A general liability policy pays for legal costs from customer accidents, as well as defamation and copyright infringement claims. Commercial leases in Tampa 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 insurance helps small businesses in Tampa 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 Tampa.
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 Tampa 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 a Tampa 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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In Florida, all small businesses with four or more full-time or part-time employees must carry workers' compensation insurance. This policy protects your business if an employee is injured while on the job.
Workers' comp can also help cover lost income if one of your employees needs to take time off to recover from an injury.
Sole proprietors are not mandated in Tampa to carry workers' compensation, but they should consider protecting themselves with the policy anyway in the event of lost revenue or medical bills.
Florida small businesses are required by law to carry commercial auto insurance for company-owned vehicles. This insurance policy provides financial support in the event of an accident and assists with legal, medical, and property damage costs.
Tampa businesses must carry the Florida state minimum requirement of auto liability coverage:
For auto businesses like trucking and delivery services, more coverage may be necessary to address the additional risks and potential for lawsuits.
Florida business owners and employees who use their own vehicles for work purposes should consider a separate policy called hired and non-owned auto insurance (HNOA). Personal insurance often does not cover work-related activities.
Small businesses in Tampa don't have to pay much 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 insurance depends on factors such as:
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You and your company can be held liable for a data breach that occurs at your business.
Online security systems can be costly to purchase and maintain, so small businesses are often a prime target for cybercriminals to steal customer data, credit card numbers, Social Security numbers, and more.
Florida's data breach laws require small businesses to inform impacted residents that their personal data was leaked. Notifications, PR campaigns, investigations, and all the other costs associated with navigating a data breach can get expensive.
Cyber insurance helps small businesses navigate the high expenses of a data breach. Consider cyber insurance if your company accepts digital payments, maintains computer systems, or handles any kind of client personal information.
Your industry can impact the bonds and insurance your Tampa business needs to carry.
While workers' comp and commercial auto are the only Florida requirements for all businesses with employees and vehicles, your industry or licensing board may mandate additional types of insurance to cover risks associated with certain lines of work.
Examples of bond and license requirements for Tampa:
Tampa professionals, such as hair stylists, cleaners, real estate agents, and photographers, are not required to carry specific policies to operate, but would likely benefit from key policies to protect against common business risks and expenses.
Tampa is a growing hotspot for small businesses, thanks in large part to the ample support available for small business owners, startup founders, and entrepreneurs. If you'd like help starting or growing your small Tampa business, consider the following resources:
Saving money on Florida small business insurance, whether you're in Tampa or Jacksonville, is easy by comparing quotes from the nation's top insurance agencies. Our easy online application helps you save money by selecting the most budget-friendly option for your needs.
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