Small Business Insurance Policies

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Our top recommended policies for small business owners

No single small business insurance policy covers all risks. Different types of commercial insurance address different accidents, lawsuits, and damages that could impact a business. These policies address common risks.

General liability insurance icon

General liability insurance

Coverage for common business risks including bodily injury, customer property damage, and advertising injury. Required for most commercial leases.

BEST FOR
  • Slip-and-fall accidents
  • Damaged customer property
  • Libel or slander lawsuits

 

Business owner’s policy icon

Business owner's policy

Coverage that bundles property insurance and general liability insurance under one plan. A BOP is often one of the most cost-effective commercial insurance policies.

BEST FOR
  • Customer injury
  • Damaged business property
  • Business interruption incidents
Professional liability insurance icon

Professional liability insurance

This policy, also called errors and omissions insurance, can help cover legal expenses if a business is sued for unsatisfactory work.

BEST FOR
  • Professional negligence lawsuits
  • Project scope disputes
  • Work mistakes or oversights
Errors and omissions insurance icon

Errors and omissions insurance

This policy, sometimes called professional liability insurance, is common with professional services. It can cover legal fees of lawsuits related to work performance.

BEST FOR
  • Business disputes
  • Negligence accusations
  • Work errors
Workers’ compensation insurance icon

Workers’ compensation insurance

This policy is required in almost every state for businesses with employees. It covers medical bills and lost wages for work-related illnesses and injuries.

BEST FOR
  • Employee medical expenses
  • Missed wages
  • Legal costs
Cyber liability insurance icon

Cyber liability insurance

This policy helps businesses survive data breaches and cyberattacks by helping pay for recovery expenses and associated costs.

BEST FOR
  • Data breach lawsuits
  • Breach notification expenses
  • Fraud monitoring costs

How much does small business insurance cost?

Business woman calculating costs of insurance.

Small businesses, especially low-risk ones, often qualify for discounted business insurance. Several factors affect policy costs, including:

  • Industry and risk factors
  • Coverage limits
  • Location
  • Number of employees
View Small Business Insurance Costs

Auto insurance for small businesses

Business-owned vehicles are required to have commercial auto insurance. Additionally, personal vehicles used for business purposes are not covered by your personal auto insurance policy.

Commercial auto insurance icon

Commercial auto insurance

Coverage for business-owned vehicles. This policy typically pays for the other person's damages after an accident and damage by theft, weather, and vandalism.

BEST FOR
  • Car accidents
  • Vandalism and theft
  • Weather damage
Hired and non-owned auto insurance icon

Hired and non-owned auto insurance

This policy covers a business's liability in accidents that occur while driving leased vehicles, rentals, and employee-owned cars for company errands.

BEST FOR
  • Accidents in leased vehicles
  • Accidents in rental cars
  • Accidents in employee-owned vehicles

Ready to explore policies for your business? Get quotes.

Specialized coverage for unique risks

Businesses with expensive equipment, a board of directors, or extra liability concerns may need additional coverage, or endorsements that cover common exclusions. Coverage for communicable diseases is available, but it's not part of standard policies. Most insurers will not write new policies covering COVID-19.

Umbrella / excess liability insurance icon

Umbrella / excess liability insurance

This policy provides additional coverage once another policy's limit is reached. It boosts coverage on your existing general liability insurance and other liability policies.

BEST FOR
  • Additional liability coverage
  • Additional workers' comp coverage
  • Additional commercial coverage
Commercial property insurance icon

Commercial property insurance

This policy covers the value of a business's physical structure and its contents, such as inventory, equipment, and furniture.

BEST FOR
  • Fire
  • Theft or vandalism
  • Windstorms
Business interruption insurance icon

Business interruption insurance

Coverage for lost revenue and expenses when an event forces a business to temporarily stop operations.

BEST FOR
  • Lost revenue
  • Day-to-day expenses
  • Relocation costs
Inland marine insurance icon

Inland marine insurance

Property coverage for business items used in the field. It typically pays for property that has been lost, damaged, or stolen.

BEST FOR
  • Property in transit
  • Unique or valuable property
  • Property that transfers information
Product liability insurance icon

Product liability insurance

Coverage for claims that a business's products caused personal injury or property damage.

BEST FOR
  • Manufacturers
  • Distributors
  • Retailers
Employment practices liability insurance icon

Employment practices liability insurance

This policy, also called EPLI, can cover legal expenses when an employee sues over discrimination, harassment, wrongful termination, and similar issues.

BEST FOR
  • Sexual harassment lawsuits
  • Discrimination claims
  • Mismanagement allegations
Directors and officers insurance icon

Directors and officers insurance

D&O insurance covers decisions directors, officers, and board members make on behalf of the company. If they are sued, it may pay their legal expenses.

BEST FOR
  • Employment practices lawsuits
  • Mismanagement accusations
  • Defamation claims
Special event insurance icon

Special event insurance

This policy combines liability and property coverages for events that occur outside of normal business activities.

BEST FOR
  • Business events
  • Fundraisers
  • Parties

Common questions about small business insurance

How much does small business insurance cost?

Business insurance costs vary based on the policies you purchase and your coverage limits. Other factors include your industry, number of employees, revenue, and location. Small, low-risk businesses – especially those that qualify for a business owner’s policy – pay less for insurance than larger companies.

Learn more about business insurance costs.

How do I get small business insurance?

It’s easy to get small business insurance if you have your business information on hand. An insurance application will ask for basic facts about your business, such as revenue and number of employees. With Insureon, you can complete one application to receive multiple quotes from top U.S. carriers. You can buy insurance policies for a wide range of risks.

Learn more about how to get business insurance.

What does small business insurance cover?

No single insurance policy covers everything. In general, there are two broad areas of insurance coverage:

Learn more about small business liability coverage and what coverage is right for you.

Which business insurance policies protect against the coronavirus (COVID-19)?

Most standard business insurance policies exclude coverage for communicable diseases, such as COVID-19. Small business owners are often curious if the following policies provide any coverage for the coronavirus.

Business interruption insurance is an endorsement to commercial property insurance. It typically covers losses related to property damage only, such as a fire or burst pipe.

Special event insurance provides short-term coverage for a business event. It usually excludes communicable disease coverage. However, some policies might cover lost deposits or event postponement regardless of the reason behind it.

Workers' compensation insurance covers on-the-job injuries and occupational illnesses. Because each state sets its own laws for workers' comp, you may be able to recoup losses if your employees are unable to work due to the coronavirus.

Always check with your insurance provider if you think you might be eligible for a claim. And feel free to contact an Insureon agent if you have any questions.

Policies for specific industries

These policies cover the risks of certain industries, such as bars and construction companies. 

Liquor liability insurance icon

Liquor liability insurance

Coverage for legal fees, settlements, and medical costs if alcohol is served or sold to a visibly intoxicated person who then harms others.

BEST FOR
  • Property damage caused to others by an overserved patron
  • Injuries caused to others by an overserved patron
  • Damage caused to others by a drunk employee
Builder’s risk insurance icon

Builder's risk insurance

Coverage for structures in progress, often paying for damage caused by fire, vandalization, and non-severe weather events. It can also cover on-site materials and equipment.

BEST FOR
  • Building construction
  • Building renovation
  • Worksite theft and vandalism
Contractor’s tools and equipment coverage icon

Contractor's tools and equipment

This policy covers the value of a contractor's lost, stolen, or damaged equipment.

BEST FOR
  • Equipment less than five years old
  • Mobile equipment
  • Small tools

Bonds for small businesses

Businesses may need bond insurance if they work with the government or handle a client’s finances.

Fidelity bond icon

Fidelity bonds

Fidelity bonds, also called employee dishonesty bonds, cover client accusations of employee theft, including theft by electronic funds transfer.

BEST FOR
  • Employee theft or fraud
  • Unlawful data access by an employee
  • Illegal fund transfer by an employee
Surety bond icon

Surety bonds

Surety bonds assure a business's clients that an insurance company will reimburse their losses if the business fails to deliver contracted services.

BEST FOR
  • Failure to deliver services
  • Contract disputes
  • Incomplete work
License-permit bond icon

License / permit bonds

License / permit bonds offer guarantees a business will perform the contracted work and adhere to state or town regulations. They are often prerequisites for licenses and permits.

BEST FOR
  • Failure to complete work
  • Failure to follow regulations
  • Failure to meet industry standards
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