The Sunshine State is booming: The U.S. Census Bureau reported that the state has the second-highest population growth rate in the country.
If you’re one of the state’s 3 million small businesses, the opportunity for growth is huge, but to protect your company, you’ll likely need one or more small business insurance products that will protect your business against damage and loss from hurricanes, floods and accidents.
To help you find the coverage you need, we've identified the top five small business insurance companies in Florida based on product options, financial stability and customer service.
Featured Partners
Hartford Am Best Rating: A+ (Excellent) JD Power Customer Satisfaction Index Ranking: 10th out of 13 issuers Number of Small Business Products: 17
Top 5 Small Business Insurance Companies in Florida for 2024
Best Overall: Nationwide Best for Commercial Auto Insurance: State Farm Best for Renters Insurance: The Hartford Best for Freelancers and Entrepreneurs: CoverHound Best for Flood Insurance: Assurant
*Last updated February 26, 2024
Florida businesses employ 3.6 million people, roughly 40% of the state's workforce, according to the Small Business Administration (SBA). A variety of industries thrive in the state, including construction, tourism, healthcare and transportation.
Whether you're a sole proprietor or run a business with multiple employees, we've got the top five insurance companies in the state (we've also identified the best insurance companies for small businesses across the country).
Overall Grand Prize: Nationwide
Overview: Nationwide is a national insurance company that has been in business since 1925. Since its founding, the company has expanded into commercial and personal insurance sales and sells and services insurance through a network of more than 11,000 independent agents.
AM Best Rating: A (Excellent) JD Power Customer Satisfaction Ranking: #1 out of 13 insurance companies Number of Small Business Products: 14 Customer Support: You can request a quote online, contact an independent agent, or contact customer service by phone. Our Rating
Nationwide is the best overall insurance company because it offers a wide range of coverage options for multiple industries in Florida, including Business Owners Policy (BOP), commercial auto insurance, and cyber liability insurance. They also offer other services for business owners, such as telematics for commercial vehicles and farm equipment.
Nationwide has an excellent rating for financial stability, so it should be able to honor policies and pay claims in the future, and it was the top-ranked company for customer satisfaction in the 2023 J.D. Power U.S. Small Commercial Insurance Study.
Check out our full Nationwide review for more details.
Best for Commercial Auto Insurance: State Farm
Overview: State Farm is one of the largest insurance companies in the United States. According to the Insurance Information Institute, it is one of the leading insurers of property-casualty insurance based on direct premiums. Founded in 1922, State Farm sells insurance online and through a network of agents.
State Farm sells several small business insurance products, including options for commercial vehicles.
AM Best Rating: A++ (Excellent) JD Power Customer Satisfaction Ranking: 2nd out of 13 companies Number of Small Business Insurance Products: 14 Customer Support: You can request a quote from one of State Farm's 19,000 agents or contact customer support via phone or live chat. Our Verdict
When it comes to uninsured drivers, Florida is one of the worst states in the U.S. The Insurance Research Council reports that about 20% of drivers in the state are uninsured. For business owners, this means a significant risk that if your vehicle is involved in an accident, you may have to foot the full cost of repairing or replacing it.
Having the right commercial auto insurance can provide you with important protection. State Farm insures multiple vehicle types, including trucks, vans and agricultural vehicles, and you can add uninsured and underinsured motorist coverage to your policy. This coverage pays for injuries or damages you incur if you're in an accident and the other party doesn't have the required insurance.
Check out our full State Farm review for more details.
Best for Homeowners Insurance: Hartford
Overview: The Hartford has been in business for over 200 years and has a reputation for financial stability and strength. They sell both personal and commercial insurance, including specialty options for certain industries, such as real estate.
AM Best Rating: A+ (Excellent) JD Power Customer Satisfaction Ranking: 10th out of 13 companies Number of Small Business Insurance Products: 17 Customer Support: Quotes for some products can be requested through The Hartford's website, by calling customer support, or by contacting a local agent. Our Rating
The Hartford is our pick as the best insurance company for homeowners insurance in Florida because they offer comprehensive coverage to apartment and rental property owners. In Florida, the need for homeowners insurance is growing as more people move to the state, and Florida is one of the fastest growing states in the U.S., meaning there's a high demand for homes and rental properties.
Hartford homeowners insurance protects your physical property, any other unattached structures like sheds and garages, personal property inside your home including appliances, medical payments, and premises liability insurance.
Best for Freelancers and Entrepreneurs: CoverHound
Overview: CoverHound is a relatively new insurance technology company. Rather than issuing policies, CoverHound is a marketplace that connects customers to policies from major insurance companies like Nationwide, Chubb, and Liberty Mutual. Through CoverHound, users can get quotes and purchase insurance for their small business.
AM Best Rating: N/A. JD Power Customer Satisfaction Ranking: Unranked. Number of Products for Small Business: 13. Customer Support: You can get quotes and even buy your insurance online. If you need customer support, you can contact CoverHound by phone or email. Our Verdict
Florida is one of the best states for entrepreneurs, so CoverHound is a good option for freelancers, independent contractors, and entrepreneurs starting new businesses. With CoverHound, you can buy BOP, Workers Compensation, Commercial Auto, and more online. Insurance can be activated within 24 hours. For startup owners and independent contractors, CoverHound is a helpful tool to get affordable insurance quickly.
Best for Commercial Flood Insurance: Assurant
About Assurant: Founded in 1892, Assurant is a leading provider of personal and commercial insurance products. With operations in more than 20 countries, Assurant offers insurance options to help protect businesses against damage and loss from natural disasters, theft and other causes.
AM Best Rating: A+ (Excellent) JD Power Customer Satisfaction Rating: Unranked Number of Small Business Products: 9 Customer Support: Assurant doesn't offer online quotes for its business products, but you can contact your local distributor or call customer support for help. Our Rating
Florida has experienced several major storms over the past decade that have caused significant damage to homes and businesses across the state, which is why we selected Assurant as our leading provider of commercial flood insurance. Standard commercial insurance policies exclude flood-related losses, including flooding from hurricane-related storm surges, so businesses must purchase flood insurance separately.
Assurant sells policies through the National Flood Insurance Program, but it also sells private flood insurance with higher coverage limits and optional add-ons, making it a good option for those with expensive equipment or property to protect.
What you need to know about small business insurance in Florida
To protect your Florida business, you’ll likely need one or more of the following business insurance products:
Liability: Commercial liability insurance protects your business from legal costs and losses related to injuries, professional mistakes, and accidents. Property: Property damage insurance covers damages that can occur due to storms, fires, and theft. These policies can cover the building where your business operates, as well as your equipment and inventory. Business Owners Policy (BOP): BOP is a set of common small business insurance products that combines liability and property coverage into one policy. Commercial Auto: If you transport passengers or goods, you must insure your vehicle with commercial auto insurance. The insurance must meet your state’s minimum liability requirements. Flood: Commercial property insurance policies exclude flood-related damages, so you may need to purchase a separate flood insurance policy to protect your building and other property. Workers’ Compensation: Workers’ Compensation is a type of insurance that covers employees if they are injured on the job. Health Insurance: Small businesses with fewer than 50 employees in Florida are not required to provide health insurance to their employees. However, larger businesses with more than 50 employees may be required to provide health insurance. Find the best health insurance companies for small businesses.
In Florida, the only insurance required for small businesses is workers’ compensation insurance and, if you own a business vehicle, commercial auto insurance.
How to Choose Florida Small Business Insurance
When considering what type of coverage you need and who to purchase coverage from, consider the following risks:
Hurricanes: Florida is prone to hurricanes, and these storms can cause significant damage. When purchasing insurance, make sure your policy covers storm-related damage, including wind damage. Flood Damage: Standard business insurance policies exclude flood damage, including hurricane-related storm surge damage, so you'll need to buy a separate flood insurance policy or add flood insurance as an option to your existing policy. Not all insurance companies sell flood insurance, so you may need to deal with an insurance company separate from the issuer of your other business insurance. Uninsured Motorists: Florida has a high rate of uninsured motorists, so you may need to add uninsured or underinsured motorist protection to your commercial auto policy to cover your business.
FAQ
How much does business insurance cost in Florida?
Premiums vary depending on the type of coverage, policy limits, industry, and size of your company. Typically, general liability insurance premiums in Florida range from $45 to $400 per month.
What are the requirements for business insurance in Florida?
In Florida, all businesses with employees are required to carry workers' compensation insurance, and if you use a vehicle for business purposes, you may also need commercial auto insurance.
What type of coverage do I need for my commercial vehicle in Florida?
In Florida, all vehicles must meet minimum liability requirements.
Bodily Injury Coverage: $10,000; Property Damage Liability: $10,000
Taxis must carry $125,000 bodily injury insurance per person, up to $250,000 insurance per accident, and $50,000 property damage coverage.
Our Methodology
We evaluated insurance companies based on the following factors to identify the best small business insurance companies in Florida.
Financial Strength: Financial strength indicates a company's ability to comply with its policies and pay future claims. We looked for companies with an AM Best rating of A (excellent) or higher. Availability: Many insurers have pulled out of Florida due to increased claims risk, so we narrowed our list based on insurers that sell commercial products in Florida. Customer Service: We prioritized companies that scored above the industry average in the JD Power US Small Commercial Insurance Study. Additional Options: Floods and hurricanes are major threats to businesses in Florida, so we looked for companies that sell coverage for these issues as a standalone policy or optional add-ons.
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