How to Get Business Insurance

January 24, 2023

If you’re a CEO or entrepreneur, then business insurance is essential to protect your company from potential perils. Most states also require businesses to carry some form of liability coverage. But what exactly does business insurance cover, and how do you go about getting it? Let’s walk through how to get business insurance and some of the diverse types of coverage it can provide.

How to Get a Business Insurance Policy

Most major insurers offer several forms of business insurance. However, there are other specialized insurers who can provide better rates or better coverage depending on what type of protection you need. Always speak with a trusted insurance agent about pricing options for distinct levels of coverage before choosing any policy.

We recommend contacting an independent agent who specializes in business insurance policies. They’ll provide you with quotes from different insurers and help you compare each policy’s rate and features. This will allow you to make an informed decision about which policy is right for your business. They’ll also make sure you understand all the terms and conditions before signing up for a policy.

How Much Does It Cost? 

The cost of a business insurance policy depends on several factors such as the type and amount of coverage, as well as the size and scope of your business operations. Generally, business insurance policies start at around $500 per year but can cost much more depending on the exact coverage you choose. Some policies may feature the ability to bundle with other forms of coverage for a discount.

What Does Business Insurance Cover?

Business insurance covers a variety of risks that any company can be exposed to. This includes things like property damage, personal injuries, employee-related claims, and legal fees in case of a lawsuit. It may also provide protection against fallout from cyberattacks such as data breaches and identity theft.

The type of coverage you’ll need will generally depend on your company’s industry and number of employees. Depending on the type of policy you choose, it may also cover areas related to your particular field. The amount of coverage varies widely by policy, so be sure to ask your insurance agent for specific coverage details.

Types of Coverage Available

When selecting a business insurance policy, there are several types of coverage available depending on your unique needs. These often include general liability coverage, which covers damage caused by negligence or accidents, and product liability coverage, which protects against claims related to faulty products.

Some policies feature some form of property insurance. This generally covers business-related equipment and inventory that may be damaged or lost due to theft, fires, or storms. Other specific types of coverage may be required by state law or industry regulations. For instance, workers’ compensation insurance is often required for most companies with full-time employees. Make sure the policy you chose includes added coverage if it applies to your business.

Other common forms of business insurance include coverage for automobiles and business interruptions. For example, business interruption or continuation policies often apply to retail stores or companies in the manufacturing industry. These policies can compensate for lost income in the case of events that disrupt ongoing business operations.

Ask Us How to Get Business Insurance 

Starting or owning a company is risky business. While some industries come with more inherent risk than others, any business can experience unexpected hardships. Accidents, negligence, criminal activity, and natural disasters can all occur at a moment’s notice and with dire consequences.

One of the best ways to protect your company and its employees is to get business insurance. If you have questions about coverage or how to get started, then we encourage you to contact us today for a free quote. Our independent agents are always available to support you and your business however they can.