Are you in the process of opening up a new company and not sure where to start? That's understandable, and having a little nudge in the right direction can help. Florida business insurance can be costly for any startup when you don't have a professional in your corner.  

Fortunately, a Florida independent insurance agent has access to several carriers so that you get the best rates in town. They'll even do the comparing for you at no cost. Connect with a local expert for tailored protection in minutes. 

What Is Startup Business Insurance?

As a startup business in Florida, you'll have to account for all the what-ifs. While every operation is different, all companies will need a basic foundation of policies. Check out some common coverage choices for startup businesses below:

• General liability: Pays for bodily injury and property damage claims.
• Business property: Pays for the replacement and repair of property owned by the business.
• Business inventory: Pays for the replacement and repair of inventory owned by the business.
• Business equipment breakdown: Pays for the replacement and repair of business equipment that breaks down.
• Commercial umbrella liability: Pays for additional liability coverage when a loss exceeds your underlying limits.
• Workers' compensation: Pays for the medical expenses and lost wages of an employee who gets injured or becomes ill on the job.

Quarterly rate of business starts in the US from 3rd Quarter 2010 to 3rd Quarter 2020

If you're starting a business in Florida, you're not alone. Understanding how your insurance coverage works is essential. 

What Does Your Florida Startup Business Coverage Insure?

Florida currently has 2,500,000 small businesses in existence. Since every policy varies by the holder, your limits will be specific to your operation, but your central policies will be standard. Let's look at common startup business coverages:

• Coverage for bodily injury or property damage claims
• Coverage for your business inventory such as products
• Coverage for business equipment that breaks down due to a covered loss
• Coverage for employees who are injured or become ill on the job
• Coverage for commercial vehicles used to operate the business
• Coverage for disgruntled employees that sue due to discrimination or harassment

How Much Does Insurance Cost for a Florida Startup Business?

In Florida, $36,870,506,000 in commercial insurance claims were paid in 2019 alone. Numerous risk factors will affect your insurance costs, and exact pricing can only be calculated by a licensed professional. In the meantime, take a look at the factors companies consider when quoting:

• Loss history
• Replacement cost values
• Insurance score
• Experience level
• Type of business
• Location

Will My Florida Location Impact My Startup Business Rates?

Where your startup is located will have an impact on your insurance premiums. Carriers look at several items as it relates to your location when setting your costs. From flood zone to prior claims reported in the area, your pricing will be affected. 

Reported property crime rate in the US from 1990 to 2019

Local crime rates will play a role in your business insurance costs too. To see how your location will affect your insurance premiums, get with a trusted adviser.

How an Independent Insurance Agent Can Help in Florida

Anyone who starts a business is going to need the proper coverage to keep it running smoothly. While having a startup business can be fun and exciting, it also needs to be protected. Florida commercial insurance can come in many forms, making it challenging to know what's best.

Fortunately, a Florida independent insurance agent can help with coverage and premium options that won't break the bank. They'll review your policies for free and set your operation on the right track. Get connected with a local expert on TrustedChoice.com for quotes in minutes.