Your insurance agency does a first-rate job of protecting other companies – now let Mylo do the same for you!. One surprise expense (an unhappy client who sues or a fire that trashes your space) could put your whole company at risk. That's why agencies and brokers across Florida look for affordable insurance that meets state requirements and protects their property, team and income. Because we're a insurance broker ourselves, we understand your needs and can help you find the best value. This guide breaks down:
- Florida's required coverages
- The most recommended protections
- Typical costs of agency and broker insurance in Florida
- How to save money with fast quotes from top-rated insurance carriers
SHORT SUMMARY (because we know you're busy protecting clients!)
- Insurance agencies in Florida face specific risks that require customized insurance coverage.
A Business Owner’s Policy for agencies can save you money by bundling general liability, property insurance and optional business interruption coverage.
General liability insurance for agencies covers injuries and damages caused by your business, as well as advertising-related claims.
- Property insurance for agencies and brokers helps replace or repair damaged equipment, furnishings and more.
- Workers’ compensation for insurance agency employees is required by Florida law if you have employees.
- Professional liability for insurance professionals protects against claims of negligence when you provide professional guidance.
- Cyber insurance for agencies and brokers covers data breaches, including regulatory fines and digital recovery costs.
- Commercial umbrella insurance for insurance agencies provides extra coverage when other key policies reach their limits.
- Working with Mylo can help you find the right coverage at the best value.
FIVE BEST COVERAGES FOR FLORIDA INSURANCE AGENCIES AND BROKERAGES:
Here are five essential coverages every insurance professional should consider to stay protected and profitable:
1. Business Owner's Policy for insurance agencies
A business owner’s policy (BOP) is a smart starting point for insurance agencies and brokerages. It bundles key coverages into one affordable package.
Your BOP typically includes:
GENERAL LIABILITY FOR INSURANCE AGENCIES Covers legal and medical costs if a customer or visitor is injured – or their property is damaged – while they're in your space. It also protects you from advertising-related claims. Examples:
- A client trips on a rug in your lobby and breaks their wrist
- A water leak from your office damages a neighboring tenant’s space
- Another agency claims you stole their logo or slogan
INSURANCE AGENCY PROPERTY INSURANCE
Helps repair or replace your office and furnishing if disaster strikes – like fire, theft, or vandalism. Examples:
- A fire damages your expensive furniture and decor
- A break-in results in stolen laptops and office equipment
BUSINESS INTERRUPTION INSURANCE
Replaces lost income if you need to temporarily close due to covered property damage.
General liability for Florida agencies and brokerages typically costs about $325 a year. Ready to get your free quote now and see how much you can save on this and other coverages you may need? CLICK HERE
2. Workers' compensation for insurance agencies (required in Florida)
Florida requires workers’ comp for your business if you have employees. It covers medical care and lost wages for staff injured on the job and shields you from most employee lawsuits. Examples:
- An employee develops carpal tunnel from repetitive keyboard use
- A staff member slips in the break room and suffers a concussion
3. Professional liability (errors and omissions) for insurance agencies
Covers the legal costs if a client claims you gave them bad professional guidance. Examples:
- A client sues after claiming you failed to secure the correct coverage
- An error in a policy application leads to a denied claim and financial loss
Professional liability for Florida insurance agencies and brokerages typically costs between $225 AND $625 a year. CLICK HERE to find the best value on this and other important coverages with Mylo.
4. Cyber insurance for insurance agencies
Handling sensitive client data makes your agency a target for cyberattacks. Cyber insurance helps cover the costs of data breaches, ransomware and regulatory penalties.
Examples:
- Hackers access your client database and steal personal information
- A phishing email leads to unauthorized wire transfers
5. Commercial umbrella insurance for insurance agencies
Think of this as insurance for your insurance! A commercial umbrella insurance policy provides extra protection when other key policies such as your general liability reach their limits, which helps you protect your company's financial assets.
THE BEST INSURANCE FOR FLORIDA INSURANCE AGENCIES AND BROKERAGES
Your amazing company deserves protection that keeps up with your business. Mylo has been innovating insurance for 10 years. Because we don't sell our own insurance, we can give you an objective recommendation and find you the best value in Florida – at no cost to you.
In minutes Mylo will:
- Recommend the right coverage for your Florida insurance agency
- Compare quotes from top-rated insurance carriers
- Find you the best combination of coverage and price
- Keep you feeling confident about growing your business!