You’ve invested a lot of time, money and sweat in your small business, so it makes sense to protect that investment with smart and professional insurance coverage. In fact, business insurance should be an essential part of your business operations — a necessity for safeguarding your business assets, your employees and your livelihood.
small business insurance
What coverage do you need?
Business insurance policies come in many forms to cover many needs. Several factors determine what coverage you’ll need and the rate you’ll pay, such as the nature of your business, whether you operate from a commercial building or home office and whether you have employees. Below are the most common types of insurance coverage that small businesses need:
Property insurance: Property insurance covers your buildings, equipment, inventory and other contents. You especially need this type of insurance if you own a storefront and house a lot of inventory all in one place.
Liability insurance: What does liability insurance cover? If you have customers visiting your business, general professional liability insurance protects your business in the event a customer is injured on your property. It also pays for your legal defense if you face a lawsuit because your product or service causes harm. If you provide services that could cause others’ financial loss, you also may need professional liability coverage. Malpractice insurance is a type of professional liability insurance which is mostly used by medical professionals, but can be used by other professionals to help provide legal defense. Almost all businesses need this type of insurance if workers have direct interaction with or provide services to the public.
Commercial auto: Commercial auto insurance claims can be devastating for businesses that aren’t properly insured. If you or your employees drive company-owned or personally owned vehicles in the course and scope of business, you need commercial auto coverage. You need this insurance to avoid having an auto claim denied by your personal agent because your vehicle was being used for work purposes.
Workers’ compensation: If you have employees, you need workers’ compensation insurance to cover medical expenses and lost wages arising from illnesses or injuries triggered by their work. Many states require you to carry this coverage so you need it to be in compliance with state law.
Business interruption: If your business is unable to operate because of a covered property loss, business interruption insurance covers lost income during the downtime. You need this insurance to ensure the continuity of your business when outside factors adversely affect it.
Disability insurance: If you own a small business, a disabling injury or illness could be financially devastating. Several income protection options are available for business owners, including business overhead expense insurance, key person insurance and bank loan disability insurance. You need this to protect you in the event of an injury that could impact your business.
Health: Health insurance is important for you and your employees. And with the federal Affordable Care Act now on the books, it’s important to understand your responsibilities as an individual and as an employer. Again, you may be legally required to offer this insurance. You also may need to have it to attract top quaiity talent.
Life: If you have family members who rely on your income, life insurance will provide the money they need if you meet an untimely death. In addition, many lenders require you to have life insurance before giving you a business loan. You need this to protect your family from a loss of income in the event of your death.
Key person insurance: This is a type of life insurance where your business is the beneficiary. A business normally takes this policy out on a key individual in the company. If that person dies, then the company receives the benefit to help keep the company afloat. This insurance is needed to protect your business and any income your family may receive from the continuation of a business after your death.
Errors and omissions insurance: This insurance is a type of liability insurance needed to protect a professional who gives advice or delivers services. If a customer is adversely affected by bad information, this insurance can kick in to reimburse the client for any mistakes you’ve made. You need this to give clients confidence in your work and to know they are covered in the event of an errors you might make.
Don’t leave your business unprotected. When you’re ready to shop for small business insurance quotes, get instant access to top business insurance companies and the most competitive options with netQuote.com. It’s fast, easy, convenient — and free.
Most businesses have at least one truck, car, or other vehicle. And many use a fleet of commercial vehicles such as busses, limos, delivery vans, or very large trucks such as dump trucks or tractor trailers. A personal auto policy will not protect your business vehicle use, so it is critical to get commercial vehicle insurance quotes and make sure you have the right coverage to protect your business investments.
Fortunately, you don’t have to spend endless hours comparing commercial vehicle coverage. A local independent agent in the Trusted Choice® network can compare rates for you from multiple insurance companies and help you get the policy that meets your needs. As an added advantage, because these agents partner with a variety of commercial insurance companies, they can provide your entire business insurance package out of one office. Contact a local member agent today to get started.
How to Get the Best Commercial Vehicle Insurance Quotes
Work with an agent who can help you assess your risks and concerns, including liability and damage to business property
Be prepared to answer in-depth questions about your commercial vehicle use
Compare a range of business auto insurance quotes from multiple carriers
Be sure to ask about commercial vehicle insurance deals and discounts
Get Customized Commercial Vehicle Insurance Quotes
Not all commercial auto insurance quotes provide the same level of driver and fleet coverage. While you may be tempted to manage costs by choosing the cheapest policy, it is important to balance cost and risk management. You also want to make sure you fully understand the coverage provided in each commercial auto quote, and know that your policy will cover the claims you may need to file.
A good commercial vehicle policy will provide coverage for risks to your drivers, your vehicles and your liability as a business owner. Your policy should include:
Auto liability: Coverage for you – and other drivers in your company – when you or a staff member is responsible for an accident. You want this portion of your policy to cover bodily injury, property damage, and legal defense fees.
Medical payments: If you or a staff member is hospitalized or requires rehabilitation, this coverage will kick in to help pay those bills.
Collision coverage: This portion of your policy pays for repair or replacement of your company car or truck if you or an employee causes an accident.
Comprehensive coverage: Known as “other than collision,” comprehensive coverage pays for damage to your vehicles from hail and other causes. If a piece of equipment fell off another vehicle on the highway, for example, and damaged your delivery truck, your comprehensive coverage would pay for it.
Rental reimbursement: This optional coverage is a good idea for those who rely heavily on their business vehicles. If your company car is in the shop for a week, this coverage would pay for the cost of renting a temporary replacement.
Uninsured and underinsured motorists: If another driver causes an accident with one of your company vehicles, that driver’s insurance should pay for any damages. But if the driver has little or no auto insurance, this coverage will kick in to help cover your costs.
Towing and roadside assistance: Just as it implies, this coverage will help with towing, locksmiths, flat tires and so on, if you or one of your employees needs roadside assistance. If you have large commercial vehicles, such as trucks, busses or limos, these out-of-pocket costs can be astronomical.
In addition to finding a policy with adequate coverage, make sure the commercial vehicle quotes you review have the limits and deductibles that meet your needs. Most importantly, look for a policy that is truly matched to your needs, not “one size fits all” coverage. An independent agent can help ensure that your policy is tailored to your business.
Information for Accurate Commercial Auto Insurance Quotes
Help your agent help you get the best possible business coverage by proving detailed information, such as:
Your personal profile and record of company insurance
Information about the drivers in your company; the insurance company will need driver’s license numbers to get driving records for each driver to insure
A list of makes, models and years of all vehicles to insure
A description of usage, such as:
How many business vehicles you have
How far they are driven and how often
How you and your employees use these vehicles
Whether your vehicles transport hazardous materials
Whether they transport patrons or other riders
Starting your quote comparison online may give you an idea of the rates you can expect to pay, but to make sure you manage your business risks, it’s best to work with an agent. If you work directly with a local independent agent, you can take a lot of guesswork out of this process. Your agent will have your best interests in mind and will make sure you are not left with gaps in coverage.
Commercial Vehicle and Business Owner Policy Quotes
Managing your costs is a key concern. The good news is that you don’t need to give up quality to get affordable coverage. You also don’t need to go to multiple sources to get all of your business insurance needs met. A local independent agent in the Trusted Choice network who specializes in commercial insurance can meet all of your insurance needs.
Independent agents are not locked into contracts with any specific insurance company, but instead work with many. This means a member agent in the Trusted Choice network will advocate for your needs, not those of an insurance carrier. Your agent can help you evaluate options, deductibles, limits and commercial vehicle insurance quotes from several providers so you can be in the driver’s seat when it comes to your coverage.
Protect your business in minutes
With the energy, care, time and resources you’ve put in, insurance for your business (and getting it right) will be a top priority. As specialists in insurance for small business, we understand that your requirements are unique and that the types of business insurance on offer can be confusing.
To help you decide, we’ve designed a form that’ll help you compare business insurance quotes tailored to your needs, choosing from a range of covers including public liability and employers’ liability. To get started, click below and get your commercial insurance quotes now.
Online business insurance
Selling products online? We can now cover your online trade, with online retailers’ insurance built for businesses that sell on the web. We offer excellent value and extensive cover, with stock insurance part of the package. Whether you’re a home-based business or high street retailer, our online retail insurance offers a tailored solution.
Business insurance refers to a range of covers that protect businesses against losses suffered during the course of normal activities, particularly in the face of a compensation claim. Different covers look after different risks, such as legal liability, property damage and employee-related issues.
Build a tailored business insurance quote
You can tailor your business insurance quote to your own individual needs by including covers such as:
Public liability insurance can protect you if a client or a member of the public suffers personal injury or property damage because of your business.
Professional indemnity insurance can cover you should a client loses money as a result of negligence in your advice, services or designs.
Employers’ liability insurance can cover compensation payments and legal costs if an employee sues you for a work-related illness or injury.
Product liability insurance can protect you if your product causes injury or damage to a person or their property.
See more business insurance covers
Run a quick business insurance quote comparison
You can easily combine the covers that best suit your own requirements in one single policy and start your quote from our panel of leading insurers. It’s quick and simple: one policy, one premium, one renewal date, and one set of documents.
Is business insurance required by law?
A tailored business insurance policy will help you safeguard your financial future. Our consultant Ellie explains your legal responsibilities and why most companies, professionals, and small businesses need insurance.
See also: Is business insurance a legal requirement?
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Building your business cover
Public liability insurance is a key cover for many businesses, small and large, as it can protect you if someone is injured or their property is damaged because of your business. Simply Business offers between £1 million and £5 million in cover, to protect you against this cost.
If you have employees, contractors, casual workers or temporary staff, you’re required by law to take out employers’ liability insurance. It’ll cover claims from employees who’ve been injured or become seriously ill as a result of working for you.
Professional indemnity insurance is a vital consideration for all businesses that give advice or offer professional services to other businesses. It covers you in the event that you give faulty advice that causes financial loss to a client.
Sorting your finances
We lead in small business insurance, and our partners over at Aldermore Bank are the experts in business financing. Together, we’re able to offer clever solutions for factoring, invoice discounting and other boosts to your business development. Take a look at our finance section for all things cashflow.
Why get business cover?
If you employ people, you’re legally obliged to take out employers’ liability insurance. Most businesses aren’t required to take out any other cover, meaning it’s up to you to decide what’s sensible for your line of work. However, business insurance is one of the most effective ways to maintain a stable, safe workplace and income stream. Here are a few reasons why:
Cover like public liability is used and relied on by thousands of businesses in the UK. It’ll protect you from expensive claims for the smallest slip-ups
Business insurance can be essential for securing contracts with clients – so check what’s needed and we’ll help you arrange cover
Lots of trade bodies will demand that their members are insured for certain things, such as professional indemnity. Whatever they require, we’ll help you get started
Additional covers like protection for stock, business interruption, equipment, contents and buildings can also be essential, should you hit a crisis that threatens your trade. So try and weigh up the potential risks, and decide what’s important to your business