We’ve compiled the most frequently asked questions to help you compare policies and decide which insurance is right for your small business.
Business liability insurance is any commercial insurance that involves a business’s responsibility for losses, injuries, or damages. Types of liability insurance include:
Learn more about business liability insurance.
Business insurance, also called commercial insurance, provides crucial protection for any small business. If there’s an accident at your business, you could face a lawsuit. The high cost of litigation, medical bills, and property damage claims is the primary reason businesses need insurance.
Your risk exposure determines which policies 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.
No single insurance policy covers everything. In general, there are two broad areas of coverage:
Learn more about what business insurance covers.
In certain cases, business insurance is required by law. Most states require businesses with employees to obtain workers’ compensation insurance. Business-owned vehicles must be insured with commercial auto insurance. Also, state laws may require some businesses to obtain insurance as part of the licensing process. For example, bars typically need liquor liability insurance as a prerequisite for a liquor license.
There are several situations in which businesses are required to obtain commercial insurance. For example, most states require businesses with employees to purchase workers’ compensation insurance. Business-owned vehicles must be covered by commercial auto insurance.
Business insurance costs vary based on the policies you purchase and your coverage limits. Other factors include your industry, number of employees, revenue, and location. Small, low-risk businesses – especially those that qualify for a business owner’s policy – pay less for insurance than larger companies.
Every business can save money on insurance. One of the best ways is to explore what different providers are offering. You can contact insurance companies directly and request rates, but you’ll have to provide your business details each time you apply.
It’s easy to get small business insurance if you have your business information on hand. An insurance application will ask for basic facts about your business, such as revenue and number of employees. With Insureon, you can complete one application to receive multiple quotes from top U.S. carriers. You can buy small business insurance policies for a wide range of risks.
Learn more about how to get business insurance.
Do you have questions about a specific policy? You can find answers here: