Business Insurance Requirements for Lawyers in Florida

Small business owners understand why Florida, the nation’s fourth largest economy, is more than just a vacation destination. With its warm climate, thriving urban centers like Orlando and Miami, and business-friendly policies, the Sunshine State — the fourth fastest-growing state in the nation, according to recent Census data — promises a bright future to lawyers in established practices as well as those just starting out.

Just as different law specializations have different challenges and risks, lawyers face specific challenges that will help determine the right business insurance for your company. If you are planning to rent a commercial space, your rental agreement will likely require general liability insurance and/or property insurance. Your clients may also ask for proof of professional liability insurance before retaining your services. Also called errors and omissions or lawyer malpractice insurance, this policy can potentially protect against the cost of a lawsuit resulting from a business discrepancy. Florida state law does not require lawyers to carry this policy. However, state law does require small businesses employing four or more workers to carry workers’ compensation insurance. One policy becoming increasingly important for lawyers is cyber liability insurance, as practices are often tasked with storing sensitive client data. In the wake of a data breach or other cyberattack, this policy can assist with recovery costs.

Insureon makes shopping for insurance easy with industry-leading technology that gathers quotes from top U.S. carriers that fit your needs. Read more to find out which policies are most common for lawyers in Florida, and start an application to get your free quotes today.

Find the right insurance policy for your law firm

The most common policies for lawyers in Florida vary depending on a number of factors, including revenue, client contracts, and partnerships. The table below illustrates which policies might work best for your business type.

 

Business type General liability / BOP Professional liability Workers' comp Cyber liability
1099 or independent contractor X X   X
Business owner with employees X X X X
Solo business owner X X   X

 

General liability insurance: General liability insurance is the foundation of a lawyer’s business protection with coverage that extends to bodily injury, client property damage, advertising injury, and the cost of legal defense. Most commercial leases require you to have this coverage.

Professional liability insurance: Many clients require proof of professional liability insurance before entering contracts for professional services. This policy, also called errors and omissions insurance or lawyer malpractice insurance, can help cover legal expenses if you’re sued for unsatisfactory work or a business discrepancy.

Cyber liability insurance: Cyber liability insurance can helps lawyers survive data breaches and cyberattacks by helping to cover recovery expenses. You may need this policy if you handle sensitive data such as credit card numbers, passwords, or Social Security numbers.

Business owner's policy (BOP): Lawyers sometimes qualify for a business owner’s policy. This package helps your business save money by bundling commercial property insurance with general liability at an affordable rate.

Florida workers’ compensation: Florida state law requires workers’ comp coverage for all small businesses with four or more employees. If an employee is injured on the job, workers’ comp can help pay for medical fees and lost wages. Sole proprietors and independent contractors are exempt from this requirement, but may still choose to purchase workers’ comp for themselves. While lawyers are less likely than those in other professions to sustain on-the-job injuries, injuries can still happen. The specialization of your practice should be considered when evaluating workers’ comp, as the level of risk can increase in areas such as criminal and family law.

Business insurance costs for lawyers in Florida

Business insurance expenses in Florida can be a bit higher than the national median, according to an analysis of Insureon applications. However, errors and omissions coverage trends lower in Florida than the national rate. This is typically the most costly policy for lawyers, given the high level of risk. State law does not require lawyers to hold an E&O policy. Considering the cost of malpractice insurance, it may be tempting to go without a policy. However, short-term savings could be wiped out instantly in the event a suit is brought against you. All told, lawyers in Florida can expect to spend less than $525 per month to secure their practice.

Median Insurance Costs for Florida Lawyers

Save time and money with Insureon

Insureon’s industry-leading technology helps lawyers in Florida save time and money shopping for insurance by comparing policies from dozens of top U.S. carriers. Simply apply online and review quotes for the policies that best fit your business needs. Our insurance specialists are licensed in Florida and can answer your questions as you consider coverage.

To make the application go even 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 lawyer insurance quotes today.