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 resume to purchase business insurance

The new business owner must obtain business insurance to protect or indemnity the company against loss. Some insurance is required by law while other types of coverage can be optional, depending on the nature of the business, the number of employees and the types of physical operations in which you engage.

Find the best possible rates on business insurance coverage by comparing quotes from all the major insurance companies. Enter your zip code above to begin!

Your Business Experience Impacts Insurance Premiums

The experience you have in your field of endeavor will impact whether some insurance companies will insure you. It will determine what kind of premium you are charged as well. A resume is not required to get insurance, but has a big influence on what you will ultimately pay. If you buy an existing company, some insurers will give you the benefit of the doubt and base their underwriting decisions on the previous owner’s record.

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Three Basic Commercial Insurance Categories

There are three basic categories of insurance that a new business will want to consider: Liability, Property and Buildings, and Business Assets and Equipment. You may also need additional protection, depending on the nature of your business.

Liability: The most general type of insurance is called Employer’s Liability Insurance. Most governing authorities require a business to carry some form of this most basic policy.

Property and Buildings: This insurance covers the building where you work against damage caused by fire, theft, and other contingencies. You may have multiple work locations that need to be included.

Business Assets and Equipment: This protects the valuable equipment you need for conducting operations such as construction equipment for contractors or food preparation equipment for restaurant owners.

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There are many types of business insurance you may need. If you employ an automobile, truck or van in your business, then you should get commercial vehicle coverage. Your standard auto policy may not cover you if there is a work-related accident and you could be held liable and lose your business. Key man insurance protects companies that depend on the skills of one or two indispensable individuals. Retail business may choose such options as glass breakage coverage, awning insurance and sidewalk dining insurance.

It is critical to gather accurate information about your business before seeking a quote or you will be wasting your time. Insurance companies need all the particulars before they will offer any form of surety. In addition, many larger companies will want some level of risk assessment that may require an onsite inspection of the premises.

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Enter Your Information One Time for Multiple Quotes

Online comparison sites allow you to enter all the details of your commercial insurance needs and the comparison tool will provide multiple quotes from reliable area insurance companies. This is a great way to find the best price for business coverage within the industry and will save you an enormous amount of time.

Without comparison sites, you would need to make separate application at each provider just to get a quote. The convenience of the system is remarkable. You will not get an instantaneous quote, but your information will be forwarded to likely companies and they will send quotation details to your email address within minutes.

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Other Types of Insurance

There are a number of important scenarios you should consider to assess your degree of risk. Consider the following issues.

flood insurance

Flood insurance: Most building coverage does not include flood insurance and it must be contracted under separate cover. A typical policy might cost $250 per year.

Glass breakage: Retail shops with glass display windows may require a separate rider or policy. A broken storefront can be a major nightmare since the glass can damage your interior. Everything must be cleaned and repaired and you may need to shut down while this is being done.

Business Interruption Insurance: If a fire occurs, you may not be able to continue doing business. This insurance covers all losses your business incurs while repairs are being effected. The amount paid out to satisfy a claim will be based on reasonable averages based on your record for the past several years (or months if that is the only data available).

Bonds: A surety bond guarantees your compliance with local laws and regulations and the fulfillment of your contractual obligations to clients. Fidelity bonds protect your company from losses caused by fraudulent acts committed by employees.

Errors and Omissions: This will protect your company if a mistake or neglect causes a client to suffer financial hardship.

Terrorism Insurance: A terrorist threat is a fact of life these days and an act of terrorism can shut down your operations or destroy or damage important company resources.

Commercial Vehicle: If you or an employee use a vehicle in your business, you may require a commercial operating policy rather than relying on your personal driving insurance. This will protect you from the litigious nature of modern society where even minor incidents often cause a lawsuit to be filed in the hopes of gaining a settlement.

Workers’ Compensation Requires Accurate Estimates

Workers’ compensation falls under the general heading of your basic liability policy. The rates you are assessed are based on a percentage of your total payroll. New business owners are required to furnish an estimate of their total payroll on which to base your premium. It is imperative you make an accurate calculation because you will be audited annually and must make up any shortage in your guess. The records are matched with federal, state and local agencies to determine you are providing accurate information. You will find that payroll issues are one of the most complicated sets of records your must maintain.

Basic Premium for Business with One Employee

A basic comparison test was made in preparation of this article by getting a quotation for general liability and property insurance for a small business with one employee making $10 per hour. Property coverage stipulated was $1,000,000. The quote was delivered by email within ten minutes and provided three estimates with some minor differences in the deductible. Business and auto liability were also set at $1,000,000. The annual premium estimates were for $759, $1017 and $1106.

Rest easy by comparing quotes online. Enter your zip code below to find the best possible rates.