Chelsey Tucker graduated with a Bachelor of History degree from Metropolitan State University in 2019. She now writes about insurance with her specialty being life insurance and has been quoted on Help Smart Phone and MEL Magazine.

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Dan Walker graduated with a BS in Administrative Management in 2005 and has been working in his family’s insurance agency, FCI Agency, for 15 years. He is licensed as an agent to write property and casualty insurance, including home, auto, umbrella, and dwelling fire insurance. He’s also been featured on sites like Reviews.com.

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Reviewed by Daniel Walker
Licensed Auto Insurance Agent

UPDATED: Mar 19, 2020

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Business Insurance And Medical Insurance For Small Business

A small enterprise that doesn’t have the right business and medical coverage may be risking its ability to remain in business. The need for several types of small business insurance may be overwhelming and the business owners might think it would be a waste of money, but this is far from the truth.

Seek out the right coverage for your business needs with the FREE insurance quote tool and your ZIP code now!

Business and medical insurance doesn’t necessarily have to cost as much as you might think. Before you can compare costs, they must know what type of insurance they want to purchase.

Business Insurance for Small Business

When people open a small business, they have several risks they will need to manage. The best way to do this is to purchase one or more of the several types of business coverage that protect them from the dangers they expose themselves to whenever they open their doors to the public.

Each business has risks they are particularly susceptible to experiencing, and a business property insurance policy can be written so that the business is covered for those risks and not others.

Business owners can purchase just the coverage they need without having to have a one-size-fits-all policy.

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Property Coverage Helps Rebuild and Replace

Business Insurance And Medical For Business

Business property insurance covers the building where the business is located as well as the equipment inside the building that make it possible for everyone to earn their living. If the building was destroyed in a fire, for example, the business owners and the employees would lose their livelihoods. The business property insurance policy is what will enable the business owners to rebuild and replace the damaged property.

Liability Keeps Lawsuits from Closing the Business Down

A business will also need to protect itself against lawsuits with liability insurance. The liability coverage will go into effect if someone sues the business because the product the business manufactures, for example, malfunctioned and caused an injury.

Business owners have the option of purchasing their property coverage and their liability coverage all in one package. Businesses really aren’t fully protected if they have one without the other.

Errors and Omissions Insurance

Everyone has the potential to make mistakes in their businesses. These mistakes may cause their customers or their clients to suffer losses, and these people may take advantage of the court system in order to obtain monetary compensation for those losses. In order to win this type of lawsuit, the business owners would have to be found guilty of negligence.

Business And Medical For Small Business

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Frivolous Lawsuits

These types of lawsuits are in abundance in this country because people, very often, believe that their right to sue someone is the first resort when they believe they have been hurt by a business.

The lawsuit can be entirely frivolous, but the business owner still has to hire an attorney to defend them in court.

Even though a lot of lawsuits are frivolous, businesses have lost these cases before and have been ordered to pay millions of dollars to the injured.

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The Result of Errors and Omissions Insurance

It would be financially impossible for a lot of small businesses to continue operating after they have been ordered to pay millions or even hundreds of thousands of dollars in a lawsuit. But small businesses that have business insurance will have their attorneys’ fees paid. If they lose and they must pay a large sum of money to those who accused them of wrongdoing, they will also be able to pay this amount out of their Errors and Omissions coverage.

Business Medical Coverage Small Businesses

Extra Coverage under a Small Business Insurance Policy

Business owners may decide that they need extra coverage for their businesses that cannot be purchased under their regular property or liability insurance coverage. A small business may need to attach riders to their business insurance policies for:

  • Embezzlement
  • Robbery
  • Burglary
  • Computer viruses
  • Fraud

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Medical Insurance for Small Business

Business Insurance And Medical Insurance For Small Business

Because of the 2012 health care law, employees have begun to worry that they will lose the health insurance they have with their current employers. Employers aren’t likely to take their employees’ health care benefits away from them because they know that medical insurance is a big reason that people remain in their jobs. Owners of small business who are looking for ways to retain their employees can do so just by purchasing a medical insurance plan.

Group Health Insurance Plans

In order to make medical insurance affordable for a small business, they have the opportunity to purchase group health coverage.  Under a group health insurance plan the business owners, their employees and their families may all be covered. These plans are often more cost-effective than each individual person or family purchasing their own coverage because everyone is paying into the same pool.

The group medical insurance plan is especially affordable for the employees; not only do they experience discounts because an entire group of people are paying into the same plan, but their premiums are, generally, halved because their employers pay part of their premiums. It’s for this reason that people find medical insurance through their small business employers to be enticing enough to keep them in their jobs for a very long time.

One Size Doesn’t Fit All

An insurance company may specialize in insuring a small business in one particular industry. These insurance companies won’t refuse to sell a policy to a small business in another industry, but it isn’t necessarily looking for that type of business to insure.

In these cases, the providers may only think of offering a great deal to the small businesses in the industries they favor. The small business outside of that industry receives their regular rates.

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Comparing Quotes Levels the Playing Field

Small Business Owner Needs Business Medical Insurance

Small business owners who obtain quotes from more than just one insurance company have a better chance of finding their insurance coverage for lower rates. When you receive several free quotes at once, you can see which companies are offering very high quotes without justification and avoid those companies. Then you can concentrate solely on those companies that have good coverage for them at the best prices.

Type your ZIP code here and get FREE insurance quotes for your business today!