Where can I compare small business insurance rates?
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Written by
Chelsey Tucker
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Reviewed by
Daniel Walker
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UPDATED: Mar 19, 2020
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If you are looking for affordable business insurance options, we offer a comparison tool right here that lets you compare small business insurance rates. With a strong idea about the going rates and a plan for the coverage your small business needs, you be well equipped to choose the best protection your money can buy.
Enter your ZIP code above to compare business insurance rates from all the top insurance companies. Save time and money by find the best possible rates!
Small Business Coverage
Do you know what kind of insurance you are looking for? There are many types of coverage and not every business will need them all.
- Business Liablity: This insurance protects you from bodily injury or property damage for which your company might be held at fault. This the policy that would pay if a customer slipped and fell on your premises.
- Professional Liability: This insurance protects professionals from claims that their negligence or bad advice had an adverse effect on a customer. In medical practices, this is called malpractice insurance. For many American professionals this is called errors and omissions insurance.
- Business Property: This insurance covers your buildings and property from damage or theft. If you have a fire in your store or your landscaping tools are stolen from your storage shed, this is the policy that would pay.
- Business Interruption: This will cover lost profits following an event and ensure your business is able to survive if you are not able to resume operations immediately.
- Workers’ Compensation: This insurance pays employees medical and disability payments for injuries they suffer while working.
- Vehicle Insurance: This insurance protects your automobiles, trucks, or vans.
- Business Owner’s Policy: This is a special insurance product that combines separate coverages in one policy. This may be a cost effective choice if it provides the coverage your small business needs.
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Comparing Small Business Insurance Rates
When comparing business insurance rates, you need to be sure you are comparing the same coverages and plans. Many times insurance companies have different provisions or limits and the low rate you see may represent much less coverage.
Don’t be afraid to ask these questions:
Are there any restrictions?
Most small business property insurance policies will not cover floods. There can be additional restrictions as well. Be sure you understand all the limitations in your policies. If you feel your business needs additional coverage, you may be able to secure it elsewhere.
What are the total payouts?
If you are a principal in a small business and you are not incorporated, you may need to make sure your professional liability insurance will cover your personal assets. In this case, the coverage you desire might depend entirely on the value of your assets and not the size of your company.
And that is just one example. With every policy, you should assess the total payout against what your small business would need to protect itself or to rebuild following an adverse event.
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Are there deductibles?
One way you may be able to reduce your small business insurance rates is by raising the deductibles on property insurance policies. Remember, when you have a claim, you will need to have access to funds to cover the deductible.
There is also a possible “time deductible” for business interruption insurance. Your policy may have a stated length of time, typically 24-72 hours following the onset of an event, that will elapse before your coverage kicks in.
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What can I do to lower insurance rates?
Some companies will consider lowering rates under the following circumstances:
- Lowering workers’ compensation rates for companies that institute a safety training program.
- Lowering property insurance rates for those that install sprinklers or burglar alarms.
- Offering a discount when you purchase multiple policies from the same company.
Where can I compare small business insurance rates?
Your best bet is to start right here with your postal code and a list of coverages you think you will need.
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Choosing the Right Small Business Policy
Price and coverage will be your biggest concerns when choosing small business insurance coverage. Small businesses are challenged to balance the maximum coverage at the minimum cost, but there are a few other questions to keep in mind.
Will they answer your questions?
You have to make the right choices for your company, and you can only do that when you have accurate information. If a company hesitates to answer your questions, or makes you feel foolish, you may not be able to make informed decisions.
Trust your instincts if you feel a company is not forthcoming enough for your comfort, especially at the beginning when they are making the sale and ought to be on their best behavior.
Do they have a good reputation for settling claims?
Who cares how little they charged on the policy if they never pay when you place your claim? Or just as bad, what if they take so long to pay that you lose precious time that costs you business and revenue?
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Are their finances in order?
Sometimes you will see a deal too good to be true. You might think that is the insurer’s problem not yours once you have a policy in hand.
If an insurer is writing policies it cannot support, there is a very real possibility that it will not be around forever. One good storm could wipe it out and leave you high and dry.
Quotes Available
Now that you understand all the variables, it is time to do some comparing of your own. Try our simple tool below to start connecting with insurance companies who want to help you find the right small business insurance rates for you.