March 4, 2024

Regardless of your business’s size, you can benefit from having adequate insurance coverage. Going without it can put your company at serious risk.

General liability insurance is one of the most important business policies. It protects your company if someone is injured on the premises or by your product.

Commercial property insurance protects the buildings and moveable equipment you keep onsite. It can also be bundled with business interruption insurance.

Coverage

A business insurance policy helps pay for the costs of property damage, lawsuits, lost income, theft and more. Companies can customize their coverage to fit their specific risks, but some standard policies include general liability insurance, commercial property insurance and business interruption insurance. The latter pays for operational expenses if your business is forced to close because of a covered loss such as a natural disaster or fire.

Some types of business insurance are required by law, including workers’ compensation insurance for workplace injuries, commercial auto insurance for company vehicles and professional liability insurance for businesses that offer advice or services. Others are optional, such as cyber liability insurance for protecting against electronic threats. Having the right business insurance can help you rest easy knowing your investments are protected. A claim lodged against an uninsured company can financially devastate it, so consider incorporating this valuable protection into your initial business plan. It’s a smart move for any company.

Service

Next offers business owners policies (BOPs) that include commercial property, business interruption and equipment breakdown insurance in one package. You can buy a BOP online or via phone. Next also provides a digital certificate of insurance, which makes it easier to prove you have coverage if a client or landlord asks.

Other insurers offer similar types of business insurance. Allstate, for example, sells a business owner’s policy online and other types of insurance via agents. Liberty Mutual has a large number of industry-tailored business insurance packages, including BOPs for electricians and real estate agents. It also offers more than 1,000 downloadable safety resources.

Thimble lets you shop for small business policies on an on-demand basis, with licensed advisors available via chat. Its offerings include a business owner’s policy with general liability, commercial property and business interruption insurance, plus professional liability and workers’ compensation insurance. The site also sells hired and non-owned auto insurance for businesses that use vehicles in their operations.

Pricing

Business insurance costs can vary widely between different providers, with prices rising or falling based on multiple factors. For example, on average, shoppers who buy a business owner’s policy from Progressive pay $101 per month, while those purchasing a similar plan from The Hartford will spend $261. Similarly, the types of policies purchased and the coverage they contain will impact the cost. Businesses that want to lower their premiums should consider bundling policies, such as commercial property and general liability, into one plan. They should also invest in workplace safety, which can help prevent accidents and claims that drive up premiums.

Other cost drivers include the type of industry and risks associated with it, revenue, the number of employees, and the amount of assets and properties owned. In addition, a business that has a history of claims may be seen as a high-risk client and will have to pay higher rates. Finally, premiums paid for certain policies are tax deductible.

Ratings

The best business insurance companies offer excellent customer service. You can count on a quick response to your questions and an efficient claim process when something goes wrong. A great experience from the sales agent to the adjuster makes all the difference.

You should also consider an insurer’s financial stability. A reputable company is more likely to be around for the long haul, especially when it comes time to pay out claims. You can check an insurer’s financial strength with ratings from independent rating agencies like AM Best.

State Farm offers small-business coverage for many types of businesses, including a BOP bundle, workers’ compensation, commercial auto, property, general liability and professional liability. It’s a good choice for most small-business owners, and it was top-ranked in J.D. Power’s 2022 Small Business Insurance Satisfaction Study. Other providers with unique offerings include AmTrust and Founder Shield. These newer companies have carved out niches by offering online quotes and a fully digital purchasing experience. assurance entreprise

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