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Compare Small Business Insurance: How to Get the Right Policies

Business insurance protects companies from various risks and liabilities. With so many options, it can be tricky to know which policies to get. This article looks at the key types of business insurance and how to choose the right coverage.

Compare Small Business Insurance

Understand the Main Categories

There are two main categories of business insurance:

  • Property insurance covers damage to business property due to events like fires, storms, theft, and vandalism.
  • Liability insurance protects against lawsuits from third parties for incidents like customer injuries, professional mistakes, and data breaches.

Many businesses need both property and liability coverage. A business owner's policy (BOP) bundles general liability with property insurance at a discounted rate.

Get Industry-Specific Coverage

Certain industries require specialized insurance policies:

Industry Recommended Policies
Professional services like accounting or consulting Professional liability insurance
Tech companies Tech errors & omissions and cyber liability insurance

Some states also mandate insurance for certain professions, like liquor liability for restaurants.

Compare Policies and Premiums

When choosing a business insurance provider, get quotes from multiple companies. Compare the policies and premiums to find the best value.

Look for an insurer that offers tailored coverage with add-ons like business interruption insurance.

Work With an Agent

Partnering with an experienced insurance agent simplifies the process. They can assess your risks, recommend specific policies, and answer questions.

An agent will shop quotes on your behalf and walk you through choosing the right insurance package.

Review Annually

As your business changes, so do your risks. Review your coverage annually and adjust it as needed, especially after major events like moving locations or adding products.

Conclusion:

Finding the right business insurance takes research into your risks, getting multiple quotes, and working with an agent. Tailored coverage provides peace of mind and protects your company's finances from unforeseen liabilities.

FAQ:

Q: What is covered under a business owner's policy?

A: A BOP bundles general liability insurance and commercial property insurance. It covers third-party bodily injury claims, property damage, and loss due to events like fires or theft.

Q: Should I work with an independent agent or captive agent?

A: Independent agents can provide quotes from multiple insurers. Captive agents work for one company but may have expertise with that insurer's policies.

Q: How much business insurance do I need?

A: Your ideal coverage depends on your industry, number of employees, business assets, and liability risks. An agent can assess your needs.

Q: Can I get business insurance if I work from home?

A: Yes, home-based businesses require insurance too. Homeowners or renters policies usually don't cover business risks.

Q: What happens if I operate without the right insurance?

A: You could be liable for high legal fees, damages, and medical bills if sued. Being underinsured is risky and illegal in some cases.

Q: How much does small business insurance cost?

A: Premiums range widely based on your location, industry, and coverage. On average, expect to pay $1,000 to $2,000 annually.

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