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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small business insurance onlineEver asked yourself, ‘Can I purchase small business insurance online?’  

Big or small, office or home based, one thing is certain: your business needs insurance to protect your interest, finances and reputation. Even for the largest corporation, an allegation of negligence can lead to financial disaster.

Protect your business and save money by comparing business insurance quotes online. Enter your ZIP code above to begin!

It Happens

In the same position as that corporation, a small business is less likely to have the resources to defend it. Without insurance, legal teams and all the other expenses that come with claims, lawsuits and other undesirable circumstances can be steep. A market crash or an ill timed project failure can have a profound impact on a small business and its survival.

It is imperative to protect the business, the hard work and long hours, from ruin resulting from lack of a policy to defend the assets. You can buy a small business insurance policy online.

Let’s take a look at why you would need to and how to find the right insurer.

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Small Business Insurance Shields You

In a litigious world, the idea of identifying and assessing potential risk has itself become a risk. There are far too many uncertainties for a professional to assume they are prepared to effectively confront all the threats that may arise.

  • The financial market can disrupt the bottom line.
  • At any phase in a project, a situation can go awry, creating and leaving a small business in jeopardy.
  • There can be legal liabilities, accidents, natural causes or disasters.

The Unfortunate Facts

A small business could find itself on the wrong end of an adversarial situation, or linked to uncertain, unpredictable matters that require legal

small business insurance uncertainty of risk

action.

Lacking the ability to forecast the future, a small business must manage the probability of risk, that being anything that would have an adverse impact on the stability and well being of the operation. A small business insurance plan can:

  • Protect the business in a lawsuit
  • Move proactively to avoid an injury claim
  • Allow the business to continue without distress
  • Minimize the impact of any other unforeseen and unfortunate events
  • Maximize the overall security of the business

Taking the step to find small business insurance online is risk management in action.

Criteria

Big or small, the approach to business insurance is the same. Where it will differ in a major way will, of course, be in the cost. What works in your favor is insurance companies are encouraged to support the growth of small business and they want your business.

To ensure your particular situation fits the bill, it has to be determined that you are a small business. These are some of the factors that will be taken into consideration.

  • Nature of the business
  • Location
    • Is the business run in an office or out of the home?
    • How old is the building?
    • Who else occupies the building?
  • Overview
    • How many years has the business operated?
    • What is the projected and current gross?
    • Are there employees? How many? What are their responsibilities?
    • Are vehicles used to maintain the business? How many?

Once these matters are established, you can go online and find the small business insurance policy that best suits your needs.

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CGL

There are various types of insurance policies a small business may need, but the most important will be commercial general liability (“CGL”) insurance. The purpose of CGL is to protect your small business in a lawsuit, cover legal fees associated with your defense, and paying any monies in a settlement or funds awarded by the court.

There are specifically four types of claims covered under CGL:

– Injury and Property

This protects your small business in the event that bodily injury or property damage results from a direct action involving you or an employee.

– Personal Injury

The coverage is needed should anyone associated with the business, or the business itself, is sued for libel or slander.

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– Medical Payments

If there were an accident involving the business, CGI is prepared to voluntarily cover medical bills before a lawsuit is filed.

– Tenant Liability

If the small business is a tenant, you are covered for any damage to the property. This could include a fire or a burst water pipe.

There are a number of other insurance policies to consider.

These polices will safeguard you, your employees and/or the business from risk. You should have a clear understanding of what types of insurance your small business will need.

Finding Small Business Insurance Online

Buying insurance can be intimidating. Unfortunately, it’s a common fact that, in general, small business owners may not be aware of the coverage they need. In the case of business, the old adage is true: You can never have enough insurance.

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Your Considerations

Sit down and assess the risk to your small business. If the business found itself in financial strife, how would you continue to pay debts and employees? (Business Interruption Insurance) What if you were sued because an error left a client dissatisfied? (Errors and Omissions Insurance) What if someone slipped and fell on the property? (CGL)

Once you have established where the business has to minimize risk, go online. Find a consumer insurance comparison website. At this point, the beginning of the search is as simple as entering a zip code and responding to some general questions. The site will cull the many online insurance companies. It will narrow the selection to a list of insurers with the best rates in your vicinity.

Finding the Right Insurer

With that list of online insurance companies that offer small business insurance, do a little due diligence. Get information about them. Find out if they are partnered with similar small businesses. Compare the rates and the policy options.

It won’t be long before you find the perfect solution and begin buying insurance online for your small business. Enter your zip code below to begin comparing quotes from all the major insurance insurance companies!