How much is BOP insurance in Florida?

The average BOP insurance cost in Florida is $916 per year or around $76 per month. Purchased separately, a general liability insurance policy averages $49 monthly, while commercial property insurance averages $67 monthly, according to Insureon. However, rates differ based on business type, industry and other factors.

Average annual rates for business types and industries in Florida

Below are the average BOP premiums for different business types, based on data from Insureon.

Building design: $648
Cleaning services: $907
Construction: $1,173
Food and beverage: $1,770
Healthcare professionals: $841
IT/technology: $550
Landscaping: $1,130
Media and advertising: $670
Photo and video: $570
Professional services: $566
Retail: $1,136
Sports and fitness: $800

Average BOP insurance cost by company

Insurers charge different rates for BOP. Below are the average annual premiums from several national insurance companies:

Company	Annual cost
The Hartford	$1,019
Progressive	$1,351
Huckleberry	$864
Thimble	$725

Companies that offer BOP insurance in Florida

When shopping for BOP insurance in Florida, you’ll need to decide whether to work with a national or regional carrier. Both offer advantages.

National carriers often have cheaper premiums for BOP insurance and may offer more coverage options. However, you may not get the personalized service you need if your insurer doesn’t have local agents.
Regional carriers may not be able to match the prices of national carriers, but they may have better knowledge of your local market and its businesses' particular needs.

Top regional BOP insurance companies in Florida

Here are some of the top regional insurance companies that serve Florida business owners:

Westfield National Insurance is an Ohio-based company that offers commercial insurance in 21 states.
Great American Insurance is also based in Ohio. It offers commercial insurance products in the U.S., Canada and Mexico.
Bankers Insurance Group is based in St. Petersburg and offers business insurance products in the Southeast. It specializes in coverage for hurricanes and flooding, two prominent risks in Florida.
Auto-Owners Insurance is a Michigan-based insurer offering commercial and personal lines and doing business in 26 states.
Frontline Insurance is a Lake Mary, Florida-based insurer that operates in six Southeastern states.

Most commercial insurance companies require Florida business owners to work with an agent to get a BOP quote. You can, however, use a quote comparison site to get BOP quotes from multiple insurance carriers. Remember that the initial quote you receive from a comparison site may not reflect the final rate at the time of policy binding.

How to estimate BOP insurance costs

Business owner’s policy (BOP) premiums can vary widely in the Sunshine State. Carriers consider several factors when calculating rates for small businesses, including:

The industry your business is in. Industries considered high-risk, like construction and retail, which are prominent in Florida, typically have higher BOP premiums than low-risk professional services like accounting or legal services.
Your annual revenue. Small businesses with high annual revenue usually pay more for BOP insurance because they typically have more assets and employees, as well as a larger client base, exposing them to greater risk. For example, a high-volume restaurant in Orlando will need more liability coverage than a small boutique in Naples.
The value of your business property. If you own valuable commercial property in Florida, you can expect to pay more for BOP insurance, especially if you store expensive equipment or inventory inside. For example, the owner of a warehouse in Jacksonville, which lies in the hurricane-prone Atlantic coast, presents a greater risk to insurers than the owner of a small storefront in Gainesville, which lies inland.
How many workers you have. The owner of a construction business with 100 employees in Tallahassee will pay more for BOP insurance than a mom-and-pop accounting firm in Jensen Beach, not only because construction is a higher-risk industry than professional services, but because more workers mean a greater likelihood of claims for liability or property damage.
Your claims history. A record of past claims for property damage or third-party liability indicates a greater likelihood of future claims. Insurers will take this risk into account and adjust your rates accordingly.

How to compare carriers to get the best BOP insurance rates in Florida

Before you purchase BOP insurance for your Florida small business, you’ll need to do your homework. Here are some important steps to take as you shop for commercial insurance coverage:

Know what’s covered. Florida businesses face unique risks, such as hurricanes, floods, and heavy tourism traffic, that can increase their liability exposure. A standard BOP policy may not provide the coverage you need for such risks. In addition, you may have needs specific to your business that will call for additional types of coverage, such as commercial auto insurance for a moving company based in Miami or professional liability insurance for a medical practice in Fort Myers. The more insurance you need, the higher your cost is likely to be.
Check out the insurers you’re considering. An insurer on sound financial footing is one that will be able to make good on its claims in Florida, particularly in the wake of a natural disaster like a tropical storm or hurricane. Look for a carrier with a financial strength rating of A (Excellent) or higher from credit rating agency AM Best. Also, it’s good idea to read reviews from other business owners. Look for complaints about denied claims, slow claim handling, poor customer service or unexpected rate increases. Reliable sources include the Better Business Bureau, TrustPilot and the National Association of Insurance Commissioners’ complaint index.
Get multiple quotes. BOP insurance premiums can vary widely between carriers. No matter what kind of small business you operate in Florida, experts recommend getting quotes from at least three different insurers. It can also be helpful to work with a local agent or broker who specializes in small business insurance and understands the unique risks in your area, whether it’s property crime in an urban area like Miami-Dade County or the threat of hurricanes along the Gulf Coast.

How to lower BOP insurance costs

No matter what kind of business you own in Florida or where in the Sunshine State it’s located, there are steps you can take to lower the cost of a business owner’s policy, including:

Bundling your BOP with other types of commercial insurance. The odds are that your Florida small business may need more coverage than a BOP can provide. For example, if you have employees, you will need to have some amount of workers’ compensation insurance. Many carriers will offer you a multi-policy discount if you bundle your BOP insurance with other coverages.
Paying your premium in full. If you can afford to do so, paying your premium in full and up front is an easy way to secure a small discount. Many carriers also offer savings if you opt for paperless billing, which has the added benefit of ensuring you won’t miss a payment and risk a lapse in coverage.
Improving workplace safety and security. The safer you can make your small business, the better. This can range from installing a security system to reduce the risk of theft and vandalism to upgrading your roof and windows to minimize hurricane damage. Some insurers may also incentivise workplace safety training programs.
Choosing a higher deductible. A deductible is the amount that you’re responsible for paying before your coverage (such as commercial property insurance) kicks in. The higher your deductible, the lower your premium. Make sure your business can afford the potential out-of-pocket expense before agreeing to a high deductible.
Reviewing your policy annually. The Florida economy has its ups and downs like any state. If business is booming and you’ve expanded to meet demand by adding employees and equipment, you may need to increase your coverage to cover the added risk. Likewise, if the economy slows and you have to make cuts to staffing or downsize your location, you may need less insurance. Experts recommend reviewing your policy at least once a year or before renewal time to ensure that you maintain coverage that meets your current business needs.

Frequently asked questions

What is the average cost of a business owner’s policy (BOP) in Florida?

The average annual cost of BOP insurance for a small business in Florida is $916 annually or around $76 per month. But that’s just an average. The amount that your small business will pay depends on factors including where you’re located, how many workers you employ, the industry you’re in, your annual revenue, and the carrier you choose, among others. Your insurance agent or broker can help you determine your coverage needs.

What is BOP insurance, and what does it cover in Florida?

A BOP combines general liability and commercial property insurance. This coverage is optional in Florida, but experts recommend it to protect your business from financial liabilities associated with third-party liability claims and damage to your property.

General liability insurance covers third-party claims of bodily injury and property damage.
Commercial property insurance covers damage to your premises and property, like inventory and equipment. This coverage also comes with a deductible, which is the amount you must pay before your policy kicks in.

Depending on the insurer, a BOP may also include business interruption insurance, which can reimburse you for lost income if you’re forced to close for a period due to a covered peril, such as vandalism.

BOP insurance policies have separate coverage limits for general liability and commercial property insurance. A coverage limit is the maximum amount your insurance company will pay for a single claim.

Depending on the insurance company you choose, you might be able to get a BOP insurance quote online. Otherwise, you must call a company representative or independent agent to request a quote. You will need to provide information about your business, including your physical address, number of employees and annual revenue. You will also be asked to disclose any recent claims.

Does the size of my business impact the cost of BOP insurance in Florida?

Yes. Insurers consider factors like the number of employees and annual revenue – two indicators of a business’s size – when calculating rates. The more workers you employ, the greater the likelihood of a workplace injury or an incident involving a client. This can translate into higher premiums for workers’ compensation and general liability insurance. Larger businesses also tend to have more equipment, inventory and property to insure, necessitating more commercial property insurance.