Cheap Small Business Insurance

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How to Find Cheap Small Business Insurance

The best way to find cheap small business insurance is to do three things: compare quotes, bundle policies, and manage your risks. To make sure your policy offers enough protection for your business, though, make sure you compare more than just the price tag.

Business insurance may seem like an investment you'll never use, but consider this:

  • 34 percent of small businesses have faced a lawsuit at some point.
  • 64 percent of those sued said their business suffered from the expense.

(Read more about these numbers from the Institute of Legal Reform's report Tort Liability Costs for Small Business [PDF].)

In other words: lawsuits aren't just for big corporations. And given that even frivolous lawsuits can cost $2,000 to $5,000, small business insurance is almost always more affordable than being sued.


34% of small-business owners have faced a lawsuit.

3 Ways to Get Affordable Commercial Insurance

Compare Quotes.

You wouldn't buy a car without checking out your options. The same should go for your small business insurance.


Bundle Policies.

Insurance companies often give discounts when you buy more than one policy.


Manage Risk.

The fewer claims you make on your policy, the cheaper your coverage will be.


Burglary and theft account for 20% of all small business claims.

Compare Quotes for Cheap Small Business Insurance

You can't take insurance out for a test drive, but there are other ways to compare. Start by completing an application with Insureon – it only takes about 15 minutes, and it's the quickest way to get quotes from multiple top-rated carriers.

We'll send you quotes via email so it's easy for you to review coverage terms, compare prices, and find an affordable policy that meets your needs.

But keep in mind: the cheapest small business insurance policy isn't necessarily the best. When you're comparing your quotes, consider these factors, too:

  • Carrier ratings. Independent agencies like A.M. Best rate the financial strength of insurance companies. A cheap policy from a low-rated insurer may mean the coverage isn't that great.
  • Deductible. A high deductible can make your insurance premium more affordable, but remember that you're responsible for paying the entire deductible amount before you can collect benefits.
  • Policy limits. Your policy limit is the total amount your insurer will pay on claims. A lower limit usually means a cheaper premium, but it also means less coverage. Ask your agent how much is enough for you.
  • Inclusions and exclusions. Inclusions are the events a policy covers and exclusions are the ones it doesn't. Cheap insurance isn't a good deal if common risks aren't covered.

That's a lot to consider, so here's a shortcut: talk to your agent. They can walk you through your offers and help make sure you get the appropriate coverage at the most affordable price.

(Not sure who your agent is? If you've already submitted an application, they should have emailed you. If you haven't yet, you'll get an agent as soon as you apply!)


Looking for a deal? Price is only one part of the cheap insurance equation.

Bundle Policies for Affordable Small Business Insurance

If you've ever gotten an offer to combine your cable, internet, and phone service for a discount, you know how bundling can save you money. Business insurance is no different: many carriers offer a price break when you buy multiple policies.

A Business Owner's Policy (BOP) is the most common discounted insurance bundle for small businesses. It combines General Liability Insurance and Commercial Property Insurance, making both of these essential coverages more affordable.

Curious about what you can expect from your business insurance bill? Check out our Business Insurance Cost Analysis.

Manage Risk to Keep Small Business Insurance Affordable

Insurance companies may charge more if they determine you run a high-risk operation. The good news? You may qualify for cheaper business insurance if you address trouble spots.

For example, theft accounts for 20 percent of all small business insurance claims and slip-and-fall accidents cause 10 percent, according to a study by The Hartford.

Those are high numbers. It's no wonder that many insurance companies offer a discount on Property Insurance for businesses that invest in a central-station burglar alarm or fire alarm.

One quick note: don't make any safety or security updates before checking with your agent. Insurance carriers are particular about what qualifies for premium reductions, so it's best to check first to make sure your upgrade will actually lead to a cheaper policy.

Other risk management strategies that can reduce your likelihood of claims:

  • Keep your office or storefront up to code.
  • Clean up spills immediately.
  • Keep walkways clear of clutter.
  • Add lighting to dark areas.