What to know about Business Insurance

in Florida

Facts about Business Insurance in Florida

Although it is not required by law, business insurance is very important in Florida, where natural disasters like hurricanes, brush fires, and tornadoes are common. This highly customizable coverage can keep your business from suffering large financial losses that could otherwise lead to bankruptcy and ruin. 

More Florida business insurance facts

  • FL businesses collect more than $9.5 billion in claims per yr.
  • Florida sees more than 550,000 property crimes every year.
  • Hurricane Andrew cost FL $25.3 billion in damages in 1992.
  • In 1998, central FL was hit by 12 tornadoes in one night.

Average Cost of Business Insurance in Florida

The cost to carry commercial insurance can vary significantly from one business to the next. Rates are influenced by factors such as your business type, number of employees, liability risks, and the value of your business assets. Insurance rates in Florida tend to be higher than throughout most of the country due to the severe weather risks, but comparison shopping can help you find the best price for your coverage.

Average Cost for the Top Business Insurance Claims

average cost of business insurance claims in florida

Why Choose an Independent Insurance Agent?

  • Independent agents are not tied to a single insurance provider
  • Local insurance agents have close ties to your community
  • Your agent can make shopping for the best rate simple and stress-free

Find an independent agent in Florida

We were searching for a business insurance since our business has to maintain professional liability and general liability for different contracts that we have from time to time. But in the environmental business, it's hard to find a company that will have the coverage that we need or that will even cover us at all. So, we went through an agent and TrustedChoice Business Insurance was willing to write us a policy.

five stars Paul of Jacksonville, FL Consumer Affairs

What Does Your Business Insurance Policy Cover?

You can customize your business insurance policy to meet the specific needs of your business. There are a number of different policy types and coverage options available for you to choose from. A local independent insurance agent can help you navigate through the many choices. Most business insurance policies in Florida will include the following coverage:

  1. Liability insurance: Pays the legal fees, damages, and other costs associated with covered liability lawsuits.  Your vacation resort is sued following a severe bedbug infestation. 
  2. Property insurance: Pays to replace or repair lost or damaged property. Hurricane-force winds damage your outdoor sign and the entire stock of merchandise in your souvenir shop. 
  3. Business interruption insurance: Provides a continuation of income during a forced long-term closure. A tornado rips the roof off your restaurant and it is several weeks before you can reopen.  
  4. Workers’ compensation insurance: Pays for medical treatment and lost wages if employees are injured on the job. A worker at your electrical equipment manufacturing plant suffers an injury that requires surgery. 
  5. Commercial auto insurance: Provides mandatory coverage for business-owned vehicles. The driver of your delivery van accidentally backs into a parked limousine and significantly damages both vehicles.

If you are concerned about floods in your area, or if you are in a flood zone, be sure to talk to your agent about commercial flood insurance.

Top Insurance Companies that Support Independent Agents in Florida

Right now, there are 1,583 independent insurance agents in The Sunshine State. These agents are ready to help you build an all-inclusive business insurance plan that has been designed specifically for your Florida business. Because they can work with several different insurance companies, independent agents can ensure that you get the best price for the customized coverage that your business needs.

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Why go Independent

Why Go Independent when looking for Business Insurance

  • Expertise in Your Business
  • Multiple Quotes From One Agent
  • Get More Value for Your Money

Find an Independent Insurance Agent