No single policy protects against all business risks. Different types of business insurance protect against customer injuries, property damage, cyberattacks, and other threats to your business.
Business insurance is insurance coverage designed specifically to help protect businesses from a variety of everyday operational risks. Business insurance can provide protection against burglaries, property damage, and lawsuits brought against the company by employees or customers.
Your industry risks will help determine which types of business insurance you should purchase. Other factors, such as lease requirements, state laws, and signed contracts with clients, will help you understand if and when you need a certain policy.
Hey, Polly C here! We know looking for business insurance can be overwhelming. But with Insureon at your side, we can get you on the fast track to coverage.
Our team of knowledgeable, industry certified agents will make sure you get the right plan through an A-rated carrier that meets all your business needs.
When it comes to selecting the right policy, there's a few factors to consider.
Choosing a reputable carrier, policy limits and deductibles, rates and premiums, and knowing the scope of coverage, especially because businesses are required to carry different types of insurance.
From general liability, to workers comp, to cyber liability, no worries! You have a personal guide to help you every step of the way, and we'll be there anytime you need us.
Click the link below to get started! You can trust Insureon to find the right policy for your business.
In general, small business insurance can cover risks associated with:
Each category has a policy (or several policies) that provide coverage.
Your business wouldn’t be much without your customers and clients. Unfortunately, interacting with clients brings the risk of lawsuits, which are not cheap. The good news is there are several business insurance policies to help manage the risks presented by clients and members of the public.
Consider these scenarios when reviewing insurance options and determining what will be the right coverage for your company:
Employees and managers help your business grow, but they also introduce more risks to your daily operations. For example, when you have employees, you can be liable for their workplace injuries and violating their work rights.
Here are a few situations where business insurance can help:
It's easy to imagine how a fire could devastate a business. For that reason, small business owners often purchase commercial property insurance (also referred to as business renter's insurance) especially if they own specialized or valuable business property. When certain weather events or disasters strike, it can help cover the cost of repairing and replacing your property.
Property insurance also protects against burglary and theft, two of the most common small business claims.
Many Insureon customers are eligible for a business owner’s policy (BOP), which bundles property insurance and general liability. It’s usually less expensive than buying the policies separately.
Small and medium-sized businesses with higher risks often look into purchasing a commercial package policy (CPP), which operates similarly to a BOP, but offers more flexible protection options to meet their increased levels of risk.
Other useful property insurance policies you should consider include:
Small business owners are often unclear about the coverage they need for their vehicles. Many think they can drive their personal auto for business because it’s insured, but that can be a costly mistake if you or your employee gets in an accident. Vehicle claims average $45,000 for small business owners, according to a study by The Hartford.
That's why it's smart to carry additional coverage if you drive for work, especially if:
For more information on these two policies, read “Commercial auto insurance vs. hired and non-owned auto insurance.”
Factors that influence business insurance costs include:
While small business insurance is crucial for most small businesses, it does not provide all the protection you need. In some cases, you may need to request insurance endorsements to your policies.
Endorsements allow you to customize your policy to better fit your needs or budget without having to shop for – and buy – a new policy. This will allow you to buy insurance that better fits your needs. For example, if a policy you’re considering doesn’t protect a key person, you can ask your agent to add an endorsement that adds this missing protection.
Some common situations where you'll need an insurance endorsement include:
Anyone who is not on your insurance policy remains unprotected. To protect those who are working with or for you, but are not on your policy, you'll need an additional insured endorsement.
Additional insured endorsement adds someone other than you to your insurance policy – most often general liability insurance. It extends your insurance to a third party, such as a subcontractor doing work for you. This would protect that entity against third-party lawsuits or commercial property damage.
Any claims made before or after your coverage policy dates are not protected. For protection outside of your begin and end policy coverage dates, you'll need an endorsement.
Prior acts coverage endorsement modifies a claims-made liability policy to protect you against losses that occurred before you bought your current policy.
Extended reporting period endorsement modifies a claims-made professional liability (also known as an errors and omissions insurance) policy so you can report claims even after the expiration date of your insurance policy.
Electronic data liability endorsement expands your property damage liability coverage to include a loss of data caused by accidental damage to a customer’s computer, hard drive, or other data storage equipment.
While cyber liability insurance usually covers data lost from a targeted software attack, electronic data liability insures a data loss when there’s accidental physical damage to a network or storage device.
Complete Insureon’s easy online application today to compare small business insurance quotes from trusted U.S. insurance carriers. Once you find the right policy for your small business, you can begin coverage in less than 24 hours.