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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business insurance policy

When looking for a business insurance policy, you will have many options. You may have to buy several separate policies to get all the coverage you need. Different underwriters have distinct policies and conditions, and you will want to be very careful to compare coverage and rates when choosing one.

Some companies offer a business owner policy (BOP) designed to provide all the coverage a business will need. These often target specific industries with packages of coverage for those fields. While these can be an affordable option, you should make sure a BOP suits all of your company’s needs before you trust that you are fully covered.

Business Insurance Policy Options

Depending on the size of your business and the types of activities you engage in, you may need some or all of the following coverages:

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1. Liability Insurance

This business insurance policy covers your business and its owners from liability litigation. Doctors buy a version called malpractice insurance. American insurers usually call it errors and omissions insurance.

Depending on the way ownership of the company is structured, a small business owner without liability insurance may be at risk of losing personal assets. Even if a company is fully incorporated to protect the principals, a liability lawsuit can quickly run up a bill in the thousands. Your best bet is to protect your business and personal assets with liability insurance.

2. Commercial Vehicle Insurance

This covers any company cars or trucks. This business insurance policy usually contains a liability portion as well, and you will want to be sure you carry enough coverage to fully protect your assets.

3. Business Property Insurance

If you have a business loan or mortgage, your lender will probably require business property insurance to protect your physical assets. Even if you rent your premises and equipment or own them outright, property insurance will make sure you do not lose your business due to a fire, theft, or catastrophic event.

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4. Business Interruption Insurance 

business interruption insurance

Even when your physical assets are protected by property insurance, that coverage provides nothing to make up for the fact that you may not be able to conduct regular business activities following an adverse event. A business interruption insurance policy provides security against the possibility that it may take some time before damages are repaired, and you are back in business. With this coverage, you will get the revenue you need to pay your bills and honor your contracts.

5. Dental, Health, Life, and Disability

These business insurance coverages are often considered benefits, and many new employers think they are optional. Here are some things to remember:

* Offering dental and health insurance can inspire loyalty in your employees and cut down on your turnover, which may lead to better customer service.
* Carrying life or disability insurance on a key member of your business (yourself?) helps protect the company when something happens and that key member is suddenly unavailable.

6. Workers’ Compensation

If you have employees, you may be required by law to cover them with Workers’ Compensation insurance in case they suffer an injury on the job.

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Coverage Variables:

In many instances, insurance companies have free reign to establish the rules and coverage for their policies. You will have to read the fine print to be sure you understand what one business insurance policy offers compared to another. Some of the difference may include:

– Deductibles

A deductible is the amount of money your business will have to pay out of pocket before your insurance policy kicks in. You can often get a lower rate on certain types of coverage if you are willing to pay more when it comes time for a claim. One thing to keep in mind is that you need to be sure your business has enough money set aside to cover all your deductibles should you need to place several claims at once.

– Liability Values

Insurance companies often cap payouts at a total amount. When comparing business insurance policies, you want to pay attention to the total liability. If the total leaves any of your assets at risk, you should buy more coverage to protect you and your company.

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– Restrictions

Some restrictions, like flood insurance on homeowner’s policies, are industry-wide. Others depend on the company or policy. Ask about restrictions on each business insurance policy and determine whether you will need to buy additional coverage on a policy before comparing its price to a policy that does not have the restriction.

– Discounts

You may be able to secure a discount by purchasing more than one policy from the same insurer. Adding a sprinkler system or burglar alarm might lead to lower property insurance rates. You may get a break because of your affiliation with a professional organization. Different insurers have unique discount offers, and it pays to ask about the discounts available when comparing business insurance rates.

Where Can I Obtain a Business Insurance Policy?

You can comparison shop business insurers right here on this page. We have a wide selection of insurance companies eager to show you what they have to offer to protect you and your business. Start by comparing the rates for the business policies you will need. Then you can refine your search further to compare BOPs and discount offers. Armed with these rates, you will be able to get a feel for what your coverage should cost and which insurance providers you would prefer.

Your business depends on you to make the right decisions. Our comparison tool can help you make the right decision when choosing a business insurance policy.