Small business insurance is pretty simple. You make a payment (called a premium) in exchange for the insurance company’s promise to pick up the potentially enormous bill if something goes wrong in the future.
But there's no single "small business insurance policy," and that's a good thing. If one policy covered all the accidents, lawsuits, and damages a business might face, the premium would be crazy expensive! To help business owners save money, insurance companies offer different policies for different risks.
When we talk about small business insurance (also called commercial insurance or company insurance), we're referring to all the types of policies that can help protect your business.
Your company may not need every type of insurance. But considering 43 percent of small businesses have been threatened with or involved in a civil lawsuit (according to a survey by Penn Schoen Berland and Public Opinion Strategies), you most likely need some coverage.
That's where we can help. We work with several top carriers to offer you business insurance quotes for multiple policies. You compare them, choose the one you like, and secure the protection you need.
Let's take a look at the policies small-business owners may need.