Get the right commercial insurance for your Tampa business
Which insurance policies are recommended for Tampa businesses?
General liability insurance
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.
- 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 insurance
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.
- 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 Tampa.
- 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 Tampa 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 Tampa 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 Tampa?
Workers' compensation insurance
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.
Commercial auto insurance
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:
- $10,000 in personal injury protection
- $10,000 in property damage liability
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.
How much does business insurance cost in Tampa?
Small businesses in Tampa 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
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FAQs about Tampa business insurance
How do I get a certificate of insurance for my business?
If you need to get insurance quickly to sign a contract, lease, or other agreement, let Insureon help. You can get same-day insurance in three easy steps:
- Fill out our online application to get insurance quotes from top-rated insurance companies.
- Pick the best insurance coverage options for your needs and pay online.
- Download a certificate of insurance (COI) by logging into your account.
Our licensed insurance agents can help you navigate your unique business insurance situation. Most Tampa business owners get their certificate of insurance within a few hours of applying.
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 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.
Does my industry affect Tampa insurance requirements?
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:
- Notaries public in Florida need to carry a $7,500 surety bond.
- Nurses must carry medical malpractice insurance in order to be certified as an Advanced Practice Registered Nurse.
- Certified contractors, carpenters, and tree service workers in Tampa are required to carry workers' compensation or a qualified exemption, and may need a surety bond, in order to be licensed in the city.
- Cannabis dispensaries must carry a surety bond to operate.
- Many property management companies will require businesses in Tampa to carry commercial property insurance in order to sign a lease or rental agreement.
Many Tampa professionals, such as hair stylists, cleaners, real estate agents, handymen, 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.
How can I get help starting a small business in Tampa?
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:
- The Small Business Development Center of Tampa Bay assists with training, consultations, resources, and certifications for local business owners.
- The City of Tampa provides guides and resources for growing your small business.
- Tampa Bay Chapter hosts regular events, scholarships, and campaigns to support small businesses, including their annual Small Business of the Year award.
- Hillsborough County Small Business Support supplies resources for Tampa businesses, including licensing support, training, and other helpful assets.
- The Tampa Bay Economic Development Council assists companies with workforce recruitment support, training grants, one-on-one sessions, and more.
- SCORE Tampa is a nonprofit that provides workshops, resources, and mentorship for entrepreneurs.
- The U.S. Small Business Administration of South Florida assists small businesses with funding, contract support, disaster relief, and comprehensive business guides for the region.
How can I save money on Tampa business insurance?
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.
Some additional tips for saving money on small business insurance include:
- Invest in workplace safety, fair employment practices, and accessibility. The fewer incidents and lawsuits you face, the lower your premiums.
- Only pick the policies you need. Different industries have different levels of risk and liability. Choosing only the policies that match your needs will help you pay less.
- Bundle policies for a discount. Many insurance providers offer discounts for specific policies when they are purchased together. A business owner's policy is a popular option.
Learn more about finding cheap business insurance.