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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The prudent business owner understands that running a successful business includes having protection against any unforeseen disasters that could occur which could result in significant damage and/or loss.

Business insurance coverage is available for every imaginable risk a company may encounter. It’s also essential that business owners be familiar with the types of business insurance available in order to make the wisest choice when putting an insurance plan in place.

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The following are descriptions of the major business insurance plans that are available:

• General Liability Insurance:

The cost of business liability insurance covers expenses resulting from legal battles and lawsuits filed due to third-party accidents and injuries on the business premises.

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• Professional Liability Insurance (also known as Errors and Omissions Liability Insurance):

Companies that provide services to customers should have this type of insurance as it provides coverage for malpractice suits and claims of negligence that are filed by people alleging they’re victims that sustained some type of injury or damage when using the companies’ services. Depending on the type of profession, some states consider this type of insurance to be mandatory.

• Product Liability Insurance:

Companies involved in the manufacture and distribution of products should consider liability insurance in the event injury or bodily harm is experienced by clients or consumers as a result of using a defective product.

• Workers Compensation Insurance:

This coverage provides medical care and benefits for employees who become sick as a direct result of working on the job or are injured on the job.

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• Commercial Property Insurance:

Covers the damages to the property and contents that can occur as a result of fire, inclement weather, vandalism and more. This type of policy is available under two categories: all-risk policies that cover the overall range of common risks that businesses are exposed to, and the peril-specific policies that cover only those losses stated in the policy.

• Business Interruption Insurance:

Covers loss of cash flow and profits as a result of interruption in business operation, i.e., while repairs are being done.

• Medical insurance for employees:

Employees need quality health care for themselves and their families. Once they know their medical needs are covered, they can then turn their full attention to the job at hand making vital contributions to a thriving business. Medical insurance is so important to workers that the type of medical coverage provided has played a major role in employees’ decisions to accept a position, or to stay or leave a job. Thus, it behooves a business owner to consider providing this type of insurance as it could play a substantial role in retaining valuable employees.

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Tips for Finding the Right Insurance Companies

While money is a crucial determinant, it should never be the most important deciding factor. Well-informed clients are in a much better position to make educated decisions when it comes to obtaining the best insurance for their business that gives them more value for their dollar. Following are a few helpful tips to follow when shopping for business insurance.

1. Finding the appropriate business insurance always involves research. When beginning the process of choosing insurance, business owners must compare the rates and coverage of several companies before making a final decision. There are no obligations when comparing and inquiring about insurance costs so companies can continue searching until they find insurance that they’re comfortable with and that suits their needs.

2. One of the biggest influences should be the level of communication with insurance agents and the customer service departments. In order to insure that the right insurance is in place and that all claims and dispensation of all necessary medical treatment is properly expedited, it’s imperative that business owners have a full understanding of the stipulations and terms of their coverage. Agents and customer service representatives must be knowledgeable, responsive and willing to patiently walk their clients through the entire process. Nothing breeds security and peace of mind more in a client than working with a company that makes its clients feel like they’re receiving exclusive attention while providing quality service.

3. Look for insurance that combines coverage for all business needs and is also affordable. Additionally, if the company is a new and growing business, owners should look for coverage that can be expanded and customized to fit their growing needs without delay or complications.

4. Be sure to check out a company’s reputation by checking their status at the Better Business Bureau before choosing to use their services. Scams and disbanding companies are rampant in today’s society so business owners should do everything in their power to avoid severe financial losses as a result of doing business with an insolvent company. Also, companies need to be relatively certain that should a claim arise, the insurance company has enough cash reserves on hand to handle that claim in a timely fashion.

5. Employ risk and safety management measures in the business and seek insurance companies that will take this into consideration. Insurance companies usually have high regard for companies that insure these practices and will likely offer coverage at a lower premium rate.

Find the Right Business Policy Today

Some companies may find that their business needs require a combination of several different policies, or a customized business insurance policy. If this is the case, it’s the responsibility of the business owners to research all types of policies to become familiar enough to be able to select the features that best reflect their needs. Knowing and understanding their needs will guide business owners while searching for insurance companies and later, when in discussions with insurance agents, their input will be pertinent to the setup of the most appropriate policy. Now that you are familiar with the basic options that your company needs, it is time to compare business insurance quotes from the top insurance companies. Use our FREE business insurance quote comparison tool to find the best policy!