Small Business Insurance

Business liability insurance is any commercial insurance that involves a business’s responsibility for losses, injuries, or damages. Types of liability insurance include:

• General liability insurance to cover customer injuries and property damage
• Professional liability insurance for work mistakes that negatively impact a client
• Commercial auto insurance for accidents involving business-owned vehicles
• Employer’s liability insurance to protect against employee injury lawsuits

Business insurance, also called commercial insurance, provides crucial protection for any small business. If there’s an accident at your business, you could face a lawsuit. The high cost of litigation, medical bills, and property damage claims is the primary reason businesses need insurance.

The risks you face determine which policies you need. The policy most businesses purchase is general liability insurance, which protects against customer injuries and other common accidents. You may need additional policies if you have employees, own a building, own a business vehicle, or provide expert advice.

No single insurance policy covers everything. In general, there are two broad areas of coverage:

• Business liability insurance covers incidents in which someone holds your business responsible for damages, injury, or loss.
• Commercial property insurance pays for repair or replacement of damaged or stolen business property. It also covers your building if you own it.

In certain cases, business insurance is required by law. Most states require businesses with employees to obtain workers’ compensation insurance. Business-owned vehicles must be insured with commercial auto insurance.

State laws may also require some businesses to obtain insurance as part of the licensing process. For example, bars typically need liquor liability insurance as a prerequisite for a liquor license.

There are several situations in which businesses are required to obtain commercial insurance. For example, most states require businesses with employees to purchase workers’ compensation insurance. Business-owned vehicles must be covered by commercial auto insurance.

While it’s not required by law, general liability insurance is often included in the terms of a commercial lease or client contract. Learn more about the types of business insurance.

Business insurance costs vary based on the policies you purchase and your coverage limits. Other factors include your industry, number of employees, revenue, and location. Small, low-risk businesses – especially those that qualify for a business owner’s policy (BOP) – pay less for insurance than larger companies.

Insureon can help you get cheap business insurance that meets the unique needs of your small business through our online application. You can compare quotes from top-rated insurance carriers, select policies, and begin coverage in less than 24 hours.

Getting insurance coverage through Insureon is one of the easiest ways to save money.

With Swift, you can compare multiple quotes from top U.S. carriers with our online application and then select the policies that you need at the most affordable price. Insurance agents are available to help you walk through your different options and choose the right coverage for your small business. Once you select your policies, you can begin coverage that very same day.

You can also contact insurance companies directly and request rates, but you’ll have to provide your business details each time you apply.

Business insurance is considered one of the costs of doing business. That means you can deduct insurance premiums that serve a business purpose, such as your premium for general liability insurance or professional liability insurance.