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

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Reviewed by Daniel Walker
Licensed Auto Insurance Agent

UPDATED: Mar 25, 2019

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You’ve finally done it. You’ve decided to kick off the shackles of your current job so that you can become your own boss. You’re starting your own business. With that first important step taken, it’s now time to get down to the nitty-gritty details about how, exactly, you’re going to make it happen.

Business insurance is a key component to your success as an entrepreneur. Don’t lose any momentum—start to compare business insurance quotes today using a free on-line comparison tool that will have you well on your way to a safe, secure and profitable grand opening in no time.

By utilizing a free quote tool, you can compare business insurance quotes from reputable companies that service your area. You can then use the information contained in this article to decide which forms of business insurance you need. The quote comparison tool will enable you to see how several different business insurance providers stack up against each other based on the same criteria.

Compare Business Insurance: An Overview of Business Insurance

Business insurance protects you and your enterprise from the financial repercussions of many catastrophes that can befall a business. Acts of nature, accidents, and legal actions are just some examples of the costly events that can bankrupt you if you are not protected by the right kind of business insurance. It is crucial to do your research so that you can compare business insurance options effectively and emerge fully protected.

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Compare Business Insurance Requirements

Some forms of business insurance may be required by your state. Other forms, while not legally required, are a practical necessity. The laws vary from state to state so, as stated earlier, you need to do your research.

Most states require businesses to be in possession of workers compensation, unemployment, and disability insurance. Check with the body that regulates insurance in your state to find out the exact requirements where you live. This can be done easily through a Google search or by starting at your state’s Web site. The Web addresses of most states are that state’s name followed by “.gov.”

You may also be required to be in possession of certain forms of business insurance by the bank that gave you your business loan. All this information will be spelled out in your loan agreement, which you should analyze thoroughly.

Once you know what is required of you, it is time to examine the rest of the options to see what coverage your business dictates.

Compare Business Insurance Coverage

The type of business you own may lend itself to very specific forms of business insurance. It is a good idea to speak with others in the same industry to find out what kind of business insurance they consider necessary. There are many professional organizations where people in the same industries gather together to network and share information. Again, the Internet is a valuable tool for locating these valuable resources.

When speaking with other business owners, you will likely hear many insurance terms thrown around repeatedly. The following list contains the main buzzwords you are likely to encounter when you compare business insurance.

Compare Business Insurance: Liability Protection

Liability business insurance protects your business assets. While your own personal assets are already protected thanks to your business’s status as a corporation or LLC (meaning you cannot be personally sued for a business-related event), that designation does nothing to protect the business. It is up to you to defend your venture through the purchase of business insurance. Liability business insurance provides coverage when your business becomes liable for accidents or mistakes involving your product line, employees, or contracts.

Liability insurance has several sub-categories into which the above coverage options fall. One of them is general liability insurance. This covers business-related accidents. Property damage, injury, legal costs and settlements fall under general liability insurance.

Another sub-category is product liability insurance. If your business is held liable for accidents, or potential accidents, related to a faulty product, that’s where product liability insurance comes in.

Professional liability insurance protects you if you offer a service for which you become liable due to malpractice, negligence, or other error.

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Compare Insurance Providers Rates to Save Up to 75%

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Compare Insurance Providers Rates to Save Up to 75%

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Compare Business Insurance: Property Protection

Property insurance is what you need to protect your business from the loss of property or from the loss of that property’s income generating ability. Property insurance comes in “all risk” or “peril specific” forms.

All risk property insurance protects your business from a wide array of threats including fire, theft, and damage to machinery.

Peril specific property insurance can be chosen to insure against specific elements that your business may be up against due to your industry or location. For example, a maritime business will need flood coverage. A business in a big city will need vandalism coverage.

Business interruption insurance is another form of property insurance. If your business is forced to close because of a specified peril, you will be covered for the net profits you lose out on as well as for any costs you continue to incur while the business is not operational.

Compare Business Insurance: Home Business Protection

Business owners working out of their homes usually cannot rely on the coverage available to them through their homeowner’s policies. The majority of homeowner’s insurance policies cover less than a $5000 for the kinds of accidents that happen at the home. In the high stakes business world, that amount is unlikely to cover the kinds of misfortunes that occur.

Another problem with using homeowner’s insurance as your business’s primary form of insurance is that it does not cover liability, which is a key form of insurance for your business. Furthermore, you will not be covered against any dangers when your business takes you outside of your home.

While it may seem like homeowner’s insurance is a cheap way of getting away without additional business insurance, the numbers don’t support that kind of wishful thinking. As a home-based business owner, you must compare business insurance options in a thorough way just as with any other business.

Compare Business Insurance: Business Owners Policy

The Business Owners Policy (BOP) is an easy, comprehensive option for smaller businesses. If your business employs fewer than 100 people and/or generates less than $5 million in sales, then it is a good idea to compare business owners policies. Liability and property insurance, as well as income loss protections, are part of the BOP. There is also room for customization to make this option truly viable for your business.

It’s time to compare business insurance quotes so you can get your business off the ground.

If you haven’t done so already, now is the time to put your zip code into the box on this page so that you can generate many quotes from the best insurance providers in your area. It’s never been easier to compare business insurance quotes. Once you find the insurance company that offers you the best rates for the coverage you need, you’ll be one important step closer to opening the business you’ve dreamed of. Compare business insurance quotes now!