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What is small business insurance?
Small business insurance is exactly what it sounds like: insurance designed for small businesses like yours. Different policies protect against different risks, such as fires, theft, and lawsuits brought by customers or employees.
The type of business insurance you need depends on your business’s risks, as well as factors such as state laws, lease requirements, and client contracts.
Find the right small business insurance for your business
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business information
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rate and coverage
Top small business insurance policies
These policies address the most common risks faced by small businesses.
General Liability
Insurance
Covers bodily injuries, customer property damage, and advertising injuries.
Best for:
Slip-and-fall accidents
Customer property damage
Libel lawsuits
Professional Liability
Insurance
Also called E&O insurance, this covers legal costs for professional errors or missed deadlines.
Best for:
Negligence lawsuits
Project disputes
Work mistakes
Workers' Compensation Insurance
Covers medical expenses for employee injuries and is required in most states.
Best for:
Employee medical costs
Disability benefits
Injury-related lawsuits
Errors & Omissions
Insurance
Helps cover legal costs when a customer sues over a mistake, oversight, or delay that caused a financial loss.
Best for:
Mistakes and oversights
Breach of contract
Missed deadlines
Commercial Property
Insurance
Covers your business’s physical property, including inventory and equipment, against losses like fire or theft.
Best for:
Fire damage
Theft and vandalism
Storm damage
Business Owner’s
Policy (BOP)
Combines general liability and commercial property insurance for small businesses in one affordable package.
Best for:
Customer injuries
Damaged property
Business interruptions
Cyber
Insurance
Helps businesses recover from cyberattacks and data breaches by covering recovery costs and customer notifications.
Best for:
Data breach lawsuits
Customer notifications
Fraud monitoring
Commercial Umbrella
Insurance
Provides additional coverage once your policy limits are reached, extending protection for general liability and auto insurance.
Best for:
Personal injury lawsuits
Auto accidents
Employee injuries
Commercial Auto
Insurance
Covers vehicle-related accidents and damages. This is required for all business – owned vehicles in most states.
Best for:
Auto accident lawsuits
Vehicle damage or theft
Vandalism
How much does small business insurance cost?
Small businesses, especially low-risk ones, often qualify for discounted business insurance. Here are the average costs for top policies sold by Insureon:
General liability insurance: $42 per month
Professional liability: $61 per month
Workers’ comp: $45 per month
Several factors affect policy costs, including:
- Industry and risk factors
- Coverage limits
- Location
- Number of employees
Business insurance for specific industries
At Swift Insurance, we offer policies that address the unique risks of industries like retail, manufacturing, healthcare, food and beverage, and construction.
General Liability
Insurance
Included in general liability, this covers injuries or damage caused by your products or services.
Best for:
Construction & contractors
Manufacturers
Medical Malpractice
Insurance
Offers financial protection for healthcare professionals against negligence claims.
Best for:
Medical error lawsuits
Negligence accusations
Contractor's Tools & Equipment
Covers lost, stolen, or damaged tools and equipment.
Best for:
New equipment
Mobile tools
Inland Marine Insurance
Protects property used in the field or in transit in any industry.
Best for:
Items in transit
Unique, valuable items
Builder's Risk Insurance
Covers structures under construction or renovation from damage.
Best for:
Building projects
Worksite theft
Liquor Liability Insurance
Covers legal fees and damages if an intoxicated customer causes harm.
Best for:
Injuries caused by patrons
Property damage from intoxicated customers
FAQ
What does small business insurance cover?
Small business insurance generally covers two areas:
- Liability insurance: Covers accidents, injuries, or damages your business causes.
- Property insurance: Covers repair or replacement of your building and business property.
Why do I need business insurance?
It protects you from costly lawsuits, medical bills, and damages. General liability is a common policy, but you may need others depending on your business type and risks.
How does business structure affect insurance needs?
Your business type determines required coverage. For example, workers’ compensation is mandatory if you have employees, and you may need specific policies for contractors or LLCs.
How do I get small business insurance?
Complete a simple online application to receive quotes from top carriers based on your needs.
What other business insurance products are available?
Options like business interruption, hired and non-owned auto insurance (HNOA), management liability, and more provide customized coverage for your business needs.
How do I make a business insurance claim?
Contact your insurance provider with your policy details to begin the claim process. An agent will guide you through each step.
Where can I learn more about coverage options?
You can speak with one of our agents to find the right coverage or review our FAQs for more information.