Small business insurance can help cover costs for employee injuries, property damage, liability claims, legal fees, and other conceivably expensive business-related hazards. General liability insurance, property insurance, professional liability insurance, workers’ compensation insurance, and business interruption insurance are a few of the most popular kinds of insurance for small businesses. Although general liability insurance is recommended for all businesses, the choice to purchase additional business insurance coverage will vary depending on a variety of criteria, including the number of employees, location, and industry. Find the right coverage for you by taking a look at our top picks for the best cheap small business insurance quote and cost in Florida.
Business Insurance Guide
Business insurance provides financial security against losses resulting from occurrences like certain natural disasters, fires, accidents, litigation, and fatalities that may occur during the normal course of business. High dangers arise with operating a business without insurance. Your uninsured business may potentially be subject to a legal asset seizure, which would prevent you from paying your staff or suppliers.
Your initial business plan must include a section on business insurance because, even for an LLC, the risks of doing without it are high. Also, your uninsured business may potentially be subject to a legal asset seizure, which would prevent you from paying your staff or suppliers.
How Does Small Business Insurance Work in Florida?
The operation of business insurance is identical to that of other insurance. Clients pay a monthly fee to an insurance carrier in exchange for consenting to share the risks associated with their business. In the event of a financial loss, such as when a fire or flood decimates a portion of the company’s facilities, the business can then submit a claim to the insurance provider.
The insurance provider pays out the proper sum as loss compensation after processing a claim and determining the damages. The size of the claim and the type of coverage will determine how a claim is handled precisely.
Best Small Business Insurance Florida
The best cheap small business insurance in Florida is a necessary protection for your small business. In the event that someone gets hurt on your property, your business can be held accountable. The monetary damages brought on by a lawsuit could be detrimental to your business. The possibility of theft, damage, and even natural disasters interfering with your ability to conduct business as usual exists as well.
The cost of property damage, lawsuits, lost revenue, and other expenses can be covered with the aid of the best Florida small business insurance quote. To reduce typical risks, learn more about top-rated insurers and how to select from a range of coverage alternatives, from general liability to industry-specific coverage.
Best Cheap Small Business Insurance in Florida
This is the best Florida small business cheap insurance quote for 2023:
#1. Next Insurance
Obtaining business insurance coverage has been made simple by Next Insurance, who have made it possible to do so quickly and entirely online. Next Insurance, one of the “Top 50 Disruptors of 2022” according to CNBC, combines AI and machine learning to offer the best small business liability insurance alternatives that are tailored to specific company requirements.
We believe that Next is the best business insurance provider in Florida for entrepreneurs looking for quick, cheap, high-quality coverage without having to enter an office or endure pushy sales tactics. In order to make the procedure simpler than ever, Next Insurance not only provides the most popular kinds of small business insurance, but also provides industry-specific insurance products in each state, instant digital certificates of insurance (COI) downloads, and more. You can effortlessly pay premiums, access policy information, and even submit liability claims while on the road with quick response times using their user-friendly mobile app.
We discovered that, on average, their rates were a little lower than those of larger insurance companies due to their special emphasis on small enterprises.
Featured Coverages for Next Insurance
- 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
#1. Tivly
Tivly wins the prize as the marketplace with the best prices for Florida small business insurance quotes. To assist you in focusing your search for an insurance plan that addresses the particular requirements of your company, Tivly has assembled a variety of small business insurance providers in one location. Tivly can help small business owners who could be seen as high-risk get what they’re looking for.
It’s crucial to keep in mind that Tivly is an insurance marketplace rather than a single supplier. By presenting you with the best business insurance options available for your situation and expediting the registration process, this organization hopes to simplify your search. You can request several quotations for commercial insurance products from a number of rivals, most of whom are on our list, by filling out a single online form. Additionally, you’ll receive a brief summary of each policy so that you are fully aware of what you are agreeing to.
Featured Coverages on Tivly
- General Liability Insurance
- Lost Income Insurance (Business Interruption Insurance)
- Business Hazard Insurance
- Commercial Property Insurance
- Business Owner’s Policy
- Commercial Auto Insurance
- Workers’ Compensation Insurance
- Commercial Umbrella Insurance
- Professional Liability Insurance
#3. The Hartford
For organizations that require specific insurance coverage, The Hartford is an excellent insurance option. Hartford offers customizable insurance packages with only the coverage you require, which can save you hundreds of dollars over the long run, even though the insurance may not cover every type of service as Tivly does. For more than 200 years, Hartford has provided insurance to millions of small businesses while upholding a solid reputation for offering some of the best specialized commercial insurance coverages and prices.
The Hartford Featured Coverages
- 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
#4. Hiscox
Since they have assisted thousands of small and microbusinesses in obtaining insurance, Hiscox is the best small business insurer for microbusinesses. Hiscox offers a specialized team of small business experts who are solely focused on assisting small businesses in obtaining the best possible coverage at the most affordable rates.
Featured Coverages by Hiscox
- General Liability Coverage
- Professional Liability Coverage
- Business Owner’s Policy
- Short-Term Insurance Policies
- Cyber Insurance
- Workers’ Compensation Insurance
- Coverage for 180+ professional services
#5. CNA
With its cyber risk insurance options, CNA provides the best insurance for online enterprises. CNA offers comprehensive cyber liability plans at the best costs if your business handles customer or financial information or may be vulnerable to internet assaults or data breaches. We prefer CNA because they provide three options for cyber risk insurance in addition to other specialized insurance products not offered by other suppliers.
Featured Coverages on CNA
- Cyber Risk Policies
- Commercial Auto Insurance
- General Liability Policies
- Equipment Breakdown Insurance
- Inland Marine Policies
- Professional Liability and Management Insurance
- Ocean Marine Insurance
- Business Property Coverage
- Surety Insurance
- Umbrella and Excess Casualty Insurance
- Workers’ Compensation Coverage
Small Business Insurance Florida Cost
The average cost of small business insurance in Florida can range from $50 to $125 per month.Your choice of coverage, business location, size, industry, assets, and claim history all affect how much your premium will be. In general, a small business will pay less for insurance than a big corporation. You should prepare to spend extra if your business operates in a sector with higher-than-average risks, such as mining, roofing, or construction. To save money, shop around and get more than one quote.
Each insurer’s premiums can differ greatly. In order to reduce the cost, you can also look into any discounts that might be offered, such as those for combining several policies. Your small business insurance is seen as a cost of doing business in Florida, which is another item to keep in mind. Consequently, you are able to deduct from your taxes the premiums you pay for a number of necessary coverages.
How Much Business Insurance Do I Need?
Every small business must get Florida business insurance. Your policy offers safeguards that can help defray the expense of some of the most frequent problems, such as an accident that results in legal action. The quantity of insurance you require is determined by your overall risk, asset value, and number and cost of assets. It’s best to constantly estimate how much coverage you’ll need to have, if at all possible.
Depending on your business, you could be obliged to obtain a particular type of coverage. Your business needs commercial auto insurance for any vehicles it owns. Depending on your sector and the number of employees you have, you might also need to carry workers’ compensation insurance.
What Does Florida’s Small Business Insurance Cover?
Different types of small business insurance coverage provide a unique set of coverage. Here are some of the most typical types of insurance for small businesses:
- Business property insurance. Consider this to be a product akin to your homeowners’ insurance. Whether you own or rent your business’s physical property, it will aid in protecting it. It will also provide coverage for the inventory, tools, and equipment used by your business.
- Commercial auto. You may purchase both personal and business auto insurance, did you know that? Commercial auto insurance can help with costs from covered job-related accidents if you or your employees use a vehicle for business.
- Cyber insurance. Keep reading if you run a tech-heavy business. A cyber insurance plan will assist in covering the liability costs associated with various cyber concerns. If your business is the target of a cyber-attack or a data breach, for instance, you may be eligible for identity protection solutions as well as assistance with legal costs.
- General liability insurance. This insurance shields your business from a variety of financial risks that can result in a lawsuit. It covers both personal and bodily injury as well as property damage. Additionally, your business will also be protected against advertising injury claims.
- Professional liability insurance. You could want this coverage if your business offers its clients specialized services or expert advice. It can assist in defending your business against allegations that your client suffered financial harm as a result of your advise or services.
- Workers’ compensation. You must obtain this type of insurance if your business employs people. If a work-related accident happens, it gives benefits to both you as the company and your employees. In the event that one of your employees becomes ill or injured at work, they can count on receiving financial support. Any legal actions resulting from circumstances relating to your job will be shielded from you.
How Much Does Business Insurance Cost in Florida?
In Florida, a typical small business’s annual general liability insurance costs might range from $300 to $5,000.
Does Florida Require Small Business Insurance?
Actually, no. Florida state law only requires workers’ compensation insurance as a requirement for business insurance.
What Does Commercial Liability Insurance Cover?
A business is covered by a commercial general liability (CGL) insurance policy in the event of physical harm, personal injury, or property damage resulting from operations, products, or accidents that take place on the business’s property.
Is Business Insurance More Expensive Than Personal?
Auto insurance for businesses typically costs more than insurance for individuals. Due to the greater coverage levels that are frequently found in commercial policies, there is more protection in the event of an accident.
Is Commercial Insurance the Same as Liability Insurance?
No. Commercial insurance, commonly known as business insurance, safeguards your company’s finances against risks including customer lawsuits, employee or customer injuries, property theft and damage, and other unforeseen occurrences.
What Are Four Examples of Commercial Insurance?
Common types of business insurance include:
- General Liability.
- Property Insurance.
- Business Interruption Insurance.
- Workers’ Compensation.
- Commercial auto insurance.
What Is Not Covered Under Commercial General Liability Insurance?
Commercial general liability does not offer a defense against willful harm or any kind of collision involving a car, an airplane, or a boat.
Conclusion
Get quotes and compare them to find the best coverage at the best price. It’s a fast and free method to go on the path to discovering the correct insurance choice. You’ll be able to compare the available insurance alternatives that each firm may give you. Obtaining a quote also enables you to determine the potential cost of your Florida small business insurance coverage. Once you get a quote, you can personalize your insurance to best match your needs.
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