Get Great Coverage in Minutes
All it takes is a few clicks.
Small Business Insurance Tips
Small business insurance is important for protecting your company, employees and finances. It also gives you peace of mind because you know your business is covered with the right insurance.To help figure out which policies you need, we’ve compiled a list of common questions from small business owners. Under each question, we’ve included our small business insurance advice so there’s no need to buy a copy of “Business Insurance for Dummies.” Instead, keep reading to find small business insurance tips below.
1. Do I Need Liability Insurance for My Small Business?
You may be wondering, “Do I need business insurance?” Certain states require liability insurance. However, liability insurance is important regardless of your state’s requirements. Certain states require liability insurance. However, liability insurance is important regardless of your state’s requirements. This is because it’s a type of small business insurance that helps protect you from claims of:- Property damage
- Bodily injury (slips, trips and falls)
- Personal or advertising injury
Without liability coverage, you’ll have to pay for these claims out of pocket.
2. What Kind of Small Business Insurance Do I Need?
We know you’re probably wondering, “What insurance do you need for a small business?” There are many coverages to choose from, depending on what you do. For example, business insurance coverage can help if:
- Thieves target your computer shop and take your customers’ personally identifiable information. Cyber liability insurance can help cover expenses, like notifying impacted customers.
- Your employee gets in a car accident while delivering items for your business. Commercial auto insurance can help cover the damage.
- One of your accountants makes a mistake that costs your client thousands of dollars. Your professional liability insurance can help cover your legal costs if they sue you.
3. How To Determine Your Business Owner’s Policy Eligibility
A Business Owner’s Policy (BOP) combines three important types of insurance into one policy. BOPs include:
- Commercial property insurance, also known as business property insurance, which helps protect the building your business owns or leases. It also helps cover your tools and equipment.
- General liability insurance for help protecting your business from claims of bodily injury, property damage or personal injury.
- Business income insurance which helps replace lost income if you have to shut down or have business interruptions due to covered property damage from fire, theft or wind.
You may want to consider a BOP if:
- Your business has a physical location
- There’s a chance someone could sue you or your business
- You own or lease property that’s at risk of theft or damage
There are also optional business insurance coverages you can get to complement your BOP, like:
- Commercial auto insurance to help pay for any collisions where you or your employees are at fault.
- Workers’ compensation insurance, which helps provide important benefits to your employees that have work-related injuries or illnesses.
- Cyber liability insurance to help protect your business from data breaches.
To see if your business is eligible, get a quote today.
4. How Much Does Small Business Insurance Cost?
How Much Do I Pay for Business Insurance?
Business insurance costs vary depending on the type of business you run. Some factors that influence how much you’ll pay for your policies include your:
- Industry
- Type of assets
- Property owned
- Number of employees
- Size of payroll
- Claims history
The best way to find the right business insurance protection is to get multiple quotes from different insurance companies. This way you can compare them for the best price. To get started, get a quote from us today. We also offer a BOP that bundles business property and liability insurance together to save money on business insurance.
You can get more coverage like errors and omissions insurance, workers’ comp and general liability insurance to give your business more protection.
5. What Should I Look for in Business Insurance?
To find the right small business insurance coverage, you’ll need to first evaluate the business risks of your industry. Once you understand that, you can look into third-party statistics to give you better insight into the coverages you may need. For instance, these statistics can tell you how many accountants faced lawsuits last year, helping you decide how much insurance coverage your accounting firm needs. One website with these statistics is the Insurance Information Institute (III).
Business Insurance 101: Get the Right Coverage at the Right Price
We’ve been helping protect businesses for over 200 years. In fact, over one million small businesses have trusted us to get them property-casualty insurance. This helps protect their businesses from property damage and other liabilities.We know business insurance can be confusing, but we’re here to help make it as simple as we can for you. We’re an insurance carrier that’s dedicated to helping you find the right insurance coverage for your type of business at the right price. If you own retail stores that need business interruption insurance, we can help. We’ll make sure you don’t have to pay any unnecessary insurance costs or extra expenses.
To find out which type of business insurance coverage you need, get a quote today.