Florida’s commercial insurance market operates under conditions unlike any other state: six months of hurricane exposure, flood zones covering most of the buildable land, a litigation environment driving auto and liability premiums above national averages, and a property market where carrier exits have left fewer options and higher prices.
For South Florida businesses, standard national pricing does not apply. For SBA-financed operations, hazard insurance requirements include flood coverage in designated flood zones and windstorm coverage.
Key Takeaways
- Hurricane: Named-storm deductibles of 2-5% are standard on commercial property
- Flood: Required for SBA loans in FEMA flood zones, most of South Florida qualifies
- Litigation: AOB reforms helped, but auto and liability premiums remain elevated
- Citizens: State insurer of last resort when no private carrier will write the risk
- Workers comp: Florida requires WC for most employers with 4+ employees (construction: 1+)
Disclaimer: This article is for informational purposes only. Consult our licensed advisors for guidance specific to your business.
Miami Commercial Insurance
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