How to find cheap small business insurance

It's possible to find cheap small business insurance with a few simple steps. First, compare quotes from different providers. Then, see if you can bundle policies to receive a discount. Finally, manage your risks to reduce your claims and lower your premium. Remember, the cheapest policy isn’t necessarily the best – without adequate protection, you may end up paying more further down the road.

Business insurance may seem like an investment you'll never use. However, according to the U.S. Chamber Institute for Legal Reform:

• 34 percent of small businesses have faced a lawsuit.
• 64 percent of those sued said their business suffered from the expense.

In other words, lawsuits aren't just a problem for big corporations. And given that even frivolous lawsuits can cost $2,000 to $5,000, small business insurance is almost always more affordable than being sued.

Compare quotes for cheap small business insurance

You could find quotes by contacting insurance providers directly, but there’s an easier way to compare your options. Start by completing a free application with Insureon – it only takes about 15 minutes, and it's the quickest way to get quotes from multiple top-rated carriers.

We'll send you quotes via email so it's easy for you to review coverage terms, compare prices, and find an affordable policy that meets your needs.

Keep in mind that the cheapest small business insurance policy isn't necessarily the best. When you're comparing quotes, consider these factors:

• Carrier ratings. Independent agencies rate the financial strength of insurance companies. A cheap policy from a low-rated insurer may mean the coverage isn't that great.
• Deductible. A high deductible can make your insurance premium more affordable, but remember that you're responsible for paying the entire deductible amount before you can collect benefits.
• Policy limits. Your policy limit is the total amount your insurer will pay on claims. A lower limit usually means a cheaper premium, but it also means less coverage. Ask your agent how much is enough for you.
• Inclusions and exclusions. Inclusions are the events a policy covers and exclusions are the ones it doesn't. Cheap insurance isn't a good deal if common risks aren't covered.

Insureon’s licensed agents can walk you through your offers and help make sure you get appropriate coverage at the most affordable price.

Bundle policies for affordable small business insurance

If you've ever gotten an offer to combine your cable, internet, and phone service for a discount, you know how bundling can save you money. Business insurance is no different: many carriers offer a price break when you buy multiple policies.

A business owner's policy (BOP) is the most common discounted insurance bundle for small businesses. It combines general liability insurance and commercial property insurance, making both of these essential coverages more affordable.

Curious about what you can expect from your business insurance bill? Check out our business insurance cost analysis.

Manage risk to keep small business insurance affordable

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

For example, theft accounts for 20 percent of all small business insurance claims and slip-and-fall accidents cause 10 percent, according to a study by The Hartford.

Many insurance companies offer a discount on property insurance for businesses that invest in a central station burglar alarm. However, don't make any safety or security updates before checking with your agent. Insurance carriers are particular about what qualifies for a premium reduction, so it's best to check first to make sure your upgrade will lead to a cheaper policy.

Other risk management strategies that can reduce your likelihood of claims:

• Keep your office or storefront up to code.
• Clean up spills immediately.
• Keep walkways clear of clutter.
• Add lighting to dark areas.