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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Your search for affordable small business insurance should begin by considering the coverages you will need. While you will want to control costs, you have to remember that skimping on coverage can put your entire company at risk. Depending on the structure of your business, you may be leaving your personal assets at stake as well.

Different companies need different types of business insurance depending on factors like:

  • How they are structured
  • Whether they have a loan
  • How many people they employ
  • What types of physical assets they own

Small Business Insurance

You can get started by assessing which of the following types of coverage your small business will need, and then you can compare rates from different insurance companies.

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1. Errors and Omissions Insurance

This coverage is also known as liability insurance, malpractice insurance for doctors. This type of business policy will protect the assets of a small business and its owners from liability lawsuits. One lawsuit can quickly drain the coffers of a small business, tying you up in litigation for years or driving you out of business in a matter of months. Liability insurance allows you to go on doing your work while the lawyers sort it out.

2. Commercial Vehicle Insurance

Similar to the coverage you probably carry on your personal vehicle, this protects your physical assets, the drivers, and defends your company’s liability in accidents.

3. Commercial Property Insurance

If your small business has a physical location, commercial property insurance will protect your physical assets (like office furniture or production equipment) and the building if appropriate.

4. Workers’ Compensation

If your small business has employees, you may be required by law to carry this insurance coverage for them. This coverage protects employees in the event they are injured while working.

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5. Health, Life, and Disability

You may wish to offer these coverages to yourself and your employees. If there is a principal without whom the business cannot run, you may want to carry life insurance on that person.

6. Business Interruption Insurance

This is especially important for small businesses with only one location, but any business should consider protecting against this risk. In the event of a fire or other disaster, it may take some to repair or rebuild. If your business is not able to earn money while these repairs are being made, business interruption insurance can provide the income your business needs to meet its financial commitments.

7. Business Owner’s Policy

Some underwriters offer a package of coverages that may offer everything a small business needs. These BOPs are often designed for specific types of businesses and can be very convenient and cost effective. Make sure you understand what types of coverage are included in a BOP before you buy, and be sure to purchase any additional coverages you want separately.

Before purchasing a BOP, take the time to compare rates on the policies purchased separately from other companies, just to be certain you are choosing the most affordable small business insurance for your needs.

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Comparing Small Business Insurance Rates

comparing small business insurance rates

With a list of the insurance you need in hand, you can begin shopping for affordable small business insurance. Remember, if you don’t have employees, don’t worry about workers’ compensation. If you are currently covered on your spouse’s health insurance, you may not need to be concerned about that for now. If your business doesn’t use vehicles, then you will not need that coverage either.

When comparing rates you will want to look at these as well:

  • Deductibles – You may be able to lower your insurance rate if you can increase your out-of-pocket expense when it comes time for a claim. Just be certain you will have access to the funds should you need them.
  • Discounts – Some companies offer discounts for multiple policies. Others have special rates for certain professions. Compare rates with many different underwriters to find the one that offers the best rates for you.
  • Restrictions – Check your affordable small business insurance policy carefully. Sometimes a company is able to offer you a better rate because they exclude situations or conditions that another policy covers.

Affordable Small Business Insurance Comparisons

Finally, when comparing the rates you receive from different insurance companies, you may want to consider their reputation. It really does not matter how good the quote was, or how little you had to pay, if your insurance provider goes out of business before it can settle your claim. Choose a provider with a good reputation in the following areas:

* Customer Service – You want people who will answer your questions whenever they arise, not just when the insurer is trying to sell you a policy. Your business depends on your informed decisions. Someday, you may need the customer service representative at your insurance company to help you make those informed decisions.

* Financially Stable – If an insurance company is offering you a rate that is significantly below the market, you may want to ask around about their financials. Insurance is not a product you can pick up on clearance. The company has to remain viable to be of any use to your small business.

* Claims Resolution – Does the company you are considering pay its claims on a timely basis? In the days following an event, you will want to focus on recovery. You will not want to have to engage in a tug of war with your insurance company for benefits you paid in advance to receive.

We hope you have found these tips helpful and are ready now to find your affordable small business insurance. Use the tool below to start comparing rates. We have many qualified insurance companies available to quote small business insurance rates today.