevents them from working.
- Employment Practices Liability Insurance (EPLI) covers your costs if an employee sues your business.
- Umbrella insurance is for additional coverage beyond a standard policy.
Some types of coverage are required by law, so always check with your local regulations to remain in compliance and purchase at least the minimum insurance.
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