FROM OUR PARTNERS
What is the point of owning a business if an accident could leave you penniless? You might think that your home insurance will cover you, but it probably won’t. That’s because most homeowners insurance policies do not cover business property. So, we recommend that you find a policy for yourself and your company before something happens. The good news is that there are many different types of business insurance policies to choose from. We’ve evaluated the best business insurance providers based on coverage, financial stability, customer satisfaction, and overall quality.
Simply Business provides insurance policies for a range of professions and small businesses.
For more than 200 years, the Hartford Insurance helped over 1 million businesses just like yours.
Coverwallet began its journey in New York City in 2015 operating under the Aon Insurance banner. At Coverwallet, you can access everything you need to keep your company well-protected at an unbeatable price.
Next Insurance leverages AI technology to streamline the process to purchase insurance, track claims, and manage policies at no additional cost.
With a 100-year history of insuring businesses, Hiscox is well-known across America and globally. With more than 500,000 small business customers, Hiscox is fully aware and trained in the unique risks a business can face.
Thimble provides business insurance that can be tailored to your business by the year, month, day, or even the job. At Thimble, the process to getting the right business insurance is simple, scalable, and flexible.
According to the Florida Division of Administrative Hearings (DOAH), you need to carry workers’ compensation coverage if your business employs four or more employees.
However, even if you’re not required to carry workers’ compensation insurance, it’s still a good idea to do so. Without it, you could be liable for any medical expenses and lost wages that result from a workplace injury. This can easily destroy a small business financially.
Here are some of the options available to Florida small businesses:
This covers you if a third party is injured on your property or as a result of your products or services. It also protects you if someone sues you over libel, slander, or copyright infringement. Here are the most common exclusions to be aware of in a general liability policy:
Covers physical assets that are destroyed or damaged by fire, theft, and other covered events.
Most commercial property policies exclude earthquake, flood, and named windstorm coverage unless it is specifically added. In addition, a standard commercial property policy will not cover damage from mold or pollution. But you can add these to your insurance policy for an extra cost.
If an employee is injured while on the job, workers’ comp pays their medical expenses and replaces part of their income while they’re recovering (depending on the severity of the injury). Workers’ compensation insurance is mandatory in Florida if you have one or more employees (including yourself), even if they’re family members or part-time workers. Workers’ compensation policies typically exclude three categories of injuries: self-inflicted injuries; injuries sustained while violating company safety rules; and injuries sustained away from work or off the clock.
If a client sues you for making a mistake with their project, professional liability — sometimes called errors and omissions insurance — covers your legal defense costs and any damages awarded to the client. In some cases, your clients may require proof that you carry this type of coverage before agreeing to work with you.
Professional liability insurance policies typically exclude coverage for dishonest, fraudulent, criminal, malicious or intentionally harmful acts. The policy may also exclude coverage for bodily injury and property damage, as well as liability that arises out of the rendering of professional services.
The cost of business insurance can be affected by a number of factors. Your industry, claims history and size of your business will all play a role in determining how much you pay for coverage.
The type of industry in which you operate may affect the cost of your insurance policy. Businesses that are considered a higher risk, such as manufacturers or construction companies, may face an increase in their insurance premiums due to the increased risk they pose to insurers.
If your business has made a number of claims on its insurance policy in the past 12 months, it could affect the cost of your premium going forward. The more claims you make, the more likely it is that you’ll have to pay higher premiums as you will no longer be considered as low risk.
The size of your business may also impact how much you pay for your insurance policy. The larger the business, the more employees and assets there are to protect; therefore higher premiums may apply.
How long has your business been around? Newer businesses may have less experience handling certain risks than their more established competitors, which can make them more prone to accidents or losses. That doesn’t mean you can’t find an affordable insurance policy — but it does mean that new businesses are often classified as “higher risk” by insurers
Here are some tips on how to choose the best insurance for you: