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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low cost businesss insurance

It doesn’t have to be hard to find low cost business insurance. Business owners need to look into more than one insurance company for the best business insurance, and they can do this easily from a comparison search website. But first, they need to decide what they are looking for in a policy.

Do I Need Business Insurance?

People ask this question when they don’t really want to purchase business insurance. They would rather take the risk that their businesses will be fine if they don’t have a business insurance policy in place because they are very responsible people. That may be, but no one operates a business completely alone. A business has several risks. There is the risk that something could damage the building such as an earthquake, a storm or a fire.

The business owner who considers himself to be a careful, responsible human being doesn’t even have to be present and these things can occur. If this business owner doesn’t have business insurance, he may not have enough money to rebuild his place of work.

It’s not necessary to take this risk. Business owners like the one described above will be introduced to insurance companies that will want to offer them a low cost business insurance policy. They only have to give the comparison shopping process a chance by entering their information in the form to receive their free quotes.

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Pricing Low Cost Business Insurance

Insurance companies price their business insurance policies differently for different reasons. The building where the business operates may be in an area where there is a low level of crime. This would give the business a low probability of being the victim of vandalism and theft. The building may also be well protected with fire alarms and sprinkler systems that would minimize the damage if a fire were to start. The building may be located in an area where there aren’t any natural disasters.

All of these reasons can give insurance companies reason to charge a business owner lower premiums but to find if they are eligible for these discounts, they must seek free quotes for comparison.

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Making Business Insurance Affordable

People can obtain several low cost business insurance quotes, but they can lower their rates even further by offering to pay a higher deductible. With a high deductible, a business owner is agreeing to take more of the risk. The amount of the deductible is what will be paid if the business owner needs to file a claim. If there is a fire, for instance, and the building needs repairs, the business owner will pay the amount equal to the deductible. If there is anything left over, the insurance company will be responsible for paying that amount.

By comparison shopping several companies, business owners can ask different insurance companies how much of a deductible they can set, as some will have higher or lower deductibles than others.

Worker’s Compensation

workers compensation

Worker’s compensation is one type of business insurance that may be required by the state. If not, it still seems to be insurance that would be great to have if an employee is ever hurt on the job. This business insurance will pay benefits for:

1. Medical expenses.

2. A significant portion of the employees’ salary lost due to the injury or illness.

3. A sum of money for employees who suffer disabilities.

4. An amount of money for any disfiguring injuries.

5. A lump sum for the employees’ survivors if the employees pass away due to their injuries or illnesses.

The best reason for business owners to carry worker’s compensation is to keep from having to defend themselves in court. By accepting worker’s compensation, employees receive everything they need to take care of themselves and their families if they injure themselves or contract a work-related illness. This removes their rights to sue their employers who also don’t have to admit responsibility for the employee’s injuries or illness.

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Liability Coverage 

liability insurance

In the process of performing their duties, business owners may cause injury to their customers. Another way people can be hurt is if they are injured while visiting a retail store. For example, a customer could slip, fall and injure a hip. The business owners can also damage property that doesn’t belong to them. In the event that people are hurt or property is damaged, these third parties may decide to sue the business.

In that case, the business owners will need to have a lawyer and money to pay these lawyers. A low cost business insurance policy will pay for their lawyers’ fees for defending them from the beginning and all the way through a trial. At the end of the trial, the business owners may need to give the injured parties a sum of money to compensate them for their injuries.

When this has happened to businesses in the past, they have been forced to cease operating because the money they had to spend on the lawsuit and paying the plaintiff wiped them out. But, business owners with a low cost business insurance policy can keep their businesses going because their insurance covers the monetary award.

Business Insurance Is Essential

Business insurance is a necessity for companies, large, medium and small. Any one of these types of businesses can have their buildings damaged by fire or natural disaster. They may be the victims of burglary and the business owners may be the cause of injuries to people and damages to property. Their employees may suffer from injuries or illnesses. Without business insurance, people may have to lose their companies if any of the aforementioned disasters were to strike.

They don’t have to take the risk of being uninsured because they want to keep costs down. Low cost business insurance is within their reach by going to the form and entering in their information. They will receive free quotes in minutes and they can have their low cost business insurance within one day. Find the best rates on business insurance by comparing business insurance quotes. Enter your zip code below to begin!