Florida Business Owners Policy

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Written by Candace Jenkins
Written by Candace Jenkins

Candace Jenkins is a licensed insurance advisor with over a decade of experience. She is also a writer and loves to write on all things insurance. Candace writes for TrustedChoice.com on a continuous basis and is here with the facts about all your insurance inquiries.

Reviewer: Jeffrey Green Reviewed by Jeffrey Green
Reviewer: Jeffrey Green
Reviewed by Jeffrey Green

Jeff Green has held a variety of sales and management roles at life insurance companies, Wall street firms, and distribution organizations over his 40-year career.  He was previously Finra 7,24,66 registered and held life insurance licenses in multiple states. He is a graduate of Stony Brook University.

Florida Business Owners Policy Insurance

If you own and operate a business in the Sunshine state, you'll want protection. In 2019, Florida had $36,870,506,000 in commercial insurance claims paid. Fortunately, a business insurance policy can help.

An independent insurance agent will have access to several carriers at once. This gives you options on coverage and premium. Get connected to a local expert for competitive quotes.

What Is a Business Owners Policy? 

Your Florida business needs to be protected from all the what-ifs. A business owners policy is meant for small operations and as a one-stop-shop. Check out what a business owners policy is.

  • Business owners policy (BOP): This will include liability coverage for bodily injury and property damage. Any business property will be included for replacement and repair in this policy.

A BOP will limit the amount of gross annual income you can make to qualify for their policy. It works in a template format and is not one-size-fits-all. If your operation is best in this policy form, then it can give some pretty low premiums.

Business Owners Policy Coverages

Each state and carrier has different offerings for their BOPs. The foundational coverages are pretty much the same. Check out what a BOP in Florida will include.

  • General liability insurance: This pays for bodily injury or property damage claims where you and your employees are responsible.
  • Business interruption: This will pay for regular business expenses when you are temporarily shut down due to a covered loss.
  • Commercial property insurance: This pays for building, equipment, and inventory damage from a covered loss.
  • Crime insurance: This pays for a claim involving forgery, fraud, or theft to your company.

There are several ancillary coverages that each BOP will include. These range from identity theft to commercial property. Review your business policies to see what's included. 

What Is the Average Cost of a Business Owners Policy?

Your business insurance in Florida will vary in price. Each state, entity, and policy is customized. That means your costs will be unique to you. Here are some factors carriers use to determine your BOP premium.

  • Your business address
  • How long you've been in business
  • Your gross annual sales
  • The type of industry you're in
  • If you have any employees
  • Business property details
  • Prior claims
  • Your insurance score

Florida has 2,500,000 small business owners. If you're one of them, the cost of insurance can be critical to your bottom line. In order to get exact pricing, you'll have to obtain quotes.


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Business Owners Policy vs. Commercial Package Policy

Like your other business insurance policies, there are differences. Commercial auto insurance will look a lot different than business umbrella coverage. When it comes to your primary policies, you'll need to determine where you fit. The difference between the main two are key to be aware of.

  • BOP: A BOP is a plug and play type of coverage. It has a pretty rigid template when it comes to coverage offerings. There is not much flexibility in the limits, and the endorsements are as is. A BOP truly is for small business owners. 
  • Commercial package policy: A commercial package policy or CPP is more robust. It is designed to tailor coverages exactly how your business needs them. A CPP is usually used for mid- to large-sized companies. You can add and remove coverages as they pertain to your operation. It is a more flexible option for some business owners.

When you're unsure which coverage to obtain, ask an adviser. One policy option may be better for your business than the other. Some you will not qualify for, while others will fit perfectly.

Business Owners Policy vs. General Liability

If your Florida business is growing, your insurance may need to grow with it. General liability insurance is a monoline policy, covering only liability. You may need more robust insurance as your operations increase. Take a look at the difference between a BOP and general liability policy.

  • BOP: A BOP is going to provide coverage for your property, business income, and more. It will include general liability in addition to the many other coverage options. 
  • General liability: This policy is on its own. It will give you liability coverage for bodily injury, property damage, or libel and slander. Anything else will have to be added in a separate policy.

How to Find a Florida Independent Agent

Florida commercial insurance can be confusing. If you're trying to go at it alone, you may be wondering if you have the right coverage. A business owners policy is not for everyone, and it's important to know if you need it.

An independent insurance agent can help with coverage and premium options. Since they work on your behalf at no cost, you'll save big. Connect with a local expert on TrustedChoice.com to begin.

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