Get the right commercial insurance for your Miami business
Which insurance policies are recommended for Miami businesses?
Miami offers rich opportunities for startups and ranks as one of the top five up and coming cities for entrepreneurs. Protect your investment with these common insurance products.
General liability insurance
A general liability policy pays for legal costs from customer accidents, along with defamation and copyright infringement claims. Commercial leases in Miami often require this coverage.
- Customer bodily injuries
- Damage to a customer's property
- Slander and other advertising injuries
Professional liability insurance
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).
- Mistakes that cause financial loss
- Accusations of professional negligence
- Missed deadlines
Cyber liability insurance
Cyber insurance helps small businesses in Miami recover after a data breach or a cyberattack. Every business that handles customer information should have this coverage.
- Data breach notification costs
- Fraud monitoring services
- PR campaigns after a breach
Business owner’s policy
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 Miami.
- Customer slip-and-fall injuries
- Damaged business property
- Theft and vandalism
Workers’ compensation insurance
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.
- Medical bills from job-related injuries
- Disability benefits
- Legal fees from work injuries
Commercial auto insurance
All vehicles owned by Miami businesses must be covered by commercial auto insurance. This policy primarily covers injuries and property damage caused by your vehicle.
- Injuries from an auto accident
- Damage caused by your vehicle
- Lawsuits from an auto accident
Errors and omissions insurance
E&O insurance protects consultants and professional services against legal defense costs from dissatisfied clients. It's also called professional liability insurance.
- Errors and oversights
- Breach of contract
- Professional negligence
Commercial property insurance
This policy covers physical damage to a Miami business's building and its contents, including any computers and equipment. You can bundle it with general liability in a BOP.
- Fires
- Burst pipes
- Storm damage
Commercial umbrella insurance
An umbrella policy provides coverage once the limit is reached on your underlying general liability insurance, commercial auto insurance, or employer's liability insurance.
- Customer lawsuits
- Auto accident lawsuits
- Employee injury lawsuits
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Which business insurance policies are required in Miami?
State laws often determine the type of coverage you need. These policies help you comply with Florida business insurance coverage requirements.
Workers' compensation insurance
Florida's workers' compensation law requires this type of insurance for all businesses that have four or more employees, whether they work full time or part time.
Workers' comp pays for medical expenses when one of your employees is injured on the job or develops an occupational illness. It also supplies part of the lost income for injured Miami workers.
Commercial auto insurance
Florida state law requires commercial auto insurance for all vehicles used solely for work purposes. This insurance policy covers medical payments, legal costs, and property damage from accidents involving your commercial vehicle.
Miami businesses must meet the state's requirements for auto liability coverage, which are:
- $10,000 in personal injury protection
- $10,000 in property damage liability
This amount of coverage is the least you need. It's worth considering higher limits, given the potential cost of a lawsuit. Trucking companies and taxis may need more coverage to comply with regulations.
Florida business owners who use personal, rented, or leased vehicle for work purposes may want to consider hired and non-owned auto insurance (HNOA) instead.
How much does business insurance cost in Miami?
Small businesses in Miami don't have to pay a lot for commercial insurance. Here are a few average costs for Florida businesses, based on policy data from Insureon customers:
General liability: $55 per month
Workers' comp: $65 per month
Professional liability/E&O: $84 per month
The cost of business liability insurance depends on factors such as:
- Type of business
- Business operations
- Number of employees
- Policy limits and deductibles
- Claims history
Top professions we insure
FAQs about Miami business insurance
Review answers to frequently asked questions about Miami insurance.
How do I get a certificate of insurance for my business?
Sometimes you need to get insured quickly to sign a contract, lease, or other agreement. With Insureon, you can get same-day insurance in three easy steps:
- Fill out our online application to get quotes from top-rated providers.
- Choose a policy and pay for it online.
- Download a certificate of insurance (COI) by logging into your account.
Our licensed insurance agents will help you with your unique business insurance needs. Most Miami businesses can get their certificate of insurance within a few hours of applying for quotes.
Can my business be held liable for a data security breach?
Yes – that's why cyber insurance is so crucial. Small businesses are a common target of cyberattacks since they often have fewer security measures in place.
Florida's data breach laws require Miami businesses to notify any residents whose personal information is exposed in a data breach. Your business could also end up paying for a data breach investigation, a PR campaign, and other costs related to a breach or cyberattack.
Cyber insurance covers these costs and provides resources so you can get back to business fast.
Does my industry affect Miami insurance requirements?
Yes, the city of Miami may require you to buy certain types of business insurance or bonds, depending on your profession. You may also need a business license or permit to operate in the city or do certain types of work.
Here are a few examples of local business requirements:
- Every business in Miami must comply with the city's business licensing requirements, which include obtaining a Certificate of Use and a Business Tax Receipt.
- General contractors, handymen, carpenters, and other construction professionals will likely need to pass a certification exam and submit an application in order to get certified in Florida. The requirements include public liability insurance, property damage insurance, a surety bond, and workers' compensation insurance or an exemption.
- Notaries public in the Sunshine State must maintain a $7,500 surety bond during their four-year commission.
- Landscapers need to comply with the Florida Friendly Principles, which include the use of native plants and adherence to water efficiency guidelines.
- Real estate agents and brokers aren't required to carry errors and omissions insurance by Florida law, but it may be required by franchises and bank partners.
- Nurses must carry medical malpractice insurance, a type of professional liability insurance, to be certified as an Advanced Practice Registered Nurse (APRN) in Florida.
When running a business in Miami, from a cleaning company to a hair salon, you need to be aware of laws and regulations for Florida, Miami-Dade County, and the city of Miami.
How can I get help starting a small business in Miami?
Miami is one of the top states for entrepreneurs, venture capital funding, tech jobs, and diversity. Here are a few resources to help develop your business:
- The Greater Miami Chamber of Commerce hosts a variety of in-person networking events for local business owners.
- The Miami-Dade Chamber of Commerce offers networking opportunities in the county and is one of the largest networks for African-American businesses in South Florida, along with the Miami Chapter of the Black Professionals Network.
- The South Florida Hispanic Chamber of Commerce focuses on the growth and development of the Hispanic business community.
- The Women's Chamber of Commerce of Miami-Dade County is dedicated to the advancement of professional and business women in Miami-Dade County.
- The South Florida District of the Small Business Administration (SBA) offers help with business funding, counseling, certifications, disaster recovery, and more.
- SCORE Miami Dade provides mentorships, free workshops, and other resources for businesses in the Miami Dade area.
- The Florida Small Business Development Center (SBDC) offers free business consulting and low-cost training to new and existing businesses in the area.
- The Miami-Dade Beacon Council assists businesses with site selection, market research, networking, startup incubators, and other resources.
How can I save money on Miami business insurance?
Small business owners can save money on insurance costs by comparing quotes from different providers. With Insureon, you can get free quotes from top-rated carriers by filling out one easy application.
There are a few other ways to save, such as:
- Bundle policies for a discount. The most popular option is a business owner's policy, which includes both commercial general liability coverage and property insurance.
- Choose less expensive coverage options. Lower limits or a higher deductible can help you save money on your policy.
- Focus on workplace safety. Fewer accidents means fewer claims, which helps keep your premium low.
Learn more about how to find cheap business insurance.