Cheap business insurance

Starting at $22 per month for general liability insurance and $21 per month for workers' comp, it's easy to find affordable small business insurance with Insureon.

In addition, businesses with an office can get commercial property insurance starting at $29 per month, or bundle general liability and property insurance in a business owner's policy (BOP) at an average premium of $83 per month.

Every business owner can take these steps to lower their insurance costs:

• Compare quotes
• Bundle policies
• Customize policies
• Manage risks

You can compare quotes with Insureon's easy online application, which retrieves quotes from top-rated providers who specialize in your industry. Cost-saving bundles and inexpensive policy options provide another way to save, while you can also manage your risks to avoid claims and subsequent premium hikes.

As with other items you buy for your business, you'll want to see what different companies are offering before you make a decision. Policies vary in both their coverage and their cost, and not every company will be a good match.

Insureon partners with trusted providers rated Superior or Excellent by AM Best to find the right commercial business insurance for your needs. Our easy online application retrieves quotes from the biggest names in the industry, such as Hiscox, Travelers, Chubb, The Hartford, and others with proven financial strength.

Our licensed insurance agents are available to help you find policies to satisfy client requirements, comply with state laws, or obtain a license for your profession. They can help you get the right policy limits, coverage options, and cost-saving bundles that you might not find shopping on your own.

Once you choose a policy, you can get coverage and a certificate of insurance (COI) in less than 24 hours.

Business insurance companies often give discounts when you buy more than one policy, and bundles provide better protection for your small business. Here are two of the most popular options:

Small businesses pay different premiums depending on the type of business insurance and their risk of a claim. Factors that affect business insurance costs include:

• Your industry and risks
• Business operations
• Number of employees
• Policy limits and deductibles
• Location
• Revenue
• Business structure (sole proprietor, LLC, etc.)
• Claims history

Commercial insurance products aren’t one size fits all. The right coverage will meet all aspects of your business needs but not exceed it.

For example, when purchasing business property insurance, your coverage limits should match the value of your business equipment. If that amount changes, you’ll need to change your policy too.

Some companies may choose to purchase inland marine insurance, which protects business equipment while in transit or stored off site. For others, it may not be needed.

You can also add business interruption insurance to cover expenses related to a forced closure from a fire or other covered property claim.

Commercial umbrella insurance is a good way to save money and extend liability coverage limits if you’re concerned about escalating legal costs.

Workers' compensation insurance is required in almost every state if you have employees. This policy helps pay for medical expenses if an employee gets injured, and in some cases you can buy it for yourself. Policyholders may be able to save money on their workers' comp with a pay-as-you-go policy or ghost policy.

In addition to workers' comp, some businesses may consider employment practices liability insurance (EPLI), which provides protection when a worker sues over employment-related issues.

Finally, most states require commercial auto insurance for small businesses that own a vehicle.

As your business changes and grows, so too will your insurance needs. To avoid overpayment or underpayment, your insurance provider will conduct an annual premium audit to make sure you paid the correct amount.

Premium audits are most common for general liability and workers' compensation. A general liability audit, for instance, could reveal that you need more coverage due to opening a new location. A workers' comp audit might show that your estimated payroll for the year was lower than the actual value due to new hires.

Going forward, your insurance company will adjust your premiums based on their findings, and may make recommendations for changes in coverage as well.

Insurance providers may charge more if they think you run a high-risk operation. The good news? You may qualify for cheaper business insurance if you address trouble spots.

Here are a few risk management strategies for small businesses.

Many insurance companies offer a discount on commercial property coverage for businesses that invest in a central burglar alarm or sprinkler system.

Insurance carriers are particular about what qualifies for a premium reduction. Check first to make sure your upgrade will count for a cheaper policy.

An easy way small business owners can reduce the risks of errors and omissions claims is keeping in regular contact with customers.

Make sure you communicate often and honestly with your clients to resolve issues before they turn into a lawsuit. If everyone’s on the same page, you’re much less likely to end up in court.

Implementing safety practices at your business can reduce the chance of general liability claims and workers’ compensation insurance claims. To lower the risk of visitor and employee injuries:

• Clean spills immediately
• Keep walkways clear of clutter
• Add lighting to dark areas
• Install handrails on stairs
• Remove loose rugs and other tripping hazards

An effective loss control program can help you avoid claims and subsequent premium hikes. Plus, fewer accidents saves your business money even beyond lower insurance costs.

When it comes to cyber insurance, your provider isn't only there for you when you've already suffered an attack. Many insurance providers offer programs that help you reduce your cyber risks.

Implementing cybersecurity controls can reduce the odds of a security breach and save you money on your policy. For instance, your carrier might recommend multi-factor authentication (MFA) for more secure logins, or virtual private networks (VPNs) that encrypt your data to prevent a breach.

In some cases, an insurance provider might have specific requirements before you can secure coverage, as they share your interest of avoiding cyber claims.

Though it may not be the primary factor, businesses in certain states can expect to pay less for insurance than others.

Here are a few states where business insurance costs are lower than average, along with their costs for top policies:

In addition to your location, your industry can have an impact on how much you pay for business liability insurance. That's especially true when your profession places you at risk for certain types of lawsuits or accidents.

Here's a look at the cost of our top policies for different professions.

With general liability insurance, industries that have a lower risk of third-party bodily injuries or property damage can expect to pay a lower premium. For example, photographers and companies that offer professional services have minimal risks compared to more hazardous industries like construction and installation.

As with general liability, businesses with a low risk of bodily injuries can expect to pay less for workers' compensation insurance. It will cost far less to insure accountants, IT consultants, and other office workers than roofers, general contractors, and other workers who are often injured as a result of their work.

For professional liability insurance, the relevant factor isn't physical injuries but financial damages. If your work directly impacts how much money a client makes—or how much they might lose—then you can expect to pay more for this policy.

Architects and other building design professionals can expect higher costs for this coverage, as a flaw in a building could end up costing the owner or developer a fortune.

As with other expenses that are ordinary and necessary for your business, insurance coverage is tax-deductible. Business owners can usually deduct their policy premiums from their taxable income.

Some businesses may qualify for insurance discounts, grants, or subsidies from professional associations, government programs, or state initiatives. The specifics depend on the type of business and the offers available in your region.

Your local chamber of commerce can help you find business resources and discounts in your area.

With Insureon, it's easy to get insured. Fill out our free application to get small business insurance quotes from top-rated providers.

Our licensed agents will help make sure you get the right coverage for your needs at a price you can afford. Once you choose a policy, you buy online and get proof of insurance within 24 hours.