Business Insurance in Tampa FL

Tampa has a good business competition wherein businesses of any size can thrive. This city is called The Big Guava, known as the best place for new small businesses. However, to have a successful company, you need to have business commercial insurance. It is because businesses face unique risks every day, even during regular business days. Having the right type of business insurance coverages in Tampa, Fl, will keep your businesses protected.

Claims are not uncommon in Tampa, Fl. A customer can fall or hurt themselves while on your premises, or your employee may make mistakes while providing professional service. Florida business insurance coverages can provide protection to your business in case such accidents occur and lead to expensive lawsuits.

How Much Does General Liability Insurance Tampa, Fl Cost

General liability insurance Tampa, Fl helps protect businesses against financial loss and potential lawsuits. The average costs of a general commercial liability insurance policy for an LLCs are usually around between $300-$1,000 per year. However, every type of business has different needs and faces unique risks.

Some factors affect the Insurance premiums for your specific business.

  • The risk exposure of a business
  • Location based on ZIP code
  • Annual payroll
  • Per occurrence limit
  • Aggregate limit
  • Deductible

This amount is for estimation purposes only. For a more accurate price of liability policy for LLC, you can request a quote from an insurance agent. To help lower your premiums, you should employ risk management procedures. Your agent has a concrete idea of the procedures and can help you find the insurance company where to get your business insurance. Following the right process, you will be able to get a lower quote for your insurance coverages.

Considering the low premiums, a commercial insurance policy is a wise choice to get adequate protection at a small price while keeping peace of mind.

Does an LLC Need Liability Insurance

General liability insurance is a highly recommended investment for businesses in real estate with valuable assets in Tampa, Florida. The premiums depend on the business’ insurance coverage requirements and industry type. 

Owning a business in Florida has perks, and at the same time, it has certain liabilities that come with being your own boss. Many entrepreneurs choose an LLC structure company over a sole proprietorship. When your company is under LLC, your personal assets are virtually untouchable. So if you are faced with a liability lawsuit, you are only liable for the company’s actions.

Although LLCs are required to buy policies in most cases, having an adequate amount of insurance coverage is still a wise path to protect your company. The following are the reasons to help you understand why your company or LLC needs to get a business insurance policy.

Reason #1: You Need Protection Against a Lawsuit

One main reason why an LLC is required to carry business insurance service is to protect them from any lawsuit or any expense due to an accident or damage. However, legal claims against individual members due to the business’ actions are inevitable. It is the reason why having liability insurance is important. Many LLCs form to help protect the business, and in other cases, this coverage also covers both the LLC and the owners.

Reason #2: Your Industry Requires Coverage

Another main reason that an LLC needs business insurance for the reason that it is a rule of operations. While not all industries are required to have commercial insurance coverage, there are few that need to. One of the examples is in the health industry. In some areas, healthcare providers should have professional liability coverage to maintain state licensing. Most business landlords require establishments proof that they carry liability insurance prior to signing a contract. Having this insurance before showing proof of coverage is important to make sure smooth business operations.

Reason #3: You Have Employees

LLCs with employees need business insurance. Small businesses hire workers within the early years of their business, and for that reason, most state laws usually require companies to offer worker’s compensation insurance. It helps to provide protection from any job accident or damage. Although having business insurance is not mandatory, it is a great idea for LLCs to carry insurance in case of a serious accident or casualty that can lead to financial loss or lawsuits. Your hard work to grow your company takes time, don’t ruin your efforts with legal fees by getting adequate protection.

What Does General Liability Insurance Not Cover?

In Tampa, Florida, commercial liability insurance is a comprehensive coverage but cannot be considered a “one-size-fits-all” insurance policy. Your business may face risks that require different insurance policies to ensure it is protected.

Risks that are not usually covered by commercial insurance liability:

  • Intentional acts
  • Property Damage to clients by licensed advice or services
  • Warranties provided by business
  • Payments to workers who been injured on the job
  • Payments to an employee who had been terminated
  • Risks of property damage due to storm or fire
  • Auto insurance for business-owned or used vehicles
  • Coverage that exceeds the limits of standard insurance

To make sure that your LLC is covered in case of any loss, see to it that you have looked into your business-specific risks and plan your insurance coverage.

How Much Does Business Insurance Cost in Florida

In 2019, the Florida state average costs per month of a new 12-month commercial insurance range from $46 for professional liability to $85 for workers compensation insurance. The following are the different policies and their average and median costs.

Workers Compensation Policy

  • Average Cost:$85/month
  • Median Cost:$68/month

Business Owners’ Policy (BOP)

  • Average:$80/month
  • Median:$62/month

General Liability

  • Average:$53/month
  • Median:$46/month

Professional Liability

  • Average:$46/month
  • Median:$42/month

You can notice that the price depends on the type of insurance you need. Each insurance policy covers different types of risk, and their differences are factored into the price. So you can expect that your final rate will depend on the details of your business. The amount of your insurance is computed based on various factors. Understanding how these factors impact your premiums will allow you to secure the best combination of coverage and price for your unique circumstance.

Factors that Affect Your Business Insurance Costs

Many factors can affect your commercial insurance costs in Tampa, Florida. The most common and influential factors are your profession, including the number of employees, and coverage needs. These factors may vary significantly from business to business.


Not all business types have the same amount of risk. Each business type has its own risk, and the higher the business’s risk, the higher the costs of the coverage. Some examples of higher risk companies are tree trimmers and contractors. Their work is physical and often involves using powerful tools on people’s properties. While a home-based financial advisor does not share the same risks, they are not factored into this rate. Licensed services are exposed to different risks, and they should carry professional liability coverage to stay protected.

Number of employees

Companies with many employees may expect to pay more for insurance as they have higher potential for claims than a company with fewer or no employee. Each additional employee can increase exposure to accidents and other harm which can get them sued. If a business has employees who work full-time or part time has to carry workers compensation insurance coverage. Most state laws require workers’ compensation insurance as additional protection for a business. A company that does not abide by the law will be sued.

Coverage needs

The amount of coverage you choose can influence your premium. If a small business insurance has a $1 million/$2 million aggregate, it will cost more than a $1/$2 million aggregate insurance policy.


In Tampa, Florida, finding the right business insurance and a reliable insurance company are a priority for a responsible business owner. Part of this search, a business owner must weigh the price of the insurance against the coverage. It is to maximize your savings and have a comfortable time paying for your premium. Find the best insurance company, insurance value and insurance coverage by speaking with your licensed insurance professional. Your insurance agent will help you walk through the process and customize a quote that fits your business.