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5 Simple Steps to Get Business Insurance
Choosing the right type of business insurance is one of the most important decisions you’ll make as a business owner. Without the right coverage, you could be responsible for paying out of pocket for unexpected incidents, which can get expensive fast.
Finding the right insurance company is just as important as getting the right type of coverage. If the insurer you work with has poor customer support when you need to file a claim, your business may suffer. We’ve helped over 1 million small business owners and know the unique risks and challenges that small businesses face.
We want to help you run a successful business. If you’re wondering how to get small business insurance, check out these five simple steps and guidelines.
1. Assess Your Business
Insurance policies are unique to each small business to try and help cover the different risks that each one faces. To help determine which insurance coverages you need, you can assess your business and understand the risks it faces. Start by asking yourself:
- Does my business have a physical location that the public can access?
- Do I have employees?
- Will I use my own vehicle or a company vehicle for business?
- Can my business survive if it has to close after getting damaged?
2. Research Insurance Policies
You’ll likely have to get different insurance coverages to help protect your business from a variety of risks. Common insurance coverages that many small business owners get include:
- General liability insurance to help cover claims that their business caused property damage, bodily injuries or advertising injuries to a third party. This coverage is also known as commercial general liability insurance.
- Commercial property insurance to help protect an owned or rented building and business property.
- Business income insurance, which helps replace lost income if a business has to close because of covered property damage. This coverage is also known as business interruption insurance.
- Professional liability insurance to help businesses respond to a lawsuit that claims a mistake was made in the professional services provided. This liability coverage can help cover your legal defense costs, settlements and judgments.
- Workers’ compensation insurance to provide benefits to employees to help them recover from work-related injuries or illnesses.
- Commercial auto insurance, also known as business car insurance, helps protect business owners and employees on the road if they drive a company-owned car for business.
3. Get a Quote for Business Insurance
When you’re ready to get a quote for business insurance, reach out to different insurance companies. Getting a few quotes can help you look at:
- Prices
- Coverage details
- Customer service reviews
4. Compare Quotes
After reaching out to different insurance companies for a quote, it’s time to look for business insurance trends and compare insurance rates. Coverage details and policy specifics can vary between insurers. But when you’re comparing quotes, don’t focus solely on the price. You may find that getting the lowest cost policy may not give you enough coverage to help protect your business. Also check reviews and experiences from customers. If the unexpected happens, you’ll want to make sure you can count on your insurance company to help you.
5. Buy Your Business Insurance Policy
You may be wondering how to choose business insurance after you’ve gotten a few quotes. Don’t just choose your coverage based on the lowest price you receive. It’s important to be sure the policy offers enough coverage and that the insurer has high reviews for customer satisfaction. Work with an agent, call or get an online business insurance quote.
After you get a business insurance policy, it’s a good idea to regularly review your coverages. Your small business will likely change as time goes on, so it’s important to stay current on your amount of coverage. For example, you may need more general liability insurance coverage if your business is getting more sales. Or, you may find you don’t need a certain type of insurance anymore, which can help reduce your total cost.
How to Get a Small Business Insurance Quote
To get an accurate insurance quote, you’ll likely need basic information about your business, such as:
- Location
- Gross annual sales
- Owner history
- Number of years in business
- Main business functions
- Number of employees
- Total annual payroll
You’ll also likely need to have information about your business property, like:
- Tools and equipment
- Furnishings
- Business assets
- Business documents
- Business location
- Building age
- Building square footage
- Building construction
- Building safety
We make it easy for you to get a small business insurance quote online. In just a few minutes, you can get a quote that’s unique to your business.
How to Find Business Insurance
Both agents and insurance companies can help you get the business insurance you need. Larger businesses may have a risk manager who can choose the types of business insurance that’s right for them. They can work either directly with an insurance company or a broker. Small businesses don’t typically have a risk manager, so you may find working with an agent is more helpful.
Whether you’re looking to start a landscaping business or become an engineer, our insurance agents can help you understand how to get small business insurance or answer other questions you may have, like “how to get liability insurance for a small business.” They can also help you understand how each coverage works and whether it can help your business.
If you know which types of business insurance your business needs, get a quote online. Just answer some questions and in a few minutes, you’ll have a personalized quote for your small business.
Last Updated: July 13, 2022