Home USEFUL ARTICLE Insurance for Small Business with More Advantages for Entrepreneurs

Insurance for Small Business with More Advantages for Entrepreneurs


Insurance for Small Business with More Advantages for Entrepreneurs.

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Insurance for Small Business for Entrepreneurs: Do you know that Running a business has several risks?, An employee could be hurt on the job, a natural disaster could destroy property, or a client could bring a lawsuit alleging a breach of contract. At such, insurance for small businesses is essential. One of the most effective methods to do so is to ensure that you and your company are fully insured.

Insurance for Small Business for Entrepreneurs

What is Small Business Insurance?

Small business insurance, often known as commercial insurance, protects a company’s assets, property, and earnings.

According to the Insurance Information Institute, the most prevalent coverage for small enterprises is a business owner’s policy (BOP).

To help safeguard a business, a BOP usually comprises three types of coverage: business property coverage, general liability coverage, and business interruption coverage.

If you own a small business, you may customize your policy by purchasing additional insurance coverages tailored to your specific operation and needs.

How Do I Know if I Need Small Business Insurance?

Here are ten top reasons your business needs insurance.

1. It’s the Law

According to the SBA, depending on the state where the firm is located, the law requires businesses with employees to provide specific forms of insurance: workers’ compensation, unemployment, and disability.

Fines, civil or criminal penalties, exclusion from public contracts, and “stop and desist” orders could all come from failing to carry legally needed coverage, all of which could cost you far more than the cost of an insurance policy.

2. You Could Get Sued

In today’s world, we live in a litigious society. Without insurance, your firm could be forced to close with a lawsuit or liability claim. It was all down to chance.

One contract has been breached. It’s over with one disgruntled employee. Even if you win the lawsuit, the cost of legal defense could put you out of business.

Rather than worrying about the worst-case scenario, liability insurance can provide you with peace of mind, allowing you to focus on what matters most: running a successful business.

Findlaw has compiled a list of disasters that, if they occur, could lead to a lawsuit. Some are amusing, but they’re all worth checking out.

3. Keeps Your Business Up and Running

What happens to your company if a natural disaster strikes, such as an earthquake or a flood?

P&C insurance protects physical loss of buildings, equipment, and so on, but what about the money you lose while your firm is shut down?

This is when Business Owners Insurance (also known as BOP) comes in handy. It can assist a company in surviving a major calamity by preventing income loss.

The insurer pays you the income your company would have made if it hadn’t been out of commission (provided it was because of an insured loss).

BOP also covers standard operating costs (such as rent and utilities) that you would have incurred otherwise during that time.

Some businesses choose to guarantee not only lost income but also pay staff for up to 12 months.

4. Makes You Look Credible

Here’s a reason you might not have considered: having insurance gives your company credibility.

Business insurance shows to potential clients and customers that you are a secure investment. You have a mechanism to compensate if something goes wrong with the task you produce for them.

That’s why home services providers have “licensed, bonded, and insured” written on their vehicles and signs. It fosters trust, which is the money of  the modern economy.

5. Protects Your Employees

Your most valuable asset isn’t the products or services you provide, the equipment you spend so much time maintaining, or even the brand you’ve worked so hard to establish over the years.

No, your most valuable asset is your staff, and protecting them in the event of an accident is worthwhile.

Workers’ compensation is required by law, but you should also have disability insurance, even if you have to charge your employees a portion of the expense.

By the way, safeguarding your employees‘ interests is an excellent approach to safeguard your own – in the event of a lawsuit or liability claim.

6. Covers Acts of God

Any accident or event not caused by human hands is referred to as an “Act of God” in insurance jargon. Floods, tornadoes, hurricanes, and lightning-caused fires all qualify.

All-risk and peril-specific insurance are two types of property and casualty insurance that protect against such losses.

Except for those specifically shown, all-risk plans cover all events. Peril-specific policies cover specific risks such as fire, floods, and other acts of God.

7. Guards Human Assets

You have the responsibility of keeping the company going as the owner.

But what if you have to quit “running” because of a heart attack, a catastrophic accident, or some other unforeseen condition that keeps you away from the game for weeks, months, or even years?

Company-owned life and disability insurance payout if you cannot work because of illness or injury.

It provides funds for the acquisition of your stake under a buy-sell agreement in the event of your death or disability.

You can also buy such policies referred to as “key man” or “key person” insurance to cover the disability or death of a valued employee.

8. Helps to Attract and Keep Employees

Having insurance protects your company from more than simply “doom and gloom” events. It has the potential to help employers attract and keep talented staff.

Job candidates prioritize benefits packages that include life, health, disability, and long-term care insurance after compensation. If you don’t provide these benefits, you risk losing a valuable employee to a competitor who does.

9. Contracts May Require it

When it comes to contracts and insurance, there are various factors to consider:

You may require insurance if you rent or lease your business space because the landlord’s policy may not cover it.

If you borrow money to fund buildings, equipment, or operations, you’ll almost certainly be required to carry insurance.

Contracts with clients may require you to carry insurance if things don’t go as planned.

Add language concerning freelancers who need it but are unaware of it until they receive a job and then lose it because of a lack of insurance.

10. Because You Cannot Predict the Future

No one has a crystal ball in their closet that can tell them what will happen in the future. It would be ideal if natural disasters, workplace injuries, or litigation never happened, but no one can guarantee that they won’t.

It’s best to be insured for that reason alone.

Small business owners may attain peace of mind and focus their attention on what they do best: running a productive, lucrative, and gratifying firm for years to come with the right business insurance.

What Does Small Business Insurance Cover?

A business owner’s policy can help protect your company from things like financial losses and covered dangers, depending on the coverage you choose.

Theft, fire, wind, falling objects, and lightning are examples of covered risks. It’s critical to study your insurance documentation thoroughly to see which coverages are included and which risks your insurer covers.

There is a coverage limit for each coverage in your BOP. The maximum amount your insurer will pay for a covered claim is referred to as a limit. It’s also worth noting that each policy’s coverage is usually subject to its own restriction.

A deductible may be required for some coverages. The amount you pay out of pocket for a covered claim is referred to as a deductible.

1. Business Property Cover

A business owner’s policy’s property coverage helps safeguard your company’s facility and goods from covered risks. For example, if your firm suffers a fire, a BOP may help pay for building repairs (if you own the building).

This coverage also aids in the replacement of commercial property, such as office furniture, computers, and machinery.

Keep in mind that commercial property insurance has deductibles and limits. Property coverage limitations are normally determined by the expected cost of repairing, rebuild or replacing your business’s property.

However, if your losses exceed the coverage level you selected, you’ll have to pay for the remaining building repairs or property replacement out of pocket.

It’s also worth noting that not having enough policy restrictions can cause a penalty. This is the penalty you’d have to pay if you didn’t buy enough insurance.

To help avoid penalties, make sure you purchase enough insurance to cover your business and its contents.

2. Liability Coverage

A business owner’s policy usually includes general liability coverage (sometimes called commercial general liability, or CGL).

If a customer or visitor is injured in your business, and you’re found liable, general liability coverage may help pay for the injured party’s medical expenses.

It may also help pay for legal costs if you’re taken to court over an accident that occurred at your business.

Commercial general liability insurance is also subject to a coverage limit. That means if an injured person’s medical bills exceed your coverage limit, you may have to pay out of pocket to cover the rest.

3. Business Interruption Coverage

A business owner’s policy usually includes business interruption coverage, often known as business income coverage. If your firm is harmed by a covered risk, this coverage can help you replace the lost income and unexpected expenses.

Assume your office is rendered unusable because of a tornado or fire. While repairs are being done, business interruption coverage may cover the costs of renting a temporary office.

Business interruption insurance can also help recoup lost revenue if a covered danger occurs. You will be subject to a restriction, much like other coverages in a BOP. You may also be given a time limit.

This could mean that the coverage is only valid for a certain time, such as six months, so be careful to inquire about particular limits with an agent.

Additional Business Insurance Coverage

There may be additional coverages you can add to your business owner’s policy. Some available coverages may include:

➢Errors and omissions insurance (also known as miscellaneous professional liability insurance)

➢ Data compromise coverage

➢ Business auto insurance

➢ Employment practices liability coverage

➢ Equipment breakdown coverage

➢ Outdoor property coverage

Talk to your agent about your specific business insurance needs, so they can help you customize your policy with coverages that may work for your situation.

Best Insurance for Small Business

If you want the best small business insurance overall. Here’s a detailed list.

1. CoverWallet

CoverWallet is best suited for businesses needing many business insurances, without the hassle of applying to multiple companies.

Because they have access to a large number of insurers, CoverWallet is the greatest online insurance resource for all businesses.

CoverWallet isn’t a lender; rather, it’s a middleman who connects you with a variety of insurance companies.

They try to get you allowed for whatever form of insurance your company requires, as well as get you outstanding rates.

Here is a quick summary of what CoverWallet offers:

➢ General liability

➢ Worker’s compensation

➢ Professional liability

➢ Business owner’s policy

➢ Umbrella insurance

➢ Commercial property

➢ Commercial auto

➢ Visit CoverWallet for a full list of what they cover.


➢ Great customer service

➢ Easy platform to navigate

➢ Policies under a single umbrella

➢ Helpful information provided

➢ Compare across multiple insurers


➢ Quotes are not always timely

2. Best Specialized Insurance: The Hartford

The Hartford is a great insurance solution for businesses that need specialized insurance coverage.

Though the insurance may not cover every type, as CoverWallet does, that Hartford offers customized insurance packages, leading to lowered rates, making it one worth checking out.

The Hartford has been around for over two hundred years, serving millions of small businesses, and The Hartford has maintained a great reputation for delivering some of the best-specialized insurance coverages and rates.

Here is a quick summary of what The Hartford offers:

➢ Business Owner’s Policy

➢ Commercial auto

➢ General liability

➢ Commercial property

➢ Business income

➢ Professional liability

➢ Workers’ compensation

➢ Data breach

➢ Commercial umbrella


➢ Long history with an A+ financial strength rating through A.M. Best

➢ Many small business insurance types

➢ World’s Most Ethical Company by Ethisphere Institute

➢ Easy online quotes


➢ Not a good option if you prefer an industry-specific insurer

➢ Poor J.D. Power Small Commercial Insurance Study reviews

➢ Complaints through the National Association of Insurance Commissioners.

➢ Read our full review of The Hartford Small Business Insurance.

3. Best Insurance for Micro-businesses: Hiscox

Hiscox is the best small business insurer for micro-businesses since they have helped thousands of small and micro-businesses get insured.

Hiscox has a dedicated team of small business professionals who focus only on helping small businesses get the right coverage at the best prices.

Here is a quick summary of what Hiscox offers:

➢ General Liability Insurance

➢ Professional Liability

➢ Business Owner’s Policy

➢ Short-Term Liability Insurance

➢ Cyber Security Insurance

➢ Workers Compensation

➢ Coverage for 180+ Professions


➢ User-friendly quote generator

➢ Insures only businesses

➢ Serves all size businesses

➢ High ratings by major rating firms

➢ Educational website, podcast

➢ Over 10,000 positive customer reviews


➢ customer reviews are found on the company’s website.

4. Best Insurance for Online Businesses: CNA

CNA provides the most comprehensive insurance for internet enterprises, including cyber risk insurance. They’re a terrific place to start for any size company that needs a selection of business insurances.

CNA is a good choice because they provide three cyber risk insurance alternatives and you can pay your premium online.

Here is a quick summary of what CNA offers:

➢ CNA cyber risk solutions

➢ Commercial package

➢ Commercial auto

➢ Commercial general liability

➢ Equipment breakdown

➢ Inland marine

➢ International solutions

➢ Management and professional liability

➢ Ocean marine

➢ Professional liability

➢ Property

➢ Surety

➢ Umbrella and excess

➢ Warranty and alternative risks

➢ Workers’ compensation


➢ Specialize in business insurance only

➢ Cover all size businesses

➢ Cover over 180 different niche businesses

➢ Eighth largest business insurance provider in the US

➢ High ratings from all major insurance rating agencies

➢ Twenty-four-hour claims assistance


➢ Quote generator doesn’t always work

➢ A few customer reviews

5. Best Commercial Insurer: Nationwide

For firms that require many commercial insurance coverages, Nationwide is the best small business insurance option.

They are one of the best-rated business insurance firms in the United States, and they serve agricultural businesses and a variety of other industries.

Here is a quick summary of what Nationwide offers:

➢ Workers’ compensation

➢ Business income

➢ Crime insurance

➢ Employment practices liability

➢ Cyber liability

➢ Errors and omissions (E&O)

➢ Equipment breakdown

➢ Umbrella insurance

➢ Inland marine

➢ Accounts receivable

➢ Builder’s risk


➢ Wide variety of coverages

➢ Mobile app for Android and Apple

➢ Electronic billing for workers’ compensation

➢ A+ A.M. Best, A1 rating from Moody’s, and A+ from Standard & Poor’s


➢ No online chat support

➢ No online quotes

Recommended: Before going out and opening any business bank account for your small business, do your due diligence by reading up on the best business checking accounts.

6. Best Business Liability Insurance: Chubb

Because they offer a variety of liability insurance policy alternatives, Chubb is the finest small business insurance company for firms in need of liability insurance.

Chubb sells both personal and business insurance coverage, as well as a variety of commercial insurance products.

Here is a quick summary of what Chubb offers:

➢ General liability insurance (multiple liability options)

➢ Commercial property insurance

➢ Business owner’s policy

➢ Professional liability

➢ Product liability and inland marine insurance

➢ Commercial auto insurance

➢ Worker’s compensation

➢ Environmental liability insurance

➢ Cyber insurance

➢ Specialty casualty insurance

➢ Umbrella

➢ Surplus lines insurance


➢ A vast range of insurance products

➢ BOP insurance combines general liability and property insurance together

➢ Discounts for home businesses

➢ The friendly insurance company for startups

➢ In-house claims department

➢ High insurance ratings from top rating agencies


➢ Limited online services

➢ No rate transparency; must submit business information to obtain a rate quote

7. Best Small Business Insurance: State Farm

State Farm is our best small business insurer, given they have more than 19,000 private insurance agents who operate their own small businesses.

State Farm agents know what it’s like to operate a small business, so they are experts at helping small businesses with their insurance needs.

Here is a quick summary of what State Farm offers:

➢ Professional liability

➢ Property

➢ General liability

➢ Errors and omissions liability

➢ Employment practices liability insurance (EPLI)

➢ Not-for-profit Organizational Liability with EPLI


➢ Twenty-four-hour claim service

➢ Excellent  financial security

➢ High customer ratings


➢ Complaints of claims being denied

➢ Discounts are not available in all states.

What Types of Insurance Does a Small Business Owner Need?

Here is a detailed guide to picking the best insurance for your business:

1. Workers Compensation Insurance (Required)

Workers’ compensation is one of three types of company insurance that may be required by law if you have employees.

Workers’ compensation insurance is required by most states if employees are injured on the job. This is an important necessity that you should not overlook.

Failure to get the required level of insurance can cause fines and, in exceptional cases, criminal consequences.

Workers’ compensation will cover medical bills and compensate a portion of an employee’s salary while they recuperate from a work-related accident.

Workers’ compensation, for example, would cover an employee’s back pain caused by a poor ergonomic desk layout.

Workers’ compensation insurance normally covers the expense of defending a lawsuit filed by an employee for work-related injuries.

You can purchase workers’ compensation insurance through a broker or private carrier. Business insurance quotes for workers comp typically run from $0.75 to $3 per month per $100 in employee wages.

Many states, such as New York, offer a state-run insurance fund that sells workers comp insurance at regulated rates. Larger businesses might even have the option to self-insure.

You can learn more information by contacting your state’s insurance department or workers’ compensation board.

2. Unemployment Insurance (Required)

Unemployment insurance is another sort of government-mandated insurance. This small business insurance protects your staff if they lose their jobs or are fired.

Unemployment insurance, unlike workers’ compensation and many other types of business insurance we’ll explore, is not something you buy from an insurance company.

Employers instead pay federal unemployment taxes (FUTA) and state unemployment taxes besides other payroll taxes (SUTA).

This program is run by the state for both companies and employees. Your tax burden is determined by the number of people you have, employee turnover, and whether your company is new or established.

Unemployment benefits can be applied for when an individual is unemployed.

Employers can calculate and pay SUTA or FUTA taxes on their own, but it’s typically more convenient to have your HR software or payroll agency do the work for you. Just remember to get in touch with your supervisor.

3. Disability Insurance (Required)

If an employee cannot work because of an illness or injury, disability insurance gives a percentage of their income if they cannot work.

The illness or injury does not have to be tied to work, unlike workers’ compensation. For example, after giving birth, a pregnant employee may be eligible for disability payments.

Employers are required to provide short-term disability insurance in five states: New York, California, Hawaii, New Jersey, and Rhode Island (SDI).

After an employee is wounded or becomes unwell, SDI supports them for three to six months.

Even if you’re not in one of those five states, short-disability coverage can provide peace of mind to your employees and make you a more competitive employer.

Long-term disability coverage, which is more rarely provided, lasts until the expiration date stated in the policy or until the employee is able to return to work.

The typical cost of disability insurance is 0.25% to 0.50% of your payroll.

4. General Liability Insurance

Although general liability insurance is not required by law, it is one sort of small business insurance that every company should obtain.

General liability insurance protects your company if a third party is hurt as a result of your company’s property, products, or services, such as a client, vendor, or consumer.

The following losses are specifically covered:

Injuries sustained on company property

During your work, you may cause property harm to another person or business.

Injuries should be advertised (libel, slander, misappropriation, etc.)

This is a must-have form of coverage, especially if you work in an area where accidents are more prone to happen, such as landscaping, manufacturing, or construction.

Business insurance rates for a general liability coverage typically range from $400 to $600 per year, while the price can vary depending on the level of risk in your industry.

5. Commercial Property Insurance

Commercial property insurance protects your company’s inventory, equipment, office space, and other assets from damage or loss. Many sorts of businesses, especially those with a physical address, require commercial property insurance.

Small company theft, fires, vandalism, and some weather-related damage are all covered under this sort of insurance.

Flooding and accidental damage, such as a burst pipe, are usually covered by commercial property insurance. Natural disasters such as earthquakes and tornadoes, however, are not covered by all insurance.

You may need to put on specific coverage for these at an additional cost, depending on where your business is located and the specific likelihood of certain sorts of catastrophes there.

The cost of commercial property insurance often ranges from $1,000 to $2,000 each year.

With this in mind, you might also look for business interruption insurance as a rider or add-on to your commercial property policy.

This type of business insurance protects against lost income when you experience property damage or an accident.

For instance, if your shop burns down from a fire, you’ll lose a lot of income while rebuilding it. Business interruption insurance, therefore, will cover that loss of income.

Along these lines, cyber insurance coverage is also an important add-on to any online business that handles customer data.

6. Professional Liability Insurance

Professional liability insurance, often known as errors and omissions insurance or malpractice insurance, is a type of commercial insurance commonly associated with doctors, lawyers, and other professionals.

For instance, if a doctor makes a mistake during surgery, his or her malpractice insurance will pay the costs of any subsequent lawsuit.

However, doctors and attorneys aren’t the only ones who should be covered for errors and omissions. Professional negligence can be committed by a variety of business owners.

A designer, for example, might not have a website ready for a client’s launch date. As a result, they lose tens of thousands of dollars in sales and sue for compensation.

If the designer has professional liability insurance, they will be safe.

Therefore, if you offer professional services of any kind, plan to purchase professional liability insurance.

You’ll want to remember, though, that even if you have professional liability insurance, you’ll also want to have general liability insurance as these two types of small business insurance cover different things.

A general liability policy covers physical injury, property damage, and advertising injury. The professional liability policy covers a client’s or other third party’s  financial losses.

Business insurance quotes for professional liability coverage range from around $900 to $1,800 per year.

7. Product Liability Insurance

Product liability insurance should be considered by any small business owner who sells a tangible product. Product liability insurance can be purchased alone or as an add-on to your general liability coverage.

One of the most compelling reasons to buy product liability insurance is that it covers the whole lifecycle of the product.

For example, if your manufacturer manufactures a defective product or your packager packages a poor product, a buyer could still sue you, since your brand is on the label.

If you have product liability insurance, however, you will be safe.

In the big scheme of things, this form of business insurance is relatively inexpensive, costing 25 cents per $100 in retail sales.

This means that if you sell $50,000 in merchandise in a year, your annual product liability insurance premium will be around $125.

8. Employment Practices Liability Insurance

EPLI (employment practices liability insurance) protects your company from claims of discrimination or wrongful termination brought by employees.

The coverage would, for example, cover the expense of defending sexual harassment or racial discrimination claim.

EPLI coverage typically costs between $800 and $3,000 per year, but the cost is determined by the size of your staff, turnover, industry, and if you’ve ever been sued for wrongful termination.

Of course, every small business owner tries to maintain a fair and fair working environment, but that doesn’t make employment practices liability insurance coverage any less important.

According to Hiscox, the average out-of-pocket cost to resolve an employee lawsuit without insurance is about $110,000.

This being said, small businesses are typically the most vulnerable to wrongful termination suits because they don’t have a full-scale HR team or legal department. Therefore, EPLI can save your business thousands of dollars.

9. Key Person Insurance

The purpose of key person insurance is to ensure that a company can survive the death of its founder.

If an owner or another senior executive in the company dies or becomes handicapped, the financial impact on the company might be significant.

During the changeover, the company will lose income and clients that the important employee brought in.

Small business owners might gain key person insurance to mitigate these losses.

With key person insurance, the company will get a reimbursement that will help it stay afloat if the owner or another important person dies or becomes disabled.

This sort of business insurance ensures that your firm is more resilient and less reliant on the skills or charm of a few individuals.

As a result, your company can use the benefits of key person insurance to find and train a successor, pay employees, pay off debts, and take other measures to mitigate the loss.

Calculate who is critical to your business, how much money they bring in, and how long it would take to replace and train the key person in order to determine how much coverage you require.

Purchasing coverage equal to eight to ten times the key member’s pay is a good rule of thumb.

Do I Need Liability Insurance for My Small Business?

Most small businesses require this coverage, particularly if they rent or own office or commercial space. In addition, many client contracts stipulate that general liability insurance is required.

Even if none of these apply to you, commercial general liability insurance, known as CGL coverage, is usually beneficial to small businesses that interact directly with clients and consumers.

If you’re sued by a customer or competitor, this insurance policy can help keep your business afloat.

Because general liability insurance is so crucial, most small business owners purchase it as soon as they start their company.

What is Covered Under Business General Liability Insurance?

General liability insurance protects you against frequent third-party liability claims (people outside your business).

If someone sues you for bodily injury, property damage, or advertising injury, commercial general liability insurance will cover your legal defense costs.

Everything from hiring a lawyer to court-ordered judgments and settlements might be covered by your CGL policy.

How Much Does Small Business Insurance Cost?

Small business owners can get a good idea of the cost of business insurance by looking at pricing data from the thousands of businesses that found policies with Insureon.

Estimated Small Business Insurance Costs

General liability insurance is the first and least priced policy that most business owners require.

The typical cost of general liability coverage was $42 per month or $500 per year, according to an analysis of 28,000 small company owners’ commercial insurance plans purchased through Insureon.

A business owner’s policy (BOP), which bundles general liability and commercial property coverage at a discount, costs $53 per month or $636 yearly on average.

Monthly costs for common small business insurance policies are shown in the table below as median and average monthly costs.

Because it excludes exceptionally high and low rates, the median better represents what you might spend when discussing insurance costs.

Median and Average Monthly Costs of Small Business Insurance

Policy   Median costAverage cost
General liability$42/month$65/month
Business owner’s policy (BOP)$53/month$99/month
Professional liability (E&O)$59/month$97/month
Workers’ compensation$47/month$111/month
Commercial umbrella    $75/month$129/month

Insurance Costs also Depend on Your Profession

Professionals who interact with the public often pay more for general liability insurance since it covers third-party physical injury and property damage.

Larger risks entail a higher chance of filing a claim, which implies higher insurance premiums.

Retailers, for example, pay a lot for general liability insurance, whereas consultants who work alone pay a lot less.

Small Business Insurance FAQ

Here are some answers to frequently asked questions about small business insurance:

QUES: Why do I need business insurance?

Small business insurance, often known as commercial insurance, provides critical protection. You could be sued if an accident occurs at your place of business.
The enormous expense of litigation, medical costs, and property damage claims is the fundamental reason companies require insurance.
Which policies you require are determined by the risks you face. The most popular coverage purchased by businesses is general liability insurance, which covers client injuries and other frequent mishaps.
If you have workers, own a building, drive a company car, or provide professional advice, you may require additional policies.

QUES: What does business insurance cover?

There is no such thing as a single insurance policy that covers everything. There are two broad areas of coverage:
Business liability insurance protects you if someone holds your company liable for damages, injuries, or losses.
Commercial property insurance covers the cost of repairing or replacing commercial property that has been destroyed or stolen. If you own a building, it is also covered.

QUES: Is business insurance required by law?

In certain cases, business insurance is required by law. Most states require businesses with employees to get workers’ compensation insurance.
Business-owned vehicles must be insured with commercial auto insurance.
State laws may also require some businesses to get insurance as part of the licensing process. For example, bars typically need liquor liability insurance as a prerequisite for a liquor license.

QUES: What types of business insurance do I need?

There are several situations in which businesses are required to get commercial insurance. For example, most states require businesses with employees to purchase workers’ compensation insurance.
Business-owned vehicles must be covered by commercial auto insurance.
While it’s not required by law, general liability insurance is often included in the terms of a commercial lease or client contract.

QUES: How much does business insurance cost?

Business insurance costs vary based on the policies you purchase and your coverage limits. Other factors include your industry, number of employees, revenue, and location.
Small, low-risk businesses, especially those that qualify for a business owner’s policy (BOP) pay less for insurance than larger companies.
Learn more about business insurance costs, or compare quotes from top-rated U.S. provides by completing Insureon’s online application.

QUES: How can I save money on business insurance?

Every business can save money on insurance. One of the best ways is to explore what different providers are offering.
You can contact insurance companies directly and request rates, but you’ll have to provide your business details each time you apply.
With Insureon, you can compare multiple quotes from top U.S. carries with one easy online application. Learn more about how to save money on business insurance.

If you have any questions concerning Insurance for Small Business for Entrepreneurs, please feel free to use the comment box below and ask us your question. We will be very pleased to answer you.

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