The Sunshine State is one of the top three consumers of surplus lines insurance in the country. As Florida focuses on attracting jobs and welcoming opportunity, the surplus lines insurance industry is helping the state’s economy grow by supporting risk takers. In addition, the surplus lines market – often dubbed a “safety valve” – covers risks that the standard market won’t, including both business and personal insurance needs.
When it comes to partnering with Florida’s job creators, the surplus lines industry writes almost $2 billion in premiums worth of commercial property coverage annually in Florida, protecting a tremendous amount of brick and mortar businesses, such as retailers, hotels and restaurants. In addition, it writes nearly $2 million of business income insurance, which covers lost profits resulting from damage to properties.