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 insurance and auto

Business owners sometimes believe that the price of business insurance and auto insurance will cut into their profits more than they are willing to except. This doesn’t necessarily have to be the case.

These two highly important different types of policies may be found for reasonable prices when business owners shop for several quotes from the many insurance companies that sell business and commercial vehicle insurance policies.

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Business owners have several types of business insurance that they can choose from and they are:

• Property
• Liability
• Business Interruption
• Worker’s Compensation
• Commercial Auto

Property Insurance for Business

It would be difficult to operate a business if the premises were to be destroyed. These business owners would also be at a loss if they couldn’t operate their equipment because it was similarly damaged. The business would have to cease operations, and the business owners would have to figure out a way to pay for the repairs on the building and how to replace the equipment.

Business owners who purchase property business insurance have chosen to receive the amount of money the building and the equipment were worth at the time the destructive force presented itself. This would be the actual value of the property.

For a higher price, business owners may also have agreed to receive the amount of money that it would require to completely replace the building and equipment. In the insurance world, this is called the replacement value. With this protection, these business owners have the money to rebuild or repair their buildings and replace their equipment in the shortest amount of time possible.

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Business Interruption Insurance

Business owners may want to think about purchasing business interruption insurance because a business’s operations can be interrupted for any reason. For example, the business can be located within a building with several other establishments where a fire may damage part of the building. If one business’s premises are untouched, the property insurance wouldn’t cover the revenue loss because the building and equipment aren’t affected. Business interruption insurance is what will cover these losses.

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Liability Insurance

There’s always a risk that a business can be sued for negligence on the part of the business owners as well as the employees. Liability insurance pays the legal expenses for when a business has to present a defense in court. If the business owners lose their cases, they will need to pay the winners the amount of money ordered by the court and their liability insurance covers this amount.

Worker’s Compensation

Some states require that a business purchase worker’s compensation for its employees. If an employee is hurt at work, the worker’s compensation benefits pay medical bills and pain and suffering. In return, they aren’t allowed

Workers compensation insurance

to sue their employers for their injuries.

Premiums that businesses pay for their worker’s compensation will be based on the number of claims that the industry typically receives. An industry that experiences several injuries to their workers such as construction will be charged the highest premiums.

Once a few years have gone by, businesses can receive a break on their premiums. Within this time, the insurance company will be able to judge a business based on its personal knowledge of the business. If it’s a company that has not had a large number of claims filed against it even though it’s a construction company, the insurance company will lower its premiums.

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Commercial Auto Insurance

Business owners that use several vehicles in their business’s operations cannot purchase the same types of auto insurance policies they have for their private vehicles. The fact that these cars are being used to operate a business adds extra liability, and a commercial auto insurance policy is necessary.

Businesses that use several vehicles and hire several drivers to operate them are often offered a fleet insurance policy. All of their vehicles will be covered under this one policy for their liability and optional coverage, and is a cheaper alternative to insuring each vehicle individually.

Business Owner’s Policy

In order to lower a business’s insurance costs, business owners may choose to purchase the business owner’s policy (BOP). By combining different types of insurance together, these businesses will be presented with a lower

business owners policy

insurance premium than if they purchased these policies separately.

Included in a typical BOP are:

1. Property
2. Business Interruption
3. Liability
4. Crime for theft from outside burglars or embezzlement by employees
5. Vehicle coverage for vehicles not belonging to the business

Businesses will have to purchase their commercial auto insurance separately because BOPs don’t include it in these types of policies.

How to Get Business Insurance

When people are searching for their business insurance, they may seek quotes from several companies for a business owner’s policy. If they believe they only need one or two types of business insurance, they may seek quotes for each type separately. What business owners will do is go to this website’s comparison page and let the site know which types of insurance coverage they would like to purchase.

Next, they will need to fill out the form on the website to let the agents know something about their businesses. After they have all of this information, business owners will be contacted by several different insurance companies that will be able to offer the policies that these businesses are seeking. Because they will have several quotes to work with, they will have several insurance options which only benefits the business owners by lowering their premiums.

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How to Get Commercial Auto Insurance

A business that needs commercial auto insurance can also seek the lowest prices by comparing quotes. After business owners have sought quotes for their business insurance, they can refer to this comparison website to give them information about insurance for their vehicles. They will receive a discount also if they insure several vehicles under one policy.

Some businesses are wary of purchasing all of the insurance options that have been outlined here, but all business owners have to do to receive the best prices for their business and auto insurance coverage is seek quotes right on this comparison website.

Save money and time by comparing insurance rates. Enter your zip code below to begin!