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What is small business insurance?
Small business insurance is exactly what it sounds like: insurance designed for small businesses like yours. Different policies protect against different risks, such as fires, theft, and lawsuits brought by customers or employees.
The type of business insurance you need depends on your business's risks, as well as factors such as state laws, lease requirements, and client contracts.
Top small business insurance policies
These policies address the most common risks faced by small businesses.
General liability insurance
This policy covers common business risks including bodily injuries, customer property damage, and advertising injuries. It's required for most commercial leases.
BEST FOR
- Slip-and-fall accidents
- Damaged customer property
- Libel or slander lawsuits
Business owner's policy
A BOP bundles commercial property insurance and general liability insurance under one plan. It's one of the most cost-effective commercial insurance policies.
BEST FOR
- Customer injury
- Damaged business property
- Business interruption incidents
Professional liability insurance
This policy, also called errors and omissions insurance (E&O), 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
E&O, sometimes called professional liability insurance, is common with professional services. It can cover legal costs of lawsuits related to work performance.
BEST FOR
- Business disputes
- Negligence accusations
- Work errors
Workers’ compensation insurance
This policy is required in almost every state for businesses with employees. It also protects sole proprietors against work injury costs that health insurance might deny.
BEST FOR
- Employee medical expenses
- Missed wages
- Legal costs
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
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
Commercial auto insurance
This policy is usually required for business-owned vehicles. It helps cover the costs of a vehicle accident, theft, or vandalism.
BEST FOR
- Car accidents
- Vandalism and theft
- Weather damage
Commercial umbrella 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 auto coverage
How much does small business insurance cost?
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
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Business insurance for specific industries
These business insurance policies cover the risks of certain industries, such as retail, manufacturing, healthcare, food and beverage, and construction.
Product liability insurance
Included in general liability, this policy covers injuries or property damage caused by your product or completed service. It's also called products-completed operations coverage.
BEST FOR
- Construction businesses and contractors
- Manufacturers
- Retailers and wholesalers
Medical malpractice insurance
Medical malpractice provides financial protection for healthcare professionals over legal claims related to negligence and mistakes. It’s a form of professional liability insurance.
BEST FOR
- Medical error lawsuits
- Accusations of negligence
- Missed appointment allegations
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
Inland marine insurance
This policy provides 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
Builder's risk insurance
This policy covers structures in progress and materials, often paying for damage caused by fire, vandalization, and non-severe weather events.
BEST FOR
- Building construction
- Building renovation
- Worksite theft and vandalism
Liquor liability insurance
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.
BEST FOR
- Injuries caused by intoxicated patrons
- Property damage by intoxicated patrons
- Legal defense costs
Common questions about small business insurance
What does small business insurance cover?
No single insurance policy covers everything. In general, there are two broad areas of insurance coverage:
- Business liability insurance covers incidents in which someone holds your business responsible for damages, injury, or financial loss.
- Commercial property insurance pays for repair or replacement of damaged or stolen business property. It also covers your building if you own it.
Learn more about small business insurance coverage and what coverage is right for you.
Why do I need business insurance?
Business insurance, also called commercial insurance, provides crucial protection for any small business owner. If there’s an accident at your business, you could face a lawsuit. The high cost of litigation, medical bills, and property damage claims are the primary reasons businesses need insurance.
Your risk exposure determines which type of coverage you need. The policy most businesses purchase is general liability insurance, which protects against customer injuries and other common accidents. You may need additional policies if you have employees, own a building, own a business vehicle, or provide expert advice.
Learn more about why a business might need liability insurance.
How do I get small business insurance?
It’s easy to get insurance coverage if you have your business information on hand.
Insureon's free online 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 that match your business risks.
You can buy small business insurance policies for a wide range of risks from the following providers: Acuity Insurance, AmTrust, Chubb, The Hanover, The Hartford, Hiscox, Liberty Mutual, Philadelphia Insurance, and Travelers. Note that you won't see quotes from all providers, only those that can fulfill your insurance needs.
Learn more about how to get business insurance.
Best options for buying small business insurance in 2023
We reviewed reputable providers for the most necessary and affordable types of business insurance coverage.
Can Insureon help me find small business insurance in my state?
Insureon is the #1 digital business insurance agency. We help small business owners from numerous industries easily compare insurance quotes from top-rated companies, buy policies, and manage their coverage online. Our insurance agents are licensed in 50 states and Washington, D.C.
Learn about business insurance requirements in your state.
What other business insurance products are available?
Business interruption insurance (or business income insurance) helps your small business recover from a temporary shutdown tied to a commercial property insurance covered loss, such as a fire or storm.
Hired and non-owned auto insurance (HNOA) provides liability coverage for accidents involving personal, leased, or rented vehicles used by your business.
Management liability insurance is a combination of policies such as employment practices liability insurance, directors and officers insurance, and others. These policies cover the many business risks faced by senior-level managers, including lawsuits and claims of discrimination, mismanagement, and fraud.
Business bonds pay your clients back when a contract is broken. You may need a bond to work with certain clients, or to get a license for your profession.
Special event insurance combines liability and property coverages for events that occur outside of normal business activities.
A commercial package policy (CPP) combines liability and property coverage into one policy with more flexible protection options. While it similar to a business owner's policy, a CPP is more often purchased by small and medium-sized businesses with higher risks.
You can also customize many of your policies to better fit your business needs or budget. An endorsement modifies a small business insurance policy to remove coverage you don’t need, or to negate one or more exclusions, adding coverage back into the policy.
How do I make a business insurance claim?
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.
Where can I learn more about small business insurance?
You can find additional information in our frequently asked questions about small business insurance.
If there are any additional questions you have about coverage, you can also contact an Insureon agent.
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