There is no small business that cannot benefit from insurance. Regardless of the size of your business, you should take the time to shop around for a business insurance quote. However, the exact coverage you need, interest rates, etc. play a role in the type of quotes you receive. Choose an insurer that offers custom policies for your industry. Do your research and read reviews to make sure the company you choose is a good fit for businesses like yours.
Exactly what it is business insurance? It is a wide range of policy options compiled to protect a business from financial loss. The possible causes of financial losses obviously vary from company to company.
Here is an overview of some of the types of coverage available. Some of these you will probably need and some you won’t:
• General liability insurance (protection against third party liability claims for injuries occurring to others)
• Product liability
• Malpractice / professional responsibility
• Property insurance
• Workers Compensation
• Commercial vehicle insurance
• Cybercrime protection
• Loss of income
• Record retention policies
• Key personnel insurance, in case the heads of the company become incapacitated
• Specialized coverage for things specific to your industry, as well as one-day events like concerts or seminars.
Legal Requirements in a Commercial Business Insurance Quote
Commercial insurance is generally required by law, but under certain conditions, which vary from state to state. At a minimum, you will need general liability insurance. Depending on your trade, your state may require you to carry professional liability insurance. If you have employees, you may be expected to pay unemployment insurance taxes under certain prescribed conditions if they are deemed to apply to your organization. Therefore, you will need to register your business with your state’s workforce agency.
Don’t just select the first cheap business insurance quote you see. Your policy should be tailored to your business based on your risks and the relevant laws regarding your industry. Work with an insurance company that will take the time to learn about your business in order to get you the best possible coverage to protect your business investments.
Since there are so many sites that promise to offer the “best” quote on business insurance, it’s a good idea to use Hiscox Business Insurance as a starting point. While a great insurance company, Hiscox does not consider insurance coverage to be “one size fits all.” It’s your best bet for personalized coverage for your specific industry and needs.
