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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The kind of business insurance policies you should consider buying depends on a variety of factors.

You will need to look at the size of your business, the industry you are in, your sales, if you deliver a product or service that can lead to liability issues, your employees and much more.

Get online insurance rates for your business need with a zip code now!

Choosing the right business insurance policy takes a great deal of research and advice from those with in-depth knowledge of insurance.

The cost of your business insurance will be based on the coverage you select. The remainder of this article discusses different types of business insurance you can consider for your business.

Business Insurance: Liability and Property

It is critical to understand the different types of business insurance coverage, so you can make sure you include the right types of coverage on your business insurance policy. You will need to protect yourself from lawsuits and protect your property from loss. Several types of coverage can help.

Liability coverage comes in a variety of forms. Practically all businesses need to carry some type of bodily injury and property damage liability coverage. This will protect you in case your business gets a judgment against it for on-site accidents or for accidents caused by one of your employees. A customer or visitor to your business can sue you for personal injury or loss of property relating to an incident involving your business.

  • Professional liability will cover you in case an omission or error on your part occurs during the performance of your services, which causes loss to another party.
  • Directors and officers coverage will protect those in senior management/board positions from personal liability in the case of claims against the company.
  • Web site coverage is one of the newest forms of liability and covers anything related to your web site.
  • Umbrella liability can help raise the level of liability coverage your business has.
  • Property damage coverage will protect you from financial loss due to your place of business, your supplies, inventory or equipment being destroyed or damaged by covered perils. It is impossible to tell when you may be faced with theft, fire, flood, other natural disasters or vandalism. This type of coverage will save your business from huge financial loss.

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Business Insurance to Protect Employees

It is important to carry different types of business insurance to protect employees and the business owners from a variety of things.

  • Health insurance coverage is a very important type of insurance that almost everyone wants to have. Providing it for your employees will increase retention of good employees and will help you attract other quality employees.
  • Disability coverage will give your employees the assurance of partial salary continuation in the event of injury or illness that limits their ability to work.
  • Key Person life insurance coverage is the perfect way to protect a business from the death of a critical person in the business. When there are business partners this type of coverage is extremely important because it prevents surviving partners from dealing with a third party that they did not go into business with.

Company Differences in Business Insurance Policies

If you are in the market for business insurance policies, expect to find huge differences between different companies. There is no standard business insurance policy, so comparing policies can be challenging. Each will be different and include different forms of coverage. Luckily, many business insurance policies can be tailor made to meet your needs.

Each insurer has its own underwriting guidelines, so this will account for some price differences when it comes to business insurance cost. The reputation of the company is also a factor. If an insurer has a reputation for poor customer service, it is likely to offer lower rates to attract customers who are choosing coverage based on price alone. Insurers who are financially unstable may do the same thing.

As a part of your decision of what kind of business insurance policy to buy, you should investigate the companies you are considering buying from. Check your state’s department of insurance for data on complaints filed and resolved with the insurer. Also look at their insurance rating, which should be a B or better, from one of the independent insurance ratings companies like Weiss Ratings, Standard & Poor or A.M. Best. This will help you make the best decision possible for your business insurance needs.

Get started shopping around for the best business insurance policy to meet your needs. Start by inputting your information into the free online insurance quote tool and the rest is taken care of for you. Compare quotes, policies and companies carefully before making the decision of which one to take out.

Enter your zip code and get business insurance quotes today!