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 quote

Finding a small business insurance quote has never been easier. The internet has made the research and investigative process much simpler than it used to be and it’s the first place to check when seeking a small business insurance quote.

Enter your ZIP into the quote comparison tool above to compare business insurance quotes. Save time and money by comparing rates all in one place!

However, the research involved with finding insurance quotes is a detailed process that requires first-hand knowledge about the available plans. So the question isn’t where to look, it’s what customers need to know when seeking a small business insurance quote.

Why Having Small Business Insurance is Important

There’s nothing more devastating than incorporating years of time, energy and finances into a business only to have a catastrophe occur that demolishes all structures and profits in a moment’s notice. Purchasing small business insurance will help business owners avoid financial hardships and major business losses.

It’s not necessary to browse through insurance companies one at a time because here at Insurance Providers we can compare rates among the top insurance companies. Giving you the best rates, while saving you time and money. For instance, when customers enter their location and type of business, they will be presented with the top insurance companies in their area that offer the types of business insurance they’ll need.

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Types of Small Business Insurance Plans

The first step to purchasing small business insurance is to learn about all the available insurance plans. Once this is known, business owners can then determine what they believe will be the most suitable insurance coverage for their company. Following is a brief description of the most common types of business insurance.

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– Property and Liability Insurance

Property insurance covers the property and the assets used in the business (buildings, computers, machinery, etc.) and it’s possible to purchase coverage that will pay income in the event that business operations are suspended as a result of a catastrophe.

Liability insurance covers third-party injuries and property damage caused by business owners and/or their employees. It’s generally better to combine both of these types of policies into one business owner’s policy (BOP) instead of purchasing two separate policies because it usually costs less to do so.

– Workers Compensation Insurance

workers compensation insurance

In most states, if a company hires two or more people to work within the business, that company is required to carry workers compensation insurance to cover those employees in the event of injury or illness received as a result of working for that business.

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– Employee Health and Life Insurance

Offering this type of insurance to employees can help to ease their minds which in turn, will make them better employees. When purchased as a group plan, it can be offered to employees at a lower rate and the expense can be shared by the employees and the employer.

Important Facts to Keep in Mind

If customers aren’t knowledgeable about the type of insurance they require, then obtaining insurance will likely become an expensive acquisition. Therefore, before searching for a small business insurance quote, people should educate themselves with the following facts:

  1. Find out what coverage is mandatory under the state law and determine what risks the business is likely to encounter. Then seek a quote that will cover those requirements alone to avoid purchasing unnecessary coverage.
  2. Insurance companies are willing to offer reduced rates to companies that have strong risk management plans in place that will help minimize losses when tragedies occur. Thus, business owners should concentrate on setting up risk management strategies.
  3. Shop around and compare rates and types of coverage offered before making a final decision.
  4. Search for a BOP that bundles all insurance needs into one package as packages cost less than purchasing individual insurance policies.
  5. Money can be saved when purchasing insurance with a higher deductible as this will lower the monthly premium paid. However, the business owner will have to be prepared to pay out a higher amount of money in deductibles should a disaster occur.
  6. If the business owner finds that the process of procuring business insurance is complicated, they should then consider talking with an experienced insurance agent. The agent can clear up confusion by providing explanations while assisting with acquiring coverage that’s relevant and specific to the owner’s business. Insurance agents can also be helpful in defining the type of business an owner has and assessing precisely how much insurance coverage will be needed.
  7. Look for customization: Since all businesses are different, it’s important to deal with an insurance company that’s able to customize an insurance plan that best suits each specific business. There are many companies that offer this type of service so there’s no need to settle for anything less.
  8. Look for insurance companies that are willing to review policies on a regular basis (perhaps annually) to determine if any changes are necessary to accommodate all business needs.

Final Thoughts

The online insurance companies will evaluate the customers’ circumstances and information and provide the best quotes available for free and with no obligation to buy. There are four major risk areas where coverage is usually needed:

  • Liability
  • Income loss
  • Property loss
  • Loss pertaining to people (both employee and third-party).

Damages resulting from accidents, loss of income in the event of catastrophes, employee illness and injury on the job, third-party injury and lawsuits, and property and asset costs, all require the appropriate amount of insurance coverage if owners are to overcome business disasters.

However, because of the multitude of insurance policies available, customers should remain open to seeking assistance from agents to help guide them through the process and to avoid purchasing unnecessary insurance coverage. Even if customers feel confident enough to tackle the research on their own, they should still take the time to acquire the knowledge necessary to make the right decisions about their insurance needs.

Compare quotes and find the best rates on the coverage needed for your small business by entering your ZIP code below!