How Much is Business Insurance in Florida?

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The monthly or annual cost of business insurance in Florida depends on the nature of operations, the scope of coverage and selected variables influenced by the industry along with the policies of a particular company. Most businesses require general liability insurance. The average cost of general liability is around seven hundred and fifty dollars. This is by no means a median considering the entire spectrum of policy limits.

Small businesses usually require moderate coverage and policies have annual premiums ranging from four hundred to six hundred dollars. The minimum business insurance in Florida according to is around two hundred and fifty dollars per year. This is only for absolutely basic coverage. The number of employees working for a company, the interaction of the workforce with properties owned by third parties and the risks associated with the nature of their tasks will influence the actual premium for business insurance in Fl.

One in five small businesses in the state pays two hundred to four hundred dollars for general liability a year. More than fifty percent of businesses pay four hundred to six hundred dollars per annum. Less than seven percent of businesses pay six hundred to eight hundred dollars as yearly premiums. Almost an equal number of companies pay eight hundred to a thousand dollars every year. Around thirteen percent of all small to medium enterprises pay over a thousand dollars as annual premiums.

As a rule of thumb, wholesalers and contractors pay the highest premiums, followed by manufacturers and real estate companies. Janitors, maids, restaurants, retail, and information technology are sectors that have costly premiums but more reasonable than contractors and wholesalers. Nonprofits, home-based businesses, landscaping, lawn care, consultants, engineers, architects, and media pay less. The cheapest general liability insurance policies are for accountants and other professionals in financial services.

The coverage of business insurance in Florida from can be from a few hundred thousand to millions. A staggering majority, around eighty-five percent of all businesses, choose a million to two million dollars as the coverage. More than ten percent of businesses in the state go for two million to four million dollars as annual coverage. Limits below a million dollars have almost an equal number of businesses covered in each slab, say from three hundred thousand to half a million and subsequently up to a million. Businesses need more than just general liability insurance. The additional coverage is not generic but specific to the industry and nature of the business.