General Contractor Insurance in Florida
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General contractor insurance in Florida

Learn about business insurance requirements and the most common insurance policies for general contractors in Florida.

Which policies are required for general contractors in Florida?

Depending on the specifics of your work, Florida contractors may be required to hold several different types of business insurance. For example, if your business owns a vehicle, you likely need to purchase commercial auto insurance to meet state requirements.

If you have a physical location with a commercial lease, your property manager may require you to purchase general liability insurance. Commonly purchased by general contractors in Florida, general liability insurance can protect your business from expenses associated with common mishaps, such as customer property damage and bodily injuries.

The state of Florida requires general contractors with employees to provide workers’ compensation insurance, which covers lost wages and medical bills for work injuries.

Depending on your clients and the type of work you do, you may also need builder’s risk insurance or surety bonds.

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What are the most common policies for general contractors in Florida?

General contractors may need different types of insurance depending on the work they do and their client contracts. In Florida, general contractors often buy these policies.

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General liability insurance

General liability insurance is the foundation of a general contractor’s protection. It covers damage to client property, as well as client injuries and advertising injuries. Commercial landlords, clients, and lenders in Miami, Orlando, and other locations may ask to see a certificate of insurance proving you have this liability coverage.

Adding commercial umbrella insurance can boost your coverage on general liability insurance and other policies.

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Business owner's policy

General contractors who work independently or own a small company often qualify for a business owner’s policy (BOP). This policy bundles general liability coverage and commercial property insurance together at a discount.

A BOP is the top policy recommended by Insureon's expert agents, as it offers protection against common liability claims and business property coverage at an affordable price.

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Workers' compensation insurance

If you own a construction or home improvement business in Florida with one or more employees, your business is required to carry workers’ compensation insurance. Workers’ compensation can help pay for medical bills and lost wages when an employee is injured on the job.

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Commercial auto insurance

Commercial auto insurance protects vehicles owned by your contracting business. It covers property damage and medical bills in an accident, along with vehicle theft, weather damage, and vandalism.

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Contractor’s tools and equipment insurance

Contractor’s tools and equipment insurance protects a general contractor’s saws, nail guns, drills, and other construction equipment. Look to this policy or inland marine insurance to protect equipment that moves from place to place.

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Professional liability insurance

Professional liability insurance provides protection when a general contractor is sued for a professional mistake, such as missing a deadline on a construction project. This policy is also called errors and omissions insurance (E&O).

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Contractor surety bonds

Surety bonds guarantee reimbursement for the client if a general contractor is unable to fulfill the terms of a contract. Common types of surety bonds include bid bonds, performance bonds, and payment bonds.

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Builder’s risk insurance

Builder’s risk insurance covers the cost of fires, vandalism, equipment theft, and other damage done to a structure still under construction.

How much does business insurance cost for general contractors in Florida?

According to an analysis of Insureon applications, the typical general contractor in Florida can expect to pay more than the national median for some types of insurance coverage, but less for other types.

For example, the median annual cost of commercial auto insurance for general contractors in Florida is $6,105, significantly more than the national median of $2,417.

Meanwhile, the median annual premium for workers' compensation insurance is just $1,637, far less than the national median premium.

The number of workers you have, your annual revenue, and your business operations all influence your premiums.

Median insurance costs for general contractors in Florida.

Save time and money with Insureon

Insureon’s industry-leading technology helps general contractors in Florida save time and money shopping for insurance by comparing policies from top U.S. insurance carriers.

Start a free online application to review quotes for the policies that best fit your small business. Our insurance agents are licensed in Florida and can answer your questions as you consider coverage.

To make the application go quicker, have this information ready:

  • Workforce details, such as the number and types of employees
  • Current and projected revenue
  • Business partnerships
  • Insurance history and prior claims
  • Commercial lease insurance requirements

Apply for free insurance quotes for general contractors today.

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Updated: August 8, 2023
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