Small business insurance provider in Florida
Entrepreneurs and self-employed professionals drive Florida's economy. Small businesses employ over 3 million Floridians, account for the majority of businesses in the state, and account for roughly 75% of all new jobs.
The majority of the population lives in Florida, and the majority of the population lives in the United States. Whether you own a small business or are looking to start one in Florida, having the right business insurance is critical to your success.
Small business insurance protects your company from financial losses caused by a wide range of risks, including bodily harm, property damage, and lawsuits.
Coverage and requirements for Florida business insurance
A variety of factors influence the type of small business insurance required by your company, including:
The field in which you work.
The total number of employees.
Risk exposure.
Insurance against general liability
This coverage may help cover the costs if your company is held liable for an injury or property damage caused by someone other than an employee.
Before entering into a contract with your company, customers frequently request general liability insurance. Before extending you a lease, many commercial landlords will require this insurance.
Insurance for commercial vehicles
Small businesses in Florida with company-owned vehicles must have commercial auto insurance to protect themselves from accidents while driving for work. Personal auto insurance typically does not cover damages incurred while on the road for business purposes, even if you are driving your own car.
The cost of commercial auto insurance in Florida is determined by factors such as the number and type of vehicles you own, the frequency with which you drive for work, the driving records of your employees, and the coverage deductible.
If a real estate agent, for example, travels to Miami for an open house and is involved in a minor collision with another vehicle on Interstate 95. Commercial auto insurance covers both the agent's vehicle and the vehicle of the other driver. If the collision is severe, commercial auto insurance can help pay for legal fees and medical expenses.
Professional liability insurance (E&O)
Even if you use extreme caution when giving advice and making business decisions, a client may accuse you of making a work error or failing to meet a deadline, resulting in losses.
For example, a client may claim that a small accounting firm in Pensacola made a tax error that cost him thousands of dollars. The client would then sue to recoup his losses. Even if the accounting firm is not found to be liable for damages in court, E&O coverage can help cover legal fees and expenses.
Insurance for workers' compensation
In Florida, businesses with four or more full-time or part-time employees are required by state law to carry workers' compensation insurance.
This policy pays for medical expenses incurred as a result of work-related illnesses and injuries. It also compensates an employee for a portion of his or her lost wages while recovering.
What is the cost of small business insurance?
As the first and least expensive type of insurance, the majority of business owners require general liability insurance. The median cost of a general liability policy was $42 per month or $500 per year, according to an analysis of 28,000 small business owners' commercial insurance policies obtained through Insureon.
On average, a business owner's policy (BOP) costs $53 per month or $636 per year and provides a discounted combination of general liability insurance and business property coverage.
Top insurance companies for small businesses in Florida
Regardless of the numerous challenges that small businesses face, having quality insurance is one way to protect your company's financial future. To find the best small business insurance, we examined the complaint histories of over 5 different businesses.
Thimble
For 120 professions, you can get general and professional liability insurance, errors and omissions insurance, business equipment protection, and event insurance. An upcoming work event can be covered at the last minute.
People who require business insurance quickly can buy coverage from Thimble, an online insurance agent, by the month, day, or hour. Other insurance companies, not Thimble, underwrite its policies.
Businesses that require quick or temporary coverage can benefit from Thimble. Thimble is also helpful for business owners who employ contractors because you can use it to specify the insurance requirements for the people you're hiring and enable them to buy it through Thimble.
That said, you must submit claims to an additional insurance provider since Thimble does not underwrite its policies. Additionally, Thimble's customer service is only accessible online.
CoverWallet
To compare policies from multiple providers, select your business type, enter the number of employees, and report your estimated annual revenue.
Despite the fact that the company is entirely online, you will be assigned a personal advisor to assist you with your small business insurance needs.
CoverWallet can connect you to a variety of providers for the various types of insurance policies required by your restaurant. Three different providers offer commercial auto, business interruption, and workers' compensation policies, which you can manage through the CoverWallet platform.
simply Business
Simply Business simplifies the process of comparing business insurance policies. You can compare prices and coverage options from well-known companies such as Hiscox, Travelers, and Axis Insurance Company using its insurance search tool.
In less than ten minutes, you will have access to online policy options. In addition, if you need immediate assistance, you can contact a licensed Simply Business agent.
You can use the comparison tool to narrow down the recommended insurance options based on your industry. Photography insurance, accounting insurance, and landscaping insurance are all examples of specialized insurance.
While Simply Business will not handle your claim directly, it can help you contact your provider and obtain new copies of your policy documents.
The Hartford
For over 30 years, The Hartford has been committed to providing the best insurance options for small businesses. Combining your coverage is simple due to its business owner's policy (BOP).
You will also be able to add on additional types of insurance, such as professional liability insurance, commercial auto insurance, and so on. If you are unsure about the types of insurance coverage your company needs, The Hartford's team can help by putting together a quote based on the risks your company faces.
Next Insurance
Obtaining business insurance protection has been made simple by Next Insurance, who have made it possible to do so quickly and entirely online. Next Insurance, which CNBC named as one of the "Top 50 Disruptors of 2022," uses AI and machine learning to offer the best small business liability insurance options that are tailored to specific business requirements.
We believe that Next is the best business insurance provider for entrepreneurs looking for quick, inexpensive, high-quality coverage without having to enter an office or endure pushy sales tactics. In order to make the process simpler than ever, Next Insurance not only provides the most popular kinds of small business insurance, but also provides industry-specific insurance products. You can easily pay premiums, access policy documents, and even submit liability claims while on the go 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 exclusive focus on small businesses.
Conclusion
We ranked commercial liability and commercial property insurance companies in 2022 based on complaint data. Complaint data from state insurance departments across the country is compiled by the National Association of Insurance Commissioners. You may be required to have business insurance by certain contracts or professions. Even if this doesn't apply to you, insurance is still a vital part of your company's overall strategy. Your insurance policy is there to shield your business from unforeseen lawsuits and claims against its assets.