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 19, 2020

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find affordable businesss insurance

When you launch a new endeavor, one of the first questions you will confront is, “Where can I find affordable business insurance?” You might make the mistake of thinking business insurance is something you can forgo until you have more money, but that could be a costly mistake.

Find affordable business insurance by comparing rates today. Simply enter your ZIP code into our comparison tool above!

Without insurance, everything you have worked toward is at risk of going up in smoke or being seized in litigation. Take the time to assess your needs and compare insurance prices at the outset to protect your investment.

Assessing Your Insurance Needs

There are many different types of business insurance policies that cover different aspects of your business. By assessing your needs, you can be sure you are comparing rates on similar policies appropriate for you. Depending on your type of business, you will need some combination of the following coverages:

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1. Property Insurance

Similar to a homeowner’s insurance policy, this type of policy covers your physical assets, like the building and office equipment. If you have a mortgage or business loan, your lender will probably insist you carry this insurance to protect against theft, fire, and weather damage.

If you are renting, you may not be required to carry this insurance, but you may be responsible for repairing or replacing damaged property following a fire or plumbing accident. Whether required or not, it is best to have this insurance in place to protect your assets.

2. Vehicle Insurance

If your business owns any vehicles, you will need vehicle insurance. Be sure to choose one that fully protects your business from a liability suit in the event of an accident. Even when your driver is not at fault, defending against a civil suit can cost thousands. Without good insurance your business is always at risk of being sued, and litigants will seek to go after everything you have. It is wise to seek coverage that protects up to the total value of your assets.

3. Liability Insurance

For doctors this is known as malpractice insurance. In the US, it is often called errors and omissions insurance. This protects the personal assets of the principals of a company. Most businesses should have liability insurance to protect against a lawsuit. As mentioned above, the amount of coverage you need is related to your (or your firms’) total net worth.

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4. Business Interruption Insurance

This coverage provides funds while your business is recovering from a catastrophic event. You may have coverage for physical damage, but this separate coverage is for lost business revenue. If your store has a fire and is closed for two months for rebuilding, this coverage could keep you from going under until you can reopen.

5. Workers’ Compensation

If you have employees, you may be required by law to contribute to Workers’ Compensation.

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6. Health, Life, and Disability Insurance

These are benefits that may be optional depending on the size of your business, but they provide peace of mind for you, your employees, and their families.

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7. Business Owners Policy (BOP)

Some insurance companies offer a BOP plan that offers a combination of coverages in one policy. These plans can be very convenient for new business owners. Usually, a BOP is designed to serve a particular type of business and should have everything the typical owner in that industry would need for insurance.

Before taking anyone’s word that a BOP provides all the coverage you need, you should take the time to review the policy and confirm that all your needs are covered. It is not unusual to combine a BOP with another coverage to fully insure a business.

Insurance Rate Comparisons

business interruption insurance

Once you have a clear picture of your business insurance needs, you can begin comparing prices on different plans and from different insurers. Some things you will want to keep in mind when weighing your options:

1. Make sure the policies you compare are the same.

Sometimes an insurer appears to be offering a better rate when actually you are looking at a policy with less coverage or a higher deductible.

2. Consider bundling your coverages.

Some insurers offer a discount when you purchase multiple policies from them. Ask about these discounts to get the best rates.

3. If you have the resources, you can consider carrying more risk or a higher deductible on optional insurance policies.

For some businesses, self-insurance is a comfortable option. You should be sure you clearly understand what is at stake and what you and your business stand to lose if you choose to go this route. Comparing prices on these policies may help you find affordable options that convince you the risk is not worth the savings.

How can I find affordable business insurance?

With a list of the coverages you require, you can use this site to start comparing rates from different insurers. We have the information you need to find affordable business insurance from reputable companies. If you are in business for the long haul, you need protection you can afford to maintain. We help businesses like yours connect with quality providers at the best possible rates.

Compare rates today by entering your zip code below!