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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find business insurance

Business insurance is a necessary component of a successful enterprise. Every business faces the question of protecting itself from angry customers, unscrupulous competitors and simple bad luck.

Protect your business with a quality business insurance policy. Compare business insurance quotes today by entering your ZIP code above!

A business is a legal entity separate from its owner and the people who work for it as employees. The cash earned from operations and used to pay expenses goes into bank accounts separate from the owners. Any assets held by the business like property or equipment are held in the name of the business. This arrangement is meant to decrease the liability of the owner for the debts of the business.

Why Business Insurance Is Needed

The well-known limited liability corporate structure protects the owners from being personally liable for business debts as well as lawsuits against the business. A successful lawsuit often requires the business to pay actual or punitive damages. This can mean selling off assets and using precious cash flow to pay the damages, harming its profitability and putting its long-term outlook in danger.

Business insurance is the solution to this problem. An insurance company writes a policy for a business client, promising to pay in the event of a successful lawsuit. Different policies cover various forms of liability, and business owners have to think carefully before deciding which form of insurance to purchase.

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Picking the Right Policy

liability insurance

Finding business insurance is fairly easy. Most major insurance companies offer a wide range of business insurance policies for business owners to choose the policy that fits their needs. Online price comparison websites can help business owners find the best deal in terms of the lowest premiums.

Business insurance is necessary due to the fact that America has become a litigious society. Business owners must protect themselves from losing their assets. A well-argued case can even pierce the corporate limited liability structure and make the owner personally liable for damages and debts, putting his personal financial situation in jeopardy. Paying damages for destruction of property is another matter that business insurance is designed to handle.

Types of Business Insurance

Below are a few of the most common types of business insurance coverage available:

Property Insurance

This category is for losses to business property and contents therein. Insurance for this category also provides coverage for the property of others under the business’s control when the damage occurs. Property insurance may cover only a specific risk or type of damage such as fire. Directly owned, rented or leased properties may be insured.

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Casualty Insurance

Sometimes this is included with property insurance. It protects against losses or damage done to the business itself. While many insurers include this with property insurance, there is a difference in that damage done to the property may not reflect damage done to the business, such as interruption of services.

Liability Insurance

Straightforward protection against legal liabilities always comes in handy. Liability insurance provides coverage for successful lawsuits based on negligence, either by the business or by employees.

Commercial Auto

Personal auto insurance does not cover vehicles used for business purposes such as vans or trucks. Commercial automobile insurance provides coverage against damage to vehicles and damage done to people or property by those vehicles. Any vehicles used by a business that are required to be titled by the state need commercial auto insurance.

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How To Buy Business Insurance

Business owners used to only have one option: going through an insurance professional. Price comparison websites have sprung up in the age of the Internet, offering comparisons from car insurance to home insurance and

Insurance Policy

everything in between. When using a price comparison website, the business owner must direct his thinking based on the industry his business is in and what it produces for what market.

This can aid the decision as to what types of coverage to purchase. Some coverage types are more appropriate in different lines of work. A capital-intensive business such as a manufacturer needs property and liability insurance more than casualty insurance.

If pursuing a broker or agent, a good insurance broker will have worked in the industry for a long while and holds a license. A competent broker can find a business client competitive premium rates, though probably not as good as online insurance comparison websites.

The state department of insurance will have records of brokers and agents operating in that state. The department will also maintain a list of complaints and ethical violations, if any exist. The business owner may find it profitable to turn to the Better Business Bureau and see how many complaints the broker or agent has and how many of them were resolved.

The major advantage of online insurance comparison websites is they are not subject to any of the above restrictions or caveats. Some of them are unscrupulous and business owners must investigate the website he is using before taking their comparisons seriously. Nevertheless, a good insurance comparison website can outshine a broker or agent by miles.

Start comparing quotes today with our quote comparison tool. Enter your ZIP code below to begin!