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All about insurance for small businesses


Starting a business or being a small business owner that operates its business from home or even online through the mobile or Android phone is noble. Not only do they get to sharpen their God-given talents and passion, but they also help the economy thrive. But the business world is complicated and very much risky from various kinds of losses like team member screw-ups, complaints, natural disasters, and even robbery. That is why insurance for businesses was born.

Business insurance can be puzzling, and it’s something a business owner must fully understand as it is an unavoidable expense.  And even if yours is just a small business, it is important to have it insured, even if it’s just a basic candle making insurance for an Etsy business, because even the most basic commercial general liability insurance can save your small business from devastating events that otherwise may ruin your business. With business insurance, you can be at ease that if any covered, unforeseen losses come you’re protected as a business. So in this guide, we sum up all the things a small business owner needs to know before seeking cheap business insurance. 

What is the type of small business insurance needed?

It is helpful to a business owner to have small business insurance. Starting are the 4 common types of coverage small business owners need to know about: general liability, workers’ compensation, commercial property and commercial auto insurance if you operate business-owned vehicles. In addition to these 4, some other common policies you should be familiar with are product liability, professional liability, Business owners policy (BOP) and home-based business insurance that can be added to your homeowners insurance.

 Commercial Property Insurance

Everything your business uses has a value and property coverage is in charge to protect them from fire, vandalism, whether you own them or lease them. This includes the physical structure of your business and its contents you use to run your business, such as but not limited to computers or laptops, furniture and fixtures, supplies, printers, tools and equipment, and the like. This is the policy which will help small business owners pay for reparation or replacement if the property got lost, damaged or destroyed. 

General liability insurance 

Every business has operating risk, and commercial general liability insurance is the coverage which will protect it from common small business risks such as, but not limited to, slip and fall accidents or bodily injuries, damage that was caused to its customers, property damage, libel and slander lawsuits, advertising injury, and more. It also helps business owners qualify leases and contracts. This will also protect your small business financial stability when it gets sued by a third party on many occasions.

Workers’ compensation insurance

 Almost all states require workers’ compensation type of insurance for businesses, small or not, that employ to protect employers from the liabilities associated with employees who are hurt at work or got work-related illnesses. It helps the business pay for medical bills, lost wages if there are any, and legal expenses due to work-related accidents. It also protects the owner/employer from being litigated by personnel who are injured at work.

Commercial auto insurance.  If a business, small or not, owns a vehicle and uses it for business purposes, they are required by almost all states to acquire commercial vehicle insurance. It is as such because this policy provides coverage for the owner, the personnel, and the vehicle. This coverage, on the road or off, will help pay for possible liabilities that may arise from incidents involving their automobiles.

How much does business insurance cost?

Several factors impact the cost of small business insurance which includes, business and industry risk factors and level, required or requested coverage limits, business location, profession, average annual income, and a number of employees. For everybody’s appreciation, those four types of business insurance mentioned above are around $200 per month. If you wish to get a good idea, visit price comparison sites such as insuranks.com. You can generate free quotes from them.

Can we save money from business insurance? If yes, how?

 Yes, you can, and below are the ways to save.

Shop online. Do shopping online and visit price comparison sites like insuranks.com. These sites can help you find the business insurance you want, and that fits your budget.

Product Bundling. Do insurance product bundling such as BOP or business owners policy which consists of property coverage and general liability insurance. It is simpler to understand and the most budget-friendly combination that is tailored to protect almost every business industry risk factor.  To top it up, it has business interruption coverage that helps cover loss of income. It is the best bundle for small businesses.

  • Policy customization. Choose only the coverage you think is necessary for your business and cut down on content that is not on your priority list.

Takeaway

Business insurance will keep business owners focused on running and growing their business, but it comes with a cost. To save, without creating a protection gap, visit price comparison sites to get the most affordable insurance product bundle that meets your business protection needs and your budget.

EDITOR NOTE: This is a promoted post and should not be considered an editorial endorsement

Photo by RODNAE Productions from Pexels

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