Insurance for Small Business Owners in Florida

Commercial Auto Insurance.

Personal and business vehicles alike must have auto insurance coverage in Florida. For small businesses, commercial auto insurance should include personal injury protection of $10,000 per accident minimum and property damage liability of $10,000 per accident minimum. Some vehicles, like taxis, may be required to insure for higher limits.

Workers’ Compensation Insurance.

Florida requires most small businesses to carry Workers’ Comp (WC). Specifically, small businesses with four or more full or part-time employees are required to have workers’ compensation insurance in place. Workers’ comp helps protect a small business from on-the-job employee accidents or injury lawsuits while providing coverage for resulting medical treatment fees. Some businesses like construction are required to provide WC even if there is just one employee.

Small Business Owner’s Insurance.

A Business Owner’s Policy, or BOP, combines property insurance and general liability insurance into one cost-effective coverage package for your Florida small business. The liability coverage typically extends to injury claims made by customers, and the property coverage extends to building, machinery, and personal property damage.

General Liability Insurance.

Often required for leasing a commercial space, small business owners in Florida can choose general liability coverage separately. This type of coverage focuses on damage—covering events like a customer injury, damage to customer property, and slander or libel lawsuits.

Professional Liability Insurance.

Professional Liability insurance, often referred to as "errors and omissions insurance,” is a coverage designed for small businesses that provide expertise and consulting services or services requiring licensing. It typically extends to the costs resulting from work mistakes and errors, missed deadlines, incomplete work, and professional negligence lawsuits.

Cyber Liability Insurance.

The number of cyberattacks per week increased 50 percent in 2021 compared to 2020. With 88% of small businesses owners worried they may be exposed to a data breach or become the victim of a cyber attack, Cyber Insurance is recommended. It can help Florida businesses recover from malicious hacking and cyberattacks by paying related customer notification and fraud monitoring costs and associated legal fees.