Best Small Business Insurance in Florida for 2024 • Benzinga

Do you own a small business in the Sunshine State? Take care of business with the right insurance coverage. Get started now with our review of the best small business insurance in Florida.

Quick Look: The Best Small Business Insurance in Florida

6 Best Small Business Insurance in Florida

Learn more about our top picks for the best small business insurance in Florida.

1. Best Comprehensive Coverage/BOP: The Hartford

The Hartford has been committed to providing small businesses with the right insurance products for over 30 years. Its business owner’s policy (BOP) makes combining your coverage simple. This policy includes general liability, business property and business income insurance. 

You’ll also have the option to add on other types of coverage, including workers’ compensation, commercial auto, professional liability insurance and more. If you’re unsure what types of insurance coverage your business needs, The Hartford’s team can help by putting together a quote based on the risks your business faces. 

• Quote process: Online or over the phone
• Policy purchase process: Online
• States served: All 50 states

2. Best for Tailored Coverage: Simply Business

Simply Business lets you simplify comparison shopping for your business insurance. With its insurance search tool, you can compare quotes and coverage options from top providers like Hiscox, Travelers and Axis Insurance Company. 

You’ll get policy options online in less than 10 minutes. And the Simply Business licensed agents are just a phone call away if you need extra assistance. 

The comparison tool lets you drill down its recommended insurance options based on your specific industry. You can view specialized cover for landscaping, accounting or photography and more. 

While Simply Business doesn’t handle your claim directly, it can get you new copies of your policy documents and help you get in touch with your provider if you need assistance. 

• Quote process: Online or over the phone
• Policy purchase process: Online
• States served: All 50 states

3. Best for Freelancers: Thimble

Thimble has carved a niche as the provider the niche that offers
one-size-fits-all policies for your one-of-a-kind workday. You can get general and professional liability insurance, errors and omissions, business equipment protection and event insurance and 120 professions are covered.

You can get coverage at the last minute for a work event coming soon.

Learn more about how to get Thimble coverage today.

• Quote process: Online, mobile or over the phone
• Policy purchase process: Online, mobile or over the phone
• States served: All except Washington and New York

4. Best for Startups: CoverWallet

CoverWallet is a service to help you gather personalized business insurance quotes. You can choose your business type, enter the number of employees and report your estimated annual revenue to compare policies from multiple providers.

The company is 100% online but provides you a personal advisor to help you navitage your small business insurance needs.

CoverWallet can connect you to different providers for the variety of insurance policies type you need for your restaurant. You can find commercial auto, BOPs and workers’ compensation policies from 3 different providers and manage all your policies through the CoverWallet platform.

• Average cost: Variable based on the company you select
• Quote process: Online, though some insurance carriers will call you with a quote
• Policy purchase process: Mostly online, though some carriers require phone calls
• States served: All except Rhode Island and Vermont

5. Best for Small Businesses With Full and Part-Time Employees: Hiscox

If you’re self-employed, you might wonder if you even need business insurance. Every business needs insurance, and Hiscox can guide you to the right coverage if you’re self-employed.

Use its website to learn about business insurance and which coverages you need for your business. To get more specific information about policies tailored to your needs, get a quote from Hiscox. You’ll even have access to a licensed insurance agent to call and discuss your situation further.

• Quote process: Online or over the phone
• Policy purchase process: Online
• States served: All 50 states

6. Best for Industry-Specific Protections: Liberty Mutual

Whether you own a sole proprietorship or run a multinational business, Liberty Mutual Insurance offers a way to protect you and your employees if you end up involved in a lawsuit. General liability policy covers expenses related to out-of-court settlements, litigation and court judgments. Your policy may include protection against lawsuits relating to:

• Advertising injury
• Bodily injury
• Personal injury
• Property damage 

Get your general liability coverage from Liberty Mutual today.

• Quote process: Online, over the phone or mobile app
• Policy purchase process: Online and mobile
• States served: All 50 states

Cost of Small Business Insurance in Florida

If you’re worried about how much small business insurance will cost, you’re not alone. It’s important to choose the types of insurance you need and leave off what you don’t. Working with an insurance provider that you trust helps ensure that you’re getting the best coverage for your needs.

It’s good to know what factors have an impact on the cost of your business policy. Here are a few things your insurance provider will look at when determining the cost of your policy:

• The industry that your business is in
• The overall value of your business, including your business assets and business-owned property
• The number of employees you have
• The size of your business’ payroll
• Your claims history

If you’re looking to save on your business insurance, there are some things you can do to lower your insurance costs:

• The 1st way is to lower your business’ risk. This can mean increasing the amount of job safety training you offer to your employees. It means making sure your employees know they can come to you with a concern so you can address it before it becomes a problem. You might also be able to update your business equipment to reduce risk.
• To lower your upfront cost, consider increasing your policy’s deductible. The deductible is the amount of money you’ll be paying out-of-pocket before your insurance provider will payout for a covered claim. In most cases, to lower the cost of your premium (what you pay to keep your policy active) you can increase your deductible amount.
• If you’re purchasing multiple business insurance products, bundle the coverages into a single policy. Often, bundling your coverage will save you money in the long run, as opposed to purchasing all of your coverages separately. An example of this is the business owner’s policy. 

Let’s give you an idea of what you can expect to pay for your policy. Remember, this number will vary depending on the factors that make up your business. 

• According to The Hartford, the average cost for a general liability insurance policy is $618 per year.
• Progressive reports that the national average monthly cost for its general liability insurance policy through the Progressive Advantage® Business Program in 2019 was $53. From this information, you could expect to pay $636 per year. Progressive also reported that through the same program, the national average monthly cost in 2019 for its professional liability insurance policy was $46 ($552 per year). 

What Does Small Business Insurance Cover?

Each type of small business insurance coverage offers a different set of coverages. Here are some of the most common types of small business insurance:

Business Property Insurance

hink of this as a product that is similar to your home insurance policy. It will help protect the physical property of your business, whether you own or lease it. It will also offer coverage for your business’s tools, equipment and inventory.

Commercial Auto

Did you know that you can get both personal and commercial auto insurance? If you or your employees use a vehicle for work, commercial auto coverage can help cover costs from covered work-related accidents.

Cyber Insurance

If your business is tech-heavy, keep reading. A cyber insurance policy will help pay for liability costs related to several cyber issues. For example, you can receive identity protection solutions, as well as help with legal fees if your business is the victim of a cyber-attack or a data breach.

General Liability Insurance

This is the insurance that protects your business financially from a wide range of issues that could lead to your business receiving a lawsuit. It includes coverage for property damage, as well as personal and bodily injury. Your business will also be protected against advertising injury claims.

Professional Liability Insurance

If you are the type of business that provides professional advice or specific services to your customers, you may need this coverage. It can help protect your company against claims that your advice or services caused financial damage for your client.

Workers’ Compensation

If your business has employees, you’ll need to have this type of insurance. It offers benefits to you as the employer and to your employees if a work-related injury occurs. Your employees can expect to receive financial protection if they are injured and out of work due to a covered work-related injury or illness. You’ll be protected from any lawsuits that arise from a work-related situation.

Find Small Business Coverage Today

Shop for the best policy at the best price by getting quotes. It’s a fast and free way to get on the path to finding the right insurance option. You’ll be able to compare the available insurance solutions that each company can offer you.

Getting a quote also allows you to see exactly how much your small business insurance policy could cost. Once you have a quote, you can tailor your policy to best meet your needs.

Frequently Asked Questions