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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small business insurance plan

One of the first questions many new business owners ask is “Where can I get a small business insurance plan?” They know that without insurance, a business is at risk of a lawsuit or natural disaster wiping out all of its assets. No business is secure until it has insurance protection.

Protect your business now by comparing business insurance quotes online. It doesn’t cost you anything. Save time and money by finding the best possible rate. Enter your zip code above to begin!

In order to find the right business insurance plan, you can start by comparing insurance online for the types of coverage your business will need. Once you have an idea of the rates involved and the companies available, you will be able to choose the one that is best for your needs.

Small Business Insurance Coverage

There are many types of coverage you may need to consider for your small business depending on the nature of your business, the premises and equipment, and whether or not you have employees.

Some of these insurance policies will be required by law or your bank (if you have a business loan). Others may not be required but will still be necessary to protect your investment and even your personal assets (if you are not incorporated).

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Business Owner’s Policy

Some insurance companies offer a business owners policy (BOP) which bundles several types of coverage together and allows small businesses to get all their needs covered in one policy. These policies are often industry specific to offer customized solutions based on standard needs.

Before choosing a BOP, confirm that it covers all your needs. If not, you will need to purchase additional coverages to truly protect your business.

Types of Small Business Insurance

Below are some of the major types of business insurance policies that companies purchase:

– Business Interruption Insurance

This sort of policy protects against work stoppage following an event like a fire or weather damage. If your company is not able to resume normal operations, business interruption insurance can help you meet your financial obligations while your business is being rebuilt.

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– Commercial Auto Insurance

Commercial auto coverage

Similar to your personal auto insurance, this sort of policy protects any company-owned vehicles and provides liability coverage for accident claims.

– Health, Disability, and Life Insurance

These are standard benefits many companies provide for owners and employees. These benefits offer peace of mind and protection to your employees and their families.

– Professional Liability Insurance

This coverage, also know as “malpractice” or “errors and omissions” insurance protects the business and its owners from negligence claims. Remember, it does not matter whether a claim is realistic if it ties you up in litigation you cannot afford to fight.

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– Property Insurance

Similar to homeowner’s insurance, this coverage protects your company’s physical property and equipment from damage by fire or natural disasters.

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– Workers Compensation

Often required by law, this insurance coverage provides income to employees who are unable to work following an injury suffered at work.

Small Business Insurance Plan

Once you have determined the types of insurance coverage you will need, you can compare prices online to find what different insurers charge. You may find that by picking and choosing among different providers, you can put together a small business insurance plan that meets all your needs at a reasonable price.

Small businesses should also compare prices and coverage for BOP plans because these may have everything a small business needs at a convenient bundled price.

When comparing insurance rates online, it is important to make sure you that the coverages you compare are the same. Some insurers offer quotes that cut back on coverage in order to offer lower rates. You may think you are getting a great deal when in fact, the quoted rate could leave you without critical coverage.

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Additional Considerations

customer-service

In addition to price, you may also want to consider an insurer’s customer service reputation. If they are not forthcoming when you have questions, you might not feel comfortable asking questions. Without the right information, you could end up with the wrong coverage.

When everything is equal (price, coverage, and customer service), the insurance company that pays its claims quickly is the best option. Keep this in mind when you are comparing prices and coverages. If you choose an insurance company that drags its heels about settling claims, your coverage may not be enough to keep your business functioning following a crisis.

Free Online Business Insurance Quotes

Now that you know the types of insurance coverage you will need and the considerations to keep in mind, you can begin comparing rates from various insurers. Your business is depending on you to make the right decisions and provide the proper risk management.

Start your search for a small business insurance plan by obtaining free online business insurance quotes from a variety of small business insurance providers. Here on one convenient site you can gather the information you need to put together an insurance plan that offers all the protection you need at a price you can afford.