Many business owners opt to start an LLC in order to keep their personal assets separate from their business’s affairs. However, just having an LLC doesn’t protect you or your business from all potential dangers. That’s why it’s imperative to have LLC insurance.

Fortunately a Florida independent insurance agent can get you set up with the right LLC insurance for your needs. They’ll also get you equipped with all the coverage you need, long before you need to file a claim. But first, here’s a closer look at LLC insurance.

What Is LLC Insurance?

An LLC needs the same coverage as any other business. LLC insurance in Florida is essentially a package of general liability coverage and professional liability coverage designed to protect your limited liability company. Coverage shields your business against claims from third parties against your business for incidents of bodily injury, property damage, faulty products, or for a range of professional errors.

What Does LLC Insurance Cover in Florida?

LLC insurance exists to protect your business and yourself from lawsuits relating to many mishaps. The main coverages found in LLC insurance in Florida are:

• Professional liability: This covers professional errors made by your business.
• General liability: This protects you, the business owner, against lawsuits related to injury/property damage caused by your business.
• Workers’ comp: This protects your workers against injury, illness, and death on the job or due to work-related activities.

A Florida independent insurance agent can further explain what LLC insurance includes and why it would benefit your business.

What’s Not Covered by LLC Insurance in Florida?

While LLC insurance provides a ton of critical protection for limited liability companies in Florida, it also comes with its own set of exclusions. LLC insurance typically does not cover the following:

• Your personal property
• Damage to business vehicles
• Damage to your business’s operations
• Intentional injuries and malicious acts
• Business property damage
• False advertising by your LLC

A Florida independent insurance agent can help address any concerns you may have about what’s not covered by LLC insurance, and help you purchase additional coverage to fill in any gaps.

How Many LLCs Are in Florida?

The number of domestic limited liability companies in Florida has increased quite a bit in recent years. At the start of the last decade, there were 162,219 reported LLCs in Florida.

With LLC businesses specifically on the rise, it’s clearly extremely important for business owners in Florida to be familiar with the critical protections provided by LLC insurance.

How Much Does LLC Insurance Cost in Florida?

The cost of your LLC insurance varies depending on several factors, such as the size and operations of your business. As usual, businesses that are riskier in nature will pay more for their coverage.

Here are average costs of some of the most common coverages needed by LLCs:

• General liability insurance: $500 annually
• Workers’ comp: $560 annually
• Professional liability insurance: $713 annually
• Business owners policy insurance: $636 annually
• Cyber liability insurance: $1,675 annually
• Commercial auto insurance: $1,704 annually

Your specific location in Florida might also influence your rates, especially if you’re in an area prone to hurricanes. A Florida independent insurance agent can help you find exact LLC insurance quotes for your town.

Do I Need Any Other Specific Liability Coverage?

The liability coverage needs of your LLC will depend highly on the nature of your business. While it can be tough to predict what other liability coverages you may need, there are a handful of other basic coverages typically added to LLC insurance, including:

• Commercial property insurance: Protects your business’s physical building against damage and more.
• Inland marine insurance: Protects business property, equipment and tools while they are moving between external job sites and the business.
• Commercial auto insurance: Protects the vehicles you or your employees use on the job against damage, theft, etc.
• Business owners policy insurance: BOP insurance combines business property protection with general liability insurance. Your LLC’s merchandise and your company itself are protected against business interruptions, and you, the owner, are protected against third-party claims of injury by your business or on your premises.

A Florida independent insurance agent can help you find all the additional coverages you need to fully protect your LLC.

Here’s How a Florida Independent Insurance Agent Can Help

Independent insurance agents are fully equipped to protect self-employed workers against commonly faced liabilities. Florida independent insurance agents shop multiple carriers to find providers who specialize in LLC insurance. 

They can deliver quotes from a number of different sources and help you walk through them all to find the best blend of coverage and cost.