Glossary of Business Insurance Terms
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A quote is an estimate of what you’ll pay for insurance from a specific insurance company.

What is a business insurance quote?

A business insurance quote is an estimate of what an insurance company will charge you for a specific type of insurance policy. Requesting quotes from multiple insurers will help you find a reasonable deal.

How do small businesses get insurance quotes?

Small business owners can compare multiple quotes with Insureon’s online application. The application will ask you for specific details about you and your business, such as vehicle information, date of birth or credit score, which will help insurers determine the right coverage options. You can get full coverage for all of your business’ various needs, such as renters insurance, motorist coverage or protection from property damage or bodily injury.

Once you complete our short application, several quotes will be delivered to you online. A licensed agent is available to provide guidance before you make a purchase, if needed.

If you are just starting to research insurance coverage, you can explore small business insurance policies with Insureon and review recommendations based on your industry.

How long does it take to get business insurance quotes?

The method you use to find insurance will determine how long it takes to receive quotes:

  • If you’re calling insurers yourself, it might take a week or more to contact all the companies and to hear back from them
  • If you’re using an independent agent, it could take anywhere from an hour to a day, or more, to receive quotes
  • If you’re shopping for insurance online with Insureon, you should receive quotes in a matter of minutes after completing an online application
Compare small business insurance quotes from top U.S. providers with Insureon

How do you compare business insurance quotes?

There are several strategies that you can use to get the best price:

  • Confirm that the quotes you are comparing are for the same kind of insurance
  • Study the quotes carefully. Double-check the losses covered, the amount of coverage (limits), and the deductibles
  • Review coverage exclusions (risks that aren’t covered)
  • Check to see if any of your policies can be bundled together. For example, a business owner’s policy will typically combine both general liability and commercial property insurance for a lower cost than if you purchased each policy separately
  • Once you’re certain that you’re comparing equivalent policies, look at each company’s premium, but don’t base your decision solely on price. Consider each company’s reputation for quality service, as well as financial stability. You can find this information by searching for each insurer’s financial ratings on the internet

Insureon has licensed insurance agents in all 50 states that can provide guidance on the nuances specific to your business as you compare quotes, including for popular insurance coverage such as commercial auto insurance.

What else do I need to know about comparing insurance quotes?

Industries may use different terms for the same kind of insurance protection

When comparing insurance quotes, it is common to find that some industries may use different terms for the same type of coverage. For instance, professional liability insurance is often also referred to as errors and omissions (E&O) insurance, even though they provide the exact same type of coverage.

Specific industry professions, such as insurance agents, real estate agents, and IT professionals, often use the term “errors and omissions insurance.” Whereas medical professionals, including doctors and physical therapists, may see this policy referred to as professional liability insurance or malpractice insurance.

Another example is workers' compensation insurance and employer's liability insurance. When comparing quotes, remember that employer's liability coverage is often automatically included in workers' comp policies in most states. However, employers in monopolistic states (North Dakota, Ohio, Washington and Wyoming) would have to purchase it separately from the state-run fund.

Industries may use similar terms for different kinds of insurance coverage

Sometimes, different kinds of insurance protection may use similar or common terms, but they provide completely different types of coverage.

For example, if you’re shopping for car insurance, you may receive quotes for both commercial auto insurance coverage or hired and non-owned auto insurance (HNOA). While they may appear similar, commercial auto insurance typically provides collision coverage or comprehensive coverage for your business-owned vehicles, and it is required in most states for business that use vehicles for work.

HNOA insurance, on the other hand, provides liability coverage for work-related accidents involving personal, leased, or rented vehicles by your business. It offers protection for what your personal auto insurance is unlikely to cover.

When comparing similar commercial auto policies or HNOA coverage, you should make sure that you’re comparing different commercial auto policies with one another rather than comparing commercial auto vs HNOA.

Look at the big picture before purchasing a policy

Regardless of which policy you are shopping for, an insurance agency will ask for several types of information to give you the most accurate quote. For example, if you’re seeking a car insurance quote an agent may ask you for your driving history, driver’s license number, driving record and vehicle identification number.

One insurance policy may seem much cheaper than another, but could cost you more in the long run if it comes with higher deductibles and lower coverage limits. This is especially true for auto insurance quotes. For this reason, it’s important to take all of this into account when comparing different rates, including car insurance rates. It is much better to pay a little extra to have full coverage than to be underinsured.

Is an insurance quote the same as a premium?

A quote is different from an insurance premium.

A quote is a preliminary indication of what an insurer might charge you, based on your application. The premium is the amount you end up paying for a policy, which could be higher or lower than your quote.

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Before buying commercial insurance, small business owners should research what different policies cover, how much they cost, and how to save money on business insurance.

Compare small business insurance quotes from trusted carriers with Insureon

Complete Insureon’s easy online application today to compare insurance quotes from top-rated U.S. carriers for the best rates. You can also consult with an insurance agent on your business insurance needs. Once you find the right types of coverage for your small business, you can begin coverage in less than 24 hours.

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Updated: August 1, 2022
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