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A- (Excellent)
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Fact Checked
Fact Checked
Updated: Feb 9, 2024, 10:00am
If you own a small business in Florida, you want to find the best business insurance. The right coverage from a reputable company will prove to be valuable if you ever have to file a claim for a problem like a workplace accident or stolen business property.
We looked at the official complaint records of 23 insurers that have the largest market share for business insurance in Florida to help you find the best small business insurance in Florida.
Why you can trust Forbes Advisor
Our editors are committed to bringing you unbiased ratings and information. Our editorial content is not influenced by advertisers. We use data-driven methodologies to evaluate insurance companies, so all companies are measured equally. You can read more about our editorial guidelines and the methodology for the ratings below.
Tailored policies for thousands of professions
A- (Excellent)
Extremely low
A (Exceptional) from Demotech
Centauri has an extremely low level of complaints, which typically indicates good customer service. Centauri’s business owners policies are geared toward office, retail, service occupancies (such as a nanny or a caretaker) and wholesale.
Extremely low
A (Excellent) from AM Best
Main Street America has an extremely low complaint level and offers a multitude of products for small business owners, including commercial flood insurance and fidelity and surety bonds. You’ll also find a fair number of discounts for commercial auto policies.
Extremely low
A++ (Superior) from AM Best
Auto-Owners insurance and offers a wide range of business insurance coverage types for a variety of professions. You’ll also find discounts such as group discounts if your small business is affiliated with organizations such as a chamber of commerce, credit union or trade association.
Extremely low
A- (Excellent) from AM Best
State Farm insures more than 300 types of professions, including retail, restaurants and services such as painting, plumbing and tax preparation. You’ll find policies specifically designed for contractors as well as fidelity and surety bonds if a client requires one.
Extremely low
A (Exceptional) from Demotech
Tower Hill sells small business insurance geared toward industries such as office and retail, assisted living facilities, early learning centers, self-storage and mercantile.
Very low
A++ (Superior) from AM Best
Berkshire Hathaway insures a wide variety of professions such as artisans, child care providers, contractors, IT consultants, small appliance repair, restaurants and vehicle repair shops. You can purchase a policy online and once the process is complete, you can instantly download your certificate of insurance.
Low
A (Excellent) from AM Best
Markel sells small business insurance in Florida for many different types of industries, including contractors, distributors, grocery stores, medical offices, professional services, retail and restaurant. Their business owners policy, EssentialBOP, has three levels of coverage you can choose from and their website provides helpful information on common coverage types for specific professions.
Very low
No rating
Granada has sold small business insurance in Florida since 1987 and offers coverage for many types of small businesses, including contractors, restaurants and retail.
Company | Company - Logo | Forbes Advisor Rating | Forbes Advisor Rating | Complaint level | Financial strength rating | Learn More CTA text | Learn more CTA below text | LEARN MORE |
---|---|---|---|---|---|---|---|---|
Centauri | 5.0 | Extremely low | A (Exceptional) from Demotech | Compare Quotes | Compare quotes from participating carriers via Simplybusiness.com | |||
Main Street America | 5.0 | Extremely low | A (Excellent) from AM Best | Compare Quotes | Compare quotes from participating carriers via Simplybusiness.com | |||
Auto-Owners Insurance | 5.0 | Extremely low | A++ (Superior) from AM Best | Compare Quotes | Compare quotes from participating carriers via Simplybusiness.com | |||
State Farm | 5.0 | Extremely low | A- (Excellent) from AM Best | Compare Quotes | Compare quotes from participating carriers via Simplybusiness.com | |||
Tower Hill | 5.0 | Extremely low | A (Exceptional) from Demotech | Compare Quotes | Compare quotes from participating carriers via Simplybusiness.com | |||
Berkshire Hathaway | 4.5 | Very low | A++ (Superior) from AM Best | Compare Quotes | Compare quotes from participating carriers via Simplybusiness.com | |||
Markel | 4.5 | Low | A (Excellent) from AM Best | Compare Quotes | Compare quotes from participating carriers via Simplybusiness.com | |||
Granada | 4.5 | Very low | No rating | Compare Quotes | Compare quotes from participating carriers via Simplybusiness.com |
Compare Free Quotes From Top Insurers at Simply Business. Get a Policy in Under 10 Minutes.
Whether you’re running a small donut shop or heading up a digital ad agency in Florida, having the right small business insurance is crucial for a business. You’ll want to make coverage decisions based on the size of your business and your industry. Here are some common types of small business insurance.
General liability insurance covers a small business for accidental injuries and property damage caused to others. It also covers claims against you for copyright infringement, libel and slander. General liability insurance also pays for your legal costs, such as attorney fees, settlements and judgments.
Professional liability insurance covers your small business if someone accuses you of making mistakes in your professional services, even if the claim has no merit. For example, if a client claims your tax preparation services resulted in financial harm, your professional liability will pay your legal costs.
Professional liability insurance is also called errors and omissions insurance.
Florida workers’ compensation insurance covers your employees’ medical bills, lost wages and other expenses if they get injured or ill due to work-related tasks. Here’s who must have workers’ comp in Florida:
You’ll likely need to add other types of small business insurance to cover the risks that your small business faces in Florida. For example, you’ll want to cover business property such as your building, signs, inventory and office equipment.
A good approach is to start with a business owners policy (BOP). A BOP bundles general liability insurance with business interruption insurance and commercial property insurance. It’s usually cheaper to buy a BOP compared to buying each coverage type separately. Here’s what they cover.
You can build on a BOP by adding extra coverage as needed. Here are some other business insurance types to consider:
The average cost of general liability insurance in Florida is $45 per month, according to Insureon. Professional liability insurance costs an average of $61 per month and workers’ compensation insurance costs an average of $46 per month.
The exact amount you’ll pay for small business insurance depends on several factors, including:
Here are a few tips to help simplify the buying process.
To find the best small business insurance in Florida we analyzed large Florida business insurance companies based on 2022 complaint data for commercial liability, commercial property insurance and commercial auto insurance. Complaint data is based on complaints upheld by state insurance departments across the country and collected by the National Association of Insurance Commissioners.
You are only required to have workers’ compensation insurance in Florida if your business has four or more employees, including corporate officers and LLC members. Agricultural and construction businesses are also required to have workers’ compensation, depending on the number of employees.
You may be required to have other types of small business insurance if your client or Florida requires it. For example, Florida requires doctors to have medical malpractice insurance with at least a $100,000 per occurrence limit and a $300,000 aggregate limit.
The Florida Office of Insurance Regulation is responsible for regulation, compliance and enforcement of statutes related to insurance. This includes business insurance rates, licensing, policy forms, claims and administrative supervision. The office is funded by taxes and fees charged to the insurance industry.
You can contact the Florida Office of Insurance Regulation at (850) 413-3140 or by visiting the Florida OIR website.
A Florida LLC needs small business insurance to cover risks such as accidental injuries and property damage to others, stolen business property, car accidents in work vehicles and other types of problems.
An LLC in Florida needs workers’ compensation insurance if you have four or more employees, including LLC members and corporate officers. If your LLC is an agriculture or construction business, you’ll also need to have workers’ comp depending on how many employees you have.
With 15 years of immersion in the world of personal finance, Ashley Kilroy simplifies financial concepts for individuals striving toward financial security. Her expertise has been showcased in reputable publications including Rolling Stone, SmartAsset and Money Talks News. She's committed to equipping readers with the knowledge needed to achieve their financial goals.