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Business insurance helps protect your company and its assets when you face property damage, injuries, lawsuits or other claims that might arise from your work.
There are many types of business insurance available from lots of providers. These include well-known insurance companies, like Geico; providers focused on business insurance, like The Hartford; and digital-first startups like Next Insurance.
The right choice for you will depend on your company. To find the best business insurance, assess your risks to decide which types of coverage you need — then shop around to find the best coverage at the best price.
How to find the best business insurance for you
NerdWallet recommends getting quotes from multiple providers to find the best business insurance for you. While the right fit will ultimately depend on your industry, company size and location (among other factors), some insurers stand out in certain areas.
If you need insurance quickly
Many insurers don’t allow small-business owners to actually purchase policies online. But if your insurance needs are simple and you prefer a quick, all-online shopping experience, consider:
- future indemnity .This all-online commercial insurance provider allows shoppers to get quotes and purchase policies online in a matter of minutes. Next will send you an electronic This all-online commercial policy provider allows shoppers to get quotes and purchase policies online in a matter of minutes. Next will send you an electronic security of insurance that you can show to anyone who asks, like a landlord or contractor .
- Chubb .Chubb also offers a full online experience, including getting quotes and purchasing policies, for common types of business insurance. You can buy a business owner’s policy, professional liability insurance and umbrella insurance online and add endorsements like data breach and employee dishonesty coverage. Chubb besides offers a full on-line know, including getting quotes and purchasing policies, for coarse types of occupation indemnity. You can buy a commercial enterprise owner ’ sulfur policy, professional liability insurance and umbrella indemnity on-line and add endorsements like data transgress and employee dishonesty coverage .
If you want help from a professional
If you ’ rhenium uncertain about what kinds of business indemnity you need, a accredited commercial insurance broke or agentive role can help you evaluate your risks and compare versatile policy policies. Brokers and agents earn money from commissions, but they can besides provide valuable advice .
If you like working with an insurance agent and want highly rated customer service, consider:
- Allstate .Allstate won top marks for customer satisfaction in the J.D. Power 2021 U.S. Small Commercial Insurance Study. You can get a quote online, work with an agent to customize your coverage and then manage your policy online. Allstate won top marks for customer satisfaction in the J.D. Power 2021 U.S. Small Commercial Insurance Study. You can get a quotation on-line, sour with an agent to customize your coverage and then manage your policy on-line .
- State Farm. State Farm boasts a large net of agents and policy packages customized for dozens of industries. This insurance company finished moment for customer satisfaction in the 2021 J.D. Power study .
If you need a business owner’s policy
If you know you want a business owner’s policy, consider:
- The Hartford. The Hartford offers a straightforward occupation owner ’ sulfur policy that includes general liability, commercial property and business interruption insurance. You can tack on data gap coverage and professional liability policy, besides .
- Hiscox. Hiscox offers a BOP with lots of useful addition options, including clientele break policy, electronic data loss coverage, hired and non-owned car coverage and commercial crime policy. however, note that coverage international relations and security network ’ deoxythymidine monophosphate available in every state of matter .
If you need commercial auto insurance
Most business insurance companies provide commercial auto insurance, but some specialize in it. If your top concern is auto insurance, consider:
- progressive .Progressive’s commercial auto insurance can cover cars, trucks, trailers and other business vehicles. The company offers customers access to a network of car and truck repair shops and round-the-clock service by phone or online. progressive ’ sulfur commercial car policy can cover cars, trucks, trailers and early business vehicles. The company offers customers entree to a network of car and truck repair shops and around-the-clock service by telephone or on-line.
- Geico. Geico insures box trucks, food trucks, pickups and more, though not semi trucks or tractor-trailers. Geico’s customer service hours are more limited than Progressive’s, and service and claims support is unavailable on Sunday. Geico insures corner trucks, food trucks, pickups and more, though not trailer truck trucks or tractor-trailers. Geico ’ s customer service hours are more limited than progressive ’ mho, and service and claims defend is unavailable on Sunday .
Both Progressive and Geico offer commercial auto insurance themselves, but send customers to third-party insurers for most other types of coverage.
What kinds of business insurance are there?
There are many different types of occupation policy that protect against detail kinds of risk . General indebtedness policy and commercial property indemnity — and in some cases, business income indemnity — are frequently packaged and sold as a business owner ‘s policy, or BOP .
BOPs are fairly standardized, but you may be able to add certain endorsements. For instance, The Hartford offers data breach coverage as an add-on, and State Farm will allow you to add professional liability coverage to a BOP.
A BOP may provide enough coverage for some small businesses that don’t have employees.
What business insurance coverage do you need?
Follow these steps to figure out if your business needs policy
- Find out what coverage is required by law .Some business insurance is required by law, like workers’ compensation. Check the Some business indemnity is required by law, like workers ’ compensation. Check the workers ’ compensation regulations in your state of matter to make certain you ’ re in complaisance. Be on the lookout for industry-specific regulations as well — for example, express law might require lawyers to carry legal malpractice indemnity .
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Find out if your contracts require insurance.
Landlords, lenders and contractors may require certain coverages before doing business with you.
- lecture to a professional .If you’re unsure about what kinds of business insurance you need, a licensed commercial If you ’ re uncertain about what kinds of business indemnity you need, a accredited commercial policy broke or agent can help you evaluate your risks and compare diverse insurance policies .
Reassess your business insurance needs regularly
As your small business hires employees, adds locations or grows its product line, your insurance needs will grow too. Check on your insurance policies every year to make sure they still provide the best coverage for you.
Frequently Asked Questions
Small-business insurance is coverage that limits your company’s financial losses in case of property damage, injuries, lawsuits or other claims your business might face.
If your business has employees, performs services for a fee, has an office or storefront or sells products, you need business insurance. What policies you need and how large those policies should be will vary depending on what your business does, how many people you employ and lots of other factors.
Business insurance can cover financial losses due to property damage, lawsuits, injuries to customers or employees, work stoppages and many other events. Different types of policies protect against different kinds of risks. Most businesses need several types of coverage.
The cost of business insurance depends on what your company does, where you’re located, how many employees you have and how much space you occupy, among other factors. Get quotes from several different insurance providers to find the best price.
Most business insurance policies spell out specific exclusions, which are events that they won’t cover. Read your policies closely to understand what’s covered and what isn’t. Business insurance also doesn’t cover losses beyond the policy’s limit, which is the maximum amount your insurance company will pay out in a certain period of time.
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You need small-business insurance if a state law, a lease, a business loan application or another type of business agreement requires you to have it. Workers’ compensation insurance and commercial auto insurance are often required by law. Check your state’s regulations and read all your agreements closely to find out what coverage you need.
