Florida small business insurance policies

In Florida, some of the most common policies for small businesses include:

General liability insurance

General liability insurance helps cover expenses related to injuries incurred by customers and visitors to your property. It can also help cover property damage and advertising injuries. Examples of situations that may be covered by general liability include:

  • A deliveryman slides on ice on the front step of your business and breaks a wrist.
  • A model attending a photo shoot at your private studio trips over a loose cable and twists an ankle.
  • Your marketing team comes up with a slogan that your competitor claims is slander.

Property insurance

Your business property, which includes the building, equipment, and inventory, may suffer damages due to accidents or crime. Commercial property insurance can help pay for repairs or replacements that are necessary when:

  • A pipe breaks at your convenience store, causing extensive water damage to your inventory.
  • Expensive lotions and beauty products are stolen from your spa.
  • An employee at your architecture firm knocks over a detailed scale replica of a building.

Professional liability insurance (errors and omissions insurance)

Professional liability insurance can help pay legal costs related to expert advice or services that you provide to your clients. It can help provide coverage when:

  • You break the terms of a client's contract.
  • Your error results in a client's revenue loss.
  • You miss a deadline, negatively impacting a client’s business.

Cyber liability insurance

The Florida Information Protection Act expanded notification requirements for Florida businesses in the event of cyberattacks and other security breaches. Your customers or clients must be notified if they were affected by a breach. Additionally, if more than 500 individuals were affected, the breach must also be reported to the Florida Department of Legal Affairs. Businesses can be fined up to a maximum of $500,000 for failing to provide notice. In the event of a breach, cyber liability insurance can help pay for:

  • Data breach notification costs.
  • Forensic investigation into the cause of the breach.
  • Credit monitoring for parties affected by the breach.
  • Legal expenses if you’re sued for not preventing the breach.

Business owner’s policy (BOP)

If your small business is eligible, you can save money by purchasing a business owner’s policy, which bundles general liability and commercial property insurance at a lower rate than if they were purchased separately. Your business may be eligible if:

  • You work in a low-risk industry.
  • You have fewer than 100 employees.

Commercial auto insurance

Any vehicles owned by your business must be covered by commercial auto insurance. This coverage can assist with:

  • Repairs to the other driver’s car in an accident.
  • The other driver’s medical expenses due to injury.
  • Legal expenses if you’re sued over an accident.
  • Repairs to your vehicle if it’s damaged by theft, weather events, or vandalism.

Workers’ compensation insurance

Florida businesses are required to purchase workers' compensation if they have four or more employees. This coverage helps pay for medical fees and lost wages caused by on-the-job injuries or occupational illness. Situations that may be covered by workers' comp include:

  • Fine particulate in the air at your factory exacerbates an employee’s asthma.
  • An employee trips and injures a shoulder on the sharp edge of a desk in your office.
  • An employee at your housekeeping business suffers a skin burn from harsh cleaning chemicals.