General liability pays for legal costs from customer accidents, along with defamation and copyright infringement claims. Commercial leases in Jacksonville often require this coverage.
A professional liability policy covers legal costs related to claims of negligence, such as advice that caused a client to lose money. It's sometimes called errors and omissions insurance (E&O).
Cyber liability insurance helps small businesses in Jacksonville recover after a data breach or a cyberattack. Every business that handles customer information should have this coverage.
A business owner's policy, or BOP, is an affordable way to buy general liability and commercial property insurance together. It's recommended for small, low-risk businesses in Jacksonville.
Workers' comp is required for all Florida businesses with four or more employees. It also covers work-related injuries for sole proprietors, which health insurance may deny.
All vehicles owned by Jacksonville businesses must be covered by commercial auto insurance. This policy primarily covers injuries and property damage caused by your vehicle.
E&O insurance protects consultants and professional services against legal defense costs from dissatisfied clients. It's also called professional liability insurance.
This policy covers physical damage to an Jacksonville business's building and its contents, including any computers and equipment. You can bundle it with general liability in a BOP.
An umbrella policy provides coverage once the limit is reached on your underlying general liability insurance, commercial auto insurance, or employer's liability insurance.
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All small businesses in Jacksonville are required by Florida law to carry workers' compensation insurance if they have four or more employees, including both full-time and part-time workers.
Construction companies must carry workers' comp in Florida, even if they only have one employee.
Workers' comp helps protect the business in the event that an employee is injured or falls ill on the job. It can also help cover medical expenses and loss of income resulting from time off due to illness.
Sole-proprietors are not required to carry workers' comp, but should consider doing so anyway in case they get injured. This helps them obtain financial assistance for work-related injuries that personal health insurance may not cover cover.
The State of Florida requires all company-owned vehicles to have commercial auto insurance coverage. This policy protects your business by covering medical bills, legal costs, and damage resulting from vehicle accidents.
Jacksonville businesses need to carry the state's minimum requirement for auto liability coverage:
These are the required minimums, but you may want to consider additional coverage for costly accidents or lawsuits. Due to industry regulations and risks, trucking companies and delivery services may need extra coverage.
If you or your employees plan on using a personal, leased, or rented vehicle for work purposes, you'll need a hired and non-owned auto (HNOA) policy. Commercial auto insurance and personal car insurance do not cover personal vehicles being used for work purposes.
Small businesses in Jacksonville, Orlando, Tampa, and Miami don't have to pay a lot for commercial insurance. Here are a few average costs for Florida businesses:
General liability: $49 per month
Workers' comp: $54 per month
Professional liability/E&O: $71 per month
The cost of business liability insurance depends on factors such as:
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Your Jacksonville business could be held liable if your customers' data is compromised in a data breach, which is why a cyber insurance policy is necessary for many small businesses.
Florida data breach laws require businesses to notify residents if their information is exposed in cyberattacks.
Unfortunately, small businesses are often a prime target for cybercriminals because many small businesses lack the expensive technological infrastructure to prevent phishing and hacking attempts.
Your company may have to pay for an investigation, notifications, a PR campaign, or even a lawsuit. A cyber insurance policy can help you cover these costly expenses.
Your industry impacts the type of insurance you should carry. Florida requires certain industries to carry additional policies and bonds or licenses to navigate industry-specific risks.
The following are examples of industry requirements in Jacksonville:
Many Jacksonville businesses, such as cleaning companies, hair salons, and professional photographers, aren't required to carry specific insurance in Florida, but may need additional policies to secure contracts or attract clients.
Additionally, home-based businesses, such as childcare providers, typically aren't covered under personal homeowners insurance. Even working from home, you'll need a commercial property insurance policy to cover business equipment, inventory, and other business-owned property.
Opening a business is exciting, but it's also a lot of hard work. The following resources can support you on your entrepreneurial journey.
Saving money on small business insurance is easy. You can use Insureon's easy online application to get free quotes from the nation's top insurance companies. From there, you can pick the best policies for your insurance needs and budget.
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