Small business insurance is exactly what it sounds like: insurance designed for small businesses like yours. You might need insurance to comply with state laws, rent an office, or sign a contract with a client.
Some policies help your business recover from fires and storms, others help pay for lawsuits brought by customers or employees. You can get coverage for auto accidents, theft, data breaches, and other specific risks.
Even when it’s not required, it’s a good idea to carry coverage. Otherwise, the high costs of legal expenses and medical bills can easily overwhelm a small business.
A general liability policy covers common business risks including bodily injuries, customer property damage, and advertising injuries. It's required for most commercial leases.
A BOP bundles commercial property coverage and general liability coverage in one plan. It's one of the most cost-effective commercial insurance policies.
Workers' comp is required in almost every state for businesses with employees. It also protects sole proprietors against work-related injury costs that health insurance might deny.
Most states require this coverage for business-owned vehicles. It helps cover legal costs in the event of an accident, along with vehicle theft and vandalism.
This policy can help cover legal expenses if a business is sued for professional negligence. It's also called errors and omissions insurance (E&O).
A commercial property policy covers the value of a business's physical structure and its contents, such as inventory, equipment, and furniture.
E&O, sometimes called professional liability insurance, is common with professional services. It can cover legal costs related to your work performance.
This type of coverage helps businesses recover financially from data breaches and cyberattacks. It's strongly recommended for any business that handles customer information.
Umbrella insurance provides additional coverage once another policy's limit is reached. It boosts coverage on your existing general liability insurance and other liability policies.
Small businesses, especially low-risk ones, often qualify for discounted business insurance. Here are the average costs for top policies sold by Insureon:
General liability insurance: $42 per month
Professional liability: $61 per month
Workers' comp: $45 per month
Several factors affect policy costs, including:
Insureon is the #1 digital business insurance agency. Our streamlined process helps you find coverage for your specific risks at an affordable rate.
Get insurance for your small business today in three easy steps:
Insureon's application asks for basic facts about your company, such as revenue and number of employees. After you complete it, you'll receive quotes from top-rated carriers for policies that fit your business.
Our insurance partners include The Hartford, Liberty Mutual, Nationwide, Philadelphia Insurance, and more. You won't see quotes from all providers, only those that are the best match for your business.
Hear from customers like you who purchased small business insurance.
These business insurance policies cover the risks of certain industries, such as retail, manufacturing, healthcare, food and beverage, and construction.
Included in general liability, this policy covers injuries and property damage caused by your product or completed service. It's also called products-completed operations coverage.
Medical malpractice provides financial protection for healthcare professionals over legal claims related to negligence and mistakes. It’s a form of professional liability insurance.
This policy covers the value of a contractor's lost, stolen, or damaged tools and equipment.
This policy provides property coverage for business items used in the field. It typically pays for property that has been lost, damaged, or stolen.
This policy covers structures in progress and materials, often paying for damage caused by fire, vandalization, and non-severe weather events.
This policy helps pay legal fees, settlements, and medical costs if alcohol is served or sold to a visibly intoxicated person who then harms others.
Review answers to frequently asked questions about small business insurance coverage.
No single insurance policy covers everything. In general, there are two broad areas of insurance coverage:
A business owner's policy is a good place to start if you're unsure of which coverage you need. It includes both general liability insurance and property insurance at a discount, and protects against the most common lawsuits and damages.
Keep in mind that your homeowner's insurance, health insurance, and personal auto insurance will provide little to no coverage for business-related incidents. Learn more about small business insurance coverage and which policies are right for you.
Business insurance, also called commercial insurance, provides crucial protection for any small business owner. Here are the top reasons why you might need coverage:
Learn more about why businesses need insurance.
Every business needs insurance, but the type of business can affect which policies you need. Small businesses have fewer resources to recover from costly lawsuits and accidents, which makes insurance a crucial part of risk management.
Here are a few examples of how business structure can impact the policies you need:
Many small businesses are both bonded and insured. This means they have bought a bond, in addition to carrying insurance. A bond acts as a financial guarantee that your business will complete a project as promised.
You might need a bond to sign a contract, bid on a project, or get a license. Here are the most common types of bonds:
If your business fails to meet the terms of a contract, a bond will reimburse the client for their financial loss. Unlike an insurance claim, your business must then pay this amount back to the company that issued the bond.
Because coverage varies by state, it's important to have a knowledgeable agent. Our insurance agents are licensed in 50 states and Washington, D.C., and can help you comply with local requirements.
Here are several insurance products that you might need to comply with the laws in your state:
If you need help finding insurance and you're not sure of the laws in your state, contact an agent. They can help make sure you get the right policies and the amount of coverage you need.
Policyholders should notify their insurer as soon as an incident occurs. To make a property or liability claim, simply call your insurance provider.
An agent will ask for a description of the incident and basic information such as your business's name and policy number. They will guide you through the process, answer your questions, and send the necessary paperwork.
Read more about how to make a general liability claim.
You can find more information in our frequently asked questions about small business insurance.
If there are any additional questions you have about coverage, you can also contact a licensed agent. We can help you find the right coverage, discuss the types of insurance you need, and compare business insurance quotes, with underwriting from the nation’s top carriers. You can secure coverage and your certificate of insurance within 48 hours.