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How do I get an online business insurance quote?

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...

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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...

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Reviewed byDaniel Walker
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UPDATED: Mar 19, 2020

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find business insurance quotes onlineBusiness insurance has to do with identifying the risks a business faces, how to manage these risks and finding the best insurance policies which help to reduce the risks with the lowest premiums possible.

One such way to to get the best business insurance policy is through an online quote. The availability of information via the Internet has made comparison shopping a matter of clicking a bunch of keys. No more time consuming driving, finding parking and waiting around for insurance agents to talk to.

Technology allows business owners to compare prices for different kinds of insurance policies that they may need to protect their business quickly, easily and efficiently.

In order to be able to get the best protection at the cheapest possible rates, it is essential that quotes from a number of different companies are acquired. While this used to be the tedious part of the hunt in the past, using the numerous user-friendly and simple online sites makes this part easy.

Bundle Policies

Businesses require a number of different types of unrelated policies to make sure all areas are protected. For example, on one hand property insurance is needed to protect the business assets and on the other hand the employees have to be protected. Juggling everything can be difficult for a new business owner; this is especially true when some insurance policies are required by law, while others are not mandatory, but are necessary for self-protection.

In such circumstances, bundling policies would be a good idea. This would allow one to eliminate the headache of dealing with individual policies, while making sure everything is covered. Getting all kinds of coverage from a single broker will also save money. A general name given to these types of policies is Business Owners Policy (BOP).

When settling for a BOP policy, make certain to get quotes from several different companies. Additionally, the quotes are only valid if each BOP policy offered by the different vendors provides the same types of coverage. The quotes are worthless if one insurance company provides BOP coverage for fire, theft, and workers compensation insurance, while the other one covers earthquakes for businesses located in a no-earthquake area, theft and workers compensation.

Re-assess Annually

Businesses can grow or diminish over the course of a year. If a business has gone down over the course of a year, then the business owner may have more insurance than required and may be paying high premiums for things they no longer need. If a business has multiplied over the year, then the existing coverage may be insufficient, and one would not want to find out that they are under-covered after something bad happens.

In either case, it is essential that insurance is re-assessed on a regular basis. Now that buying online business insurance is easier than ever before, the yearly re-evaluations should not take much time at all. Also, one will have peace of mind knowing that they are fully protected according to their most current needs.

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Individual Policies

For some businesses, a BOP may not be sufficient and individual policies may be more suitable for their specific needs. For such cases, following are some of the policies that should be considered.

Health, Disability and Workers’ Compensation Policies

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  • Health Insurance: If one leaves a job to start a small business, it is possible that they are eligible for the Consolidated Omnibus Budget Reconciliation Act (COBRA). It provides provisional coverage, while an individualsuitable coverage plan is being searched for. Additionally, it gives workers who have lost health benefits and their families the right to carry on with group health benefits provided by their group health plan. This can be done for specified circumstances and short durations of time.
  • Disability Insurance: This ensures a limited income, should the main household earner become unable to work due to injury or illness.
  • Workers’ Compensation: This insurance is essential if the business has employees. This policy takes care of any medical expenses that may arise out of injuries an employee may sustain while on the job. It provides wage replacement in return for the relinquishment of the employee’s right to sue the employer.

Specific Business Insurance Policies

  • Business Property Insurance: This plan protects the business property against loss of equipment or inventory in case of flood, fire, earthquake or other specified disasters.
  • General Liability Insurance: This policy is especially needed when there are clients coming to the premises to conduct business. If someone gets injured on the business premises, for example breaking a leg by slipping on a wet floor or getting injured due to falling debris on a construction site, then the liabilitybusiness insurance policy pays for the claims made by the injured party. The insurance also pays for legal defense in case there are any lawsuits.
  • Business Interruption Insurance: This pays if a business is shut down due to any natural disasters. It covers for any income lost during the shut-down, any operating expenses that continue to amass and will help the business in recovering from the disaster.

Buying Business Insurance Online

Insurance is a major consideration for small business or businesses just starting out. Keeping the business operating safely and smoothly is important especially for those who cannot afford even a small financial crisis. Online insurance purchases are better suited for small businesses, especially because internet insurance sites can offer premium savings. This is due to several reasons.

  • No agent/broker commission is involved.
  • There are lower insurer overheads.
  • There is greater efficiency in automatic payment or withdrawal.
  • The insurer is able to sell direct or through associations with professional organizations.

Agent and broker commissions can add up to be sizable amounts. A directors or officers insurance policy, depending on the size of the company involved, can translate to a 6% – 15% commission for the broker or agent selling the policy. In many cases, a larger business may want the personal presence of a professional agent to look out for their insurance requirements, but the U.S. is driven by small businesses and the 6% – 15% savings is a significant amount. Simply enter you zip code below to get a free business insurance quote online today!

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