Best Business Insurance in Jacksonville

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Contributor, Benzinga
June 24, 2020

Are you lucky enough to own or run a business in beautiful Jacksonville? Have you taken a look at your business insurance options and needs recently? Benzinga’s here to help. We’ve put together this guide about business insurance in Jacksonville.

Best Business Insurance in Jacksonville Near You:

Best Business Insurance Options in Jacksonville

Insurance policies are only as good as the insurance company that provides them. Let’s take a look at some of the best options for your business in Jacksonville.

Best Overall for Business Insurance: The Hartford

The Hartford offers business insurance solutions designed to meet the needs of each business that it serves. You can expect the specialists at The Hartford to work with you to suggest the right types of business insurance based on factors such as your industry and number of employees. After more than 200 years of experience, The Hartford is a trusted company for a wide range of business sizes. 

Some of the insurance types it offers are:

  • Commercial property insurance
  • General liability insurance
  • Business owner’s policy (BOP) 
  • Workers’ compensation insurance
  • Professional liability insurance
  • Data breach insurance
  • Commercial auto insurance

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, liability packages, business owner’s policies, E&O insurance and more 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: Hiscox

  • securely through Hiscox's website
    securely through Hiscox's website
    Best For:
    Small businesses with both part and full-time employees
    Read Review

Hiscox specializes in providing small business insurance tailored to the needs of your business. This insurance provider offers fast online quotes, instant coverage and a quick claims process for all of its business customers. Currently, Hiscox provides business insurance for over 180 professions. This wide range of professions has given it the experience it needs to understand the needs of small businesses around the country. 

Some of the business insurance types Hiscox offers are:

  • General liability
  • Professional liability
  • BOP
  • Cybersecurity
  • Short-term liability

Best for Self-Employed: Suracy

Suracy has experience with a wide range of businesses, franchises, organizations, unions and more. It also works with smaller professional specialties, including beauty, fitness, wellness and automotive professionals. With its wide range of experience and specialization in these professionals, Suracy is able to create tailored business insurance solutions. Suracy wants to be your partner. Its business insurance solutions are meant to reflect your business budget and vision for the future.

Suracy’s business insurance products include:

  • General liability insurance
  • Professional liability insurance
  • BOP
  • Workers’ compensation insurance
  • Commercial property insurance
  • Employment liability insurance

Best for Advantage Program: Progressive

Progressive offers an Advantage Business Program to small businesses. This program gives business owners access to insurance products, as well as unique benefits. Businesses who have a commercial auto policy through Progressive could qualify for a package discount if they have an in-force BOP or general liability insurance policy. You can qualify for the package discount even if your BOP or general liability insurance policy isn’t with Progressive! 

The average discount using this program is 10% off of your commercial auto insurance premium with Progressive. The program also offers access to a specialized customer service team to make sure you’re getting the best coverage for your business.

The types of business insurance offered through the Progressive Advantage Business Program are:

  • Professional liability
  • Cyber insurance
  • Contractors liability
  • Workers’ compensation
  • BOP

Best for Saving Money: biBERK

  • securely through biBERK's website
    securely through biBERK's website
    Best For:
    Staying compliant with state and federal regulations
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biBERK’s goal is to make business insurance simple. It offers instant coverage in 3 easy steps. First, you answer a few questions to get your quote. Then you can choose your business insurance coverage and pay online. What really sets biBERK apart is that it insures your business directly, cutting out the middleman or insurance broker. You can pay up to 20% less for a policy than you would with other insurance companies.

biBERK offers the following insurance products:

  • General liability
  • Professional liability
  • Commercial auto
  • BOP
  • Workers’ compensation
  • Umbrella insurance

Types of Business Insurance

Business insurance is not a one-size-fits-all product. There are several types of business insurance out there, each of which offers a different set of coverage. Here are some of the most common types of business insurance. 

General Liability

General liability insurance is a useful insurance type that most businesses can benefit from. It provides protection against financial loss for your business in a wide variety of situations. Mostly, this insurance type offers protection for your business if something happens to a 3rd-party individual, such as a customer. Covered general liability insurance claims include bodily injury and property damage to a 3rd party. If your business suffers from a covered bodily injury claim, medical expenses to treat the injury are also covered.

General liability insurance can also protect your business if you suffer a financial loss due to libel or slander. Your business can also use your general liability coverage to help pay for the costs of lawsuits, settlement bonds and judgments related to your covered claims.

Product Liability

Product liability insurance can be crucial for your business if it is involved with products. Defective products happen, and when they do, there’s a chance that your business could face a lawsuit if the product causes bodily harm. This type of business insurance is designed to protect businesses against claims due to a defective product. Whether your business is involved in manufacturing, wholesaling, distributing or retailing products, your business may be able to benefit from product liability insurance.

Commercial Property

Have you ever wondered whether there’s homeowners’ insurance for businesses? This is it. If your business owns a significant amount of property or physical assets, you could benefit from the coverage from a commercial property insurance policy. It covers claims related to damage due to fire, smoke, wind and hail storms, civil disobedience and vandalism.

Workers’ Compensation

This insurance type is there to benefit your employees. If a work-related injury or illness occurs, your employee can file a claim to receive benefits from your business workers’ compensation policy. This will allow your employee to receive coverage for their required medical care due to workplace injury. It can also provide them with some compensation for missed wages if they are out of work while they recover. 

Workers’ compensation does more than offer benefits to your employees. It also provides benefits to you as a business owner. If the injured employee or his family sues your business, you can use your coverage to help with the legal costs of handling the lawsuit. 

Professional Liability

Businesses that provide professional services to customers or clients can benefit from a professional liability insurance policy. This type of insurance can protect your business from financial loss if it faces a claim of malpractice, errors or negligence. 

Cost of Business Insurance in Jacksonville

The cost of any business insurance policy will be determined by several factors:

  • The industry can make a big difference in the cost (also known as the premium) of your policy. If your business involves hazardous machinery, for example, your premium may be higher than a business whose employees remain in a traditional office setting.
  • Your business property can also make an impact on the premium of your policy. Insurance companies will pay particular attention to the area where your business is located, the condition of the building you operate out of and the size of your business property.
  • Your business claims history can provide important information to an insurance company. If your business doesn’t have many claims in its past, an insurance company could assume that your business operates safely and does not have a high risk of future claims. However, if your business has had several claims in a short time period, insurance companies might assume that your business will probably have claims in the future as well. This can increase the premium of your insurance policy.
  • Insurance companies will also want to know about the size of your payroll. Since workers’ compensation benefits are based on the wage of your employees, your payroll size can determine the amount of coverage you need. The more coverage your business needs, the higher the premium of your policy could be.

The following options may help you reduce the premium of your insurance policies:

  • Manage the risks of your business operations through tools such as regular safety training for your employees. 
  • Adjust the deductible of your insurance policy. Your deductible is the amount of money your business must pay out-of-pocket for a covered claim before you can use your coverage. If you raise your deductible, it may lower your policy’s premium. This could help you save money in the long run, especially if your business isn’t likely to have any claims.
  • You can also ask your insurance company about discounts and bundling options. Some insurance companies may offer the option to bundle multiple insurance types into a single policy. Insurance companies may also offer discounts for things like paying your policy premium in full when you purchase your insurance policy.

Some insurance companies may also be able to tell you about average costs for insurance policies. For example, Progressive has provided the following examples for the national average of a new 12-month business insurance policy through its Progressive Advantage Business Program in 2019:

  • $46 per month for a professional liability policy
  • $85 per month for a workers’ compensation policy

What’s Right for My Business?

It can be difficult to figure out what the right choice is for your business with so many options out there. Luckily, getting a quote is free and easy. Once you compare prices and coverage from your quote, you’ll have everything you need to make your decision.