Best Business Insurance in Florida

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Contributor, Benzinga
May 4, 2020

Florida is a great place to start and own a business — it’s got the 4th largest economy in the U.S. Getting the right insurance is an essential part of any business. It protects your investment as well as your employees and your customers. 

Here’s Benzinga’s guide to finding the best business insurance in Florida. 

Best Business Insurance Options in Florida:

Best Business Insurance Options in Florida

Choosing the right business insurance provider can make all the difference. Here are Benzinga’s top picks for the Sunshine State. 

Best Overall for Business Insurance: The Hartford

The Hartford has a solid history of supporting businesses. It garners stellar ratings from its clients for the claims process. The Ethisphere Institute also rates it as a highly ethical company. 

The Hartford offers Florida business owners a wide range of business insurance options, including business owner’s policies (BOPs), which bundle multiple types of coverage into 1 easy-to-manage policy. It also offers data breach and cyber liability insurance, which even small businesses should consider. (Small businesses are becoming a popular target for cybercriminals.) 

The Hartford will work closely with you to help you determine your insurance needs. It will also tailor a policy to your business and your budget. 

Best for Tailored Coverage: Simply Business

Simply Business offers a comprehensive suite of business insurance that specializes in making it easy to insure your business. 

Whether you’re looking for construction workers' insurance or insurance for your startup, Simply Business helps you find the right coverage at the right price. 

Tell Simply Business a little bit about your business and you'll get almost-instantaneous affordable quotes from top insurance providers. You can look into workers’ comp insurance, business policies and a wide array of other options that will cover everyone on your team, and you can get covered in accordance with Florida law without overspending. 

Building your business is hard enough. Let Simply Business make it easier. Get a quote from Simply Business today.

Best for Small Businesses: State Farm

State Farm has been in business for almost 100 years. It offers its products through local experienced agents who know the ins and outs of running a small business. 

State Farm offers small business insurance to businesses at every stage of development. Whether you’re just starting up, working on expanding or preparing to sell and enjoy the fruits of your labor, State Farm offers insurance tailored for you. 

State Farm can help you assess your risks and develop a continuity plan. It can also help with health and life insurance.

Best for Self-Employed: Hiscox

  • securely through Hiscox's website
    securely through Hiscox's website
    Best For:
    Small businesses with both part and full-time employees
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Hiscox specializes in business insurance and can be a great fit for self-employed professionals. Hiscox understands that you have unique needs and that you’re likely working on a budget. The company will work closely with you to determine your insurance needs and offers flexible payment options to make your insurance payments manageable. 

You can get a fast quote from Hiscox online which results in excellent ratings from clients. Hiscox assigns you a dedicated representative when you file a claim so you have someone there to answer your questions and ensure your claim gets the attention it deserves. 

Best for Commercial Auto: Progressive

Vehicles driven for business purposes may need commercial auto insurance. Progressive is an experienced auto insurance agent and it can help you assess your business’s auto insurance needs. Its commercial auto policies include around-the-clock service, adjustable coverage and flexible billing options. 

Progressive also offers other lines of business insurance, including general and professional liability and cyber insurance. It even offers employee health and pet insurance, which can go a long way toward retaining good employees. It can offer a great one-stop shop for all your business insurance needs. 

Best for Medical Offices: Allstate

Medical offices have property to protect, documents to keep secure and a practice to protect. Medical offices are an Allstate specialty and it’s developed an insurance package to help. 

Its medical office coverage includes property protection, protection for valuable papers, electronic data protection and protection from employee dishonesty. If your practice has additional needs, it will work closely with you to assess those needs and put together a package that makes sense. 

Allstate certifies its business agents to ensure they have up-to-date knowledge. Your agent will be with you every step of the way, including if and when you need to file a claim. 

Types of Business Insurance

With all the types of business insurance out there, which ones do you need? Here are the most common types to consider. 

  • General liability insurance protects your business from claims due to bodily injury, damage to others’ property, damage to your business due to slander or libel and damage from false or misleading advertisements. It helps to cover the costs of your defense if you’re sued as well as damages if you’re held responsible for an accident or injury. 
  • Product liability is worth considering if you sell goods to the general public. It protects you from claims related to your product, including manufacturing flaws, insufficient warnings or instructions and defects in the design of your product. 
  • Commercial property insurance is similar to homeowners insurance, but it protects your business property and belongings instead of your personal ones. Policies either reimburse you for the present value of your property and the damaged goods or for the replacement cost. A policy that reimburses you for the present value may not pay out as much for items that depreciate, like electronics. Getting a policy that covers the replacement costs of your items may be more expensive but it might be a worthwhile choice if you need to rebuild your business. 
  • Workers’ comp insurance protects your employees if they are injured or become ill due to their work. It helps cover their medical bills and lost wages. Most policies also include benefits like rehabilitation to help employees get back to work or retrain for new employment if needed. 
  • Professional liability insurance helps protect you from claims due to not rendering professional services. Doctors have malpractice insurance, which is a type of professional liability insurance. Other professionals can carry this insurance as well — accountants, attorneys, architects and IT professionals. 

Cost of Business Insurance in Florida

Business insurance costs vary widely for Florida businesses. It’s based on factors like:

  • Which types of business insurance you choose
  • The size of your business
  • The claims history of your business
  • Your industry

Insurance companies determine how much to charge based on risk. If you have a construction business, your costs may be higher than someone who runs a flower shop. The chances of someone being injured are higher in construction work than work done in a retail setting. Retail work has risks as well, so the best approach is to contact multiple insurance companies to get a sense of what coverage is right for you and how much it will cost. 

There are some measures you can take to lower your costs. These include:

  • Choosing a higher deductible: Your deductible is the amount you pay for a covered loss before your insurance kicks in. If you have $5,000 in property damage and a $1,000 deductible, you would pay $1,000 and your insurance provider would pay $4,000 (subject to the terms of your policy). The higher your deductible, the lower your premiums will be. 
  • Having a safety plan: Have clear and documented procedures for safety. Provide your employees with the equipment they need to stay safe, which may include gloves, goggles, aprons and eye-washing stations. Document when you train your employees on safety so you can show your records to your agent. Having a solid safety plan lowers your risk of claims, which could result in lower premiums. 
  • Bundling your policies: Get all your business insurance through a single provider. Many insurance carriers offer discounts for having multiple policies. 

Which Florida Business Insurance Provider is Right for Me? 

Choosing an insurance provider can be daunting. The best approach is to contact multiple providers to get a sense of what coverage they recommend. Get a quote to review and compare it with other insurers. Our quote tool makes it easy to contact multiple companies. Just enter your ZIP code and click on 2 or 3 providers to get started. 

Review each quote carefully. Compare deductibles and coverage limits and choose great customer service. From there, choose the provider that offers the best balance of value and service.