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How to Choose a Business Insurance Policy

Whether you’re a small business or a large commercial business with over 1,000 employees, having adequate business insurance is equally important. If you are in the process of starting up a new company, the jargon often associated with business insurance can be complicated, and the options seem endless. Having the right business insurance policy will bring peace of mind and protection, in the knowledge that you, your property and equipment, and anyone working with you is fully covered and cared for in the event of an accident. Learn about the benefits of business insurance, how to find the right policy, and how to get the best business insurance policy for your particular needs.

What Are the Benefits of Commercial Insurance?

From worker’s compensation to general liability, it is important to know exactly what kind of business insurance you need.  With all the complicated terminology that surrounds insurance policies, you need to be in the hands of experts who have the right resources when making the decision.  Do you know the difference between Professional liability insurance or product liability insurance? How do you know which one you need? If you are a professional, like an accountant, for example, you are responsible for the information you give in your clients’ tax return.

If you make a mistake, your client can sue you for this. You will want to have professional liability insurance which will cover any eventual claims made against you. However, if you own a restaurant, you will not need this type of insurance, but you will benefit more from product liability insurance where you have coverage in the case of a client becoming sick after eating at your restaurant.   

If you own (or rent) the property you will most certainly want to have general liability insurance which will cover against third-party property damage costs or injuries.

Having the right insurance cover means you are protected from financial damage and you should never underestimate the benefits of having it. Knowing the risks and losses associated with your specific type of agency helps you and your advisor pinpoint the business insurance policy that will have your business’s best interests at heart.  

While it can be tempting to cost-cut while choosing a business insurance policy, budget-conscious business owners should be aware of the financial risks and losses they can run into if they don’t have adequate coverage. The bottom line, having the right business liability insurance will give you protection from financial ruins if your business is ever sued.

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What are the Different Types of Business Insurance Coverage?

Types of Business InsuranceWhat Does This Insurance Cover?
General Liability InsuranceGeneral liability covers most risks of operating a business including injury to a customer, damage of customer property, and advertising issues such as libel or slander lawsuits. This is usually required by any business with a commercial building lease. 
Business Property InsuranceBusiness property insurance protects your property, machinery, stock, fixtures, and fittings. Sometimes a property insurance policy will also cover breakdown and business income coverage. Also, Losses in the event of a fire will be covered. 
Business Owner’s Policy (BOP)A business owner’s policy includes both general liability insurance and property insurance into one plan which usually leads to an overall savings in total costs of your business insurance plan. 
Workers’ Compensation InsuranceWorkers compensation insurance is required in almost any business with employees. It cover’s the bills of your workers should they incurs medical expenses or lost wages from injury or sickness incurring from their job. 
Professional Liability InsuranceProfessional liability insurance policies are also known as an errors and omissions policy, it will help to cover you incase you incur any legal expenses from being sued from inadequate work standards such as project contract detail issues, working oversights, or negligence lawsuits based on work output. 
Errors and Omissions InsuranceErrors and omissions insurance is interchangeable with and sometimes called professional liability insurance which covers legal expenses from work performance issues as seen above. 
Cyber Liability InsuranceA cyber liability insurance policy can help any business who may incur a loss from cyber attacks and security hacks to their data which can often lead to crippling amounts of expenses to safely recover from.
Commercial Auto Insuranceif you have vehicles that are used for your business then you will need a commercial auto insurance policy. This will cover accidents, third-party liability for property damage, and any personal bodily injuries.
Business Income Interruption InsuranceIf something were to happen to cause your business to temporarily cease trading, with no income and expenses still needing to be paid off you would want to have a business income interruption policy. With this insurance type you will be covered to keep the business running until your interruption is resolved.

3 Easy Steps to Get the Best Business Insurance Quotes

At InsuranceQuotes.com we are leaders in the field of insurance including business insurance. We can help you find the best small business insurance for the best coverage for a big company. If you need a small business insurance quote or need to reassess the costs of your business insurance cover, our user-friendly website service will guide you to your quote in 3 easy steps.

Step 1:  From the drop menu on our website you need to choose from the “business” option.  Insert your ZIP code and click “request quotes”. From there you will have access to the next page

Step 2:  You will have to insert some basic information to help narrow down the possibilities in the search for the best business insurance policy for you.  Some details as follows are requested at this stage:

Further information is required, like industry division and industry group where you will choose from a selection of options given in a dropdown menu.

Step 3: Once you are satisfied that all the information you have given is correct you simply click on “submit request” and you will have a business insurance quote in no time.  It really is that simple. 

Am I Legally Required to Have Business Insurance? 

Legally speaking the only type of business insurance required is an employer’s liability insurance; however, many business regulators require a commercial property to have specific policies in place before they can legally run their business. One example of this could be jobs such as solicitors or accountants, where professional liability insurance is required.

Frequently Asked Questions

What Kind of Insurance Do I Need for My Business

There are quite a few types of insurance you can get for your business. However, at a minimum you’ll want to have a general liability, worker’s compensation, and property insurance to keep your business covered. You’ll want to discuss with your insurance company the details of your business to see if you need any additional facets of insurance added to your policy.

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