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The idea of insurance for businesses is simple: you pay a set amount in the form of an insurance premium, generally either monthly or once a year. In return, you may be able to avoid paying a much larger amount if something unexpected happens. Of course, business insurance limits that concept to your business. If an accident happens while you’re working or someone blames your business for damage, your local business insurance could take care of the problem so that the cost doesn’t come out of your company’s budget.
Global corporations get sued all the time. Sometimes, they’ll even just pay claims that aren’t their fault because it’s easier than fighting and they’ve got the cash to spare. Most small businesses can’t do that. And there’s where small business insurance come in. Accidents happen and, unlike a big corporation, a small business can’t just shift dollars between projects or subsidiaries. A single, large claim could stop a small business in its tracks, which makes reliable insurance for a small business critical.
On the other hand, your business doesn’t need as much coverage as a large corporation. Business insurance companies need to offer you the best small business insurance that will take care of you, at a price you can afford.
Small business insurance should be about creating a product that’s easy to understand, affordable, and provides the coverage you need. The key is realizing that what makes a great product isn’t the same for every business. Other personal business insurance companies might offer policies especially for small businesses, or even break down their policies by industry. But we go a step further. Our policies are:
Customized – We tailor our policies for each type of business. No two businesses are identical, even within the same industry. That means that no matter your niche, you’ll pay for the coverage you need, and not for coverage that’s irrelevant to what you do.
Cost-effective – We don’t play games with hidden charges. And our premiums are so low that a confused customer once called us, because she couldn’t believe our price was real. You get what you need and pay what it costs, with low deductibles, no cancellation fees, and unlimited certificates of insurance and additional insurance included.
Online – You can get a quote, buy your policy, file claims, share your proof of insurance and more, all online. Our average customer can get a policy in under 10 minutes. By making these transactions easy to access, we’re able to cut costs while still providing outstanding service.
Traditionally, business owners like you had to figure out what types of business insurance policies they need to get the right coverage. We do things differently. For us, different types of business insurance are the elements that go into individualized policies. Instead of buying multiple types of insurance, you get one policy that includes exactly what you need, for your specific business. Learn more about the types of insurance for small business owners that we offer, with this handy chart:
|Insurance Type||Coverage||Example||Do I Need This?|
|General Liability||This can cover many of the accidents at work, including property damage, physical injury, and medical or legal fees. General liability insurance also covers personal injury, which includes things like advertising harm and copyright violations.||A client comes to your office and slips on some spilled coffee, breaking a hip. They ask you to pay the medical bills.||General liability coverage is the most basic type of insurance that most businesses need. Unless you never see your clients face to face or handle any of their physical property, this insurance is important.|
|Professional Liability/Errors & Omissions||This insurance for business owners can cover accusations of professional mistakes, as opposed to unavoidable accidents. It often pays for work to be redone or for damage caused by faulty work.||You’re a contractor and your client claims you used the wrong insulation material, causing leaks in the roof. They want you to pay to replace their expensive carpet and to reinsulate their roof.||Professional liability insurance is especially important if you deal with expensive property (houses, cars, etc.), but can also cover you if you have technical difficulties and can’t complete a job.|
|Commercial Auto||Commercial auto insurance can pay for damage caused by or to your business vehicle in case of an accident or collision, whether or not it was your fault.||Your employee is delivering a product in your company van. They skid, crashing into another car. Your insurance could cover the damage to both vehicles.||If your vehicle is an inherent part of the work you do, then you need commercial auto insurance. It’s generally a legal requirement if you use your vehicle for business.|
|Workers’ Compensation||If an employee gets hurt on the job, this type of insurance for business owners could cover their medical expenses and lost salary while protecting you, the employer, from being sued for negligence.||Your employee tells you a ladder they’re using is getting old. The following week, it breaks and your employee breaks a leg.||In many states, workers’ compensation is mandatory for any business with even one employee. However, some places have other requirements and some do not regulate it. Check local laws to find out.|
Our customers’ small business insurance costs vary tremendously. That makes sense, since a yoga teacher needs different coverage from a handyman, whose needs are entirely different than those of a daycare. For some professionals, like personal trainers, price start at just $11 per month, while the cost of business insurance for general contractors with expensive projects and many employees can be much higher.
Even within a specific industry, all of our policies are tailored to meet customers’ specific needs, and your small business insurance quote will reflect that. When you buy a policy from us, you pay for exactly what you need and nothing that you don’t. But that also means that it’s nearly impossible to accurately predict how much your policy will cost until you go online and get your personalized small business insurance quote.
While we can’t give you a “general business insurance cost,”, we can tell you about some of the factors that determine your small business insurance cost. Below, you’ll see the breakdown of what other professionals pay for their policies and can get an idea of where you might fit on a very broad spectrum.
You may not be surprised to learn that businesses with more employees face more risk. As a result, the more employees you have, the more coverage you need. But a lot of our customers are also their company’s only employee.
While the number of employees doesn’t lead directly to a higher insurance premium, it’s often the case that our customers with employees pay more for their low cost business insurance than business owners without employees.
Your location includes everything from what kind of environment you work in, to your city, state, or county.
Do you work out of your home? Do you rent space, or use a local park/library? These affect the amount of risk you’re taking on, as well as the market for your business and the local insurance regulations that will apply to your business.
All of these considerations can impact your small business insurance cost, and will almost certainly influence the average cost of business insurance where you live.
If you work in a profession that involves heavy equipment, expensive property, or dangerous environments, your general business insurance quote will probably be higher than if you’re in a profession that involves sitting quietly at a desk. That means construction professionals are likely to pay more than consultants. But within each industry, there’s still a wide range. And there are exceptions to every rule.
You may think your profession is pretty clearly defined. For example, you’re a painter. But do you paint interiors or exteriors? Do you sometimes fix up a wall’s surface before you paint or remove old wallpaper? If you’re a fitness instructor, do you only teach one particular type of class? Or do you teach a few types of classes for different age groups? Maybe you teach privately in people’s homes and also offer public classes or can be hired for big events? Each of these has different levels of risk, and those are reflected in the cost of your online business insurance.
To make sure we’re getting you the exact coverage you need, we’ll ask you about all of this before we provide your small business insurance quote. You’ll be able to choose your primary business activities, we’ll suggest some that may go along with then, and you’ll even tell us what percentage of your revenue comes from each. That way, we can give you the coverage you need without adding unnecessary expenses.
Your business insurance cost may also be influenced by how long you’ve been in your field. How this will affect your business insurance quote depends on your particular industry. Some people have spent years building up professional expertise before they ever start their own business. That can mean that their risk is lower than newer professionals. That risk is often reflected in the price they’ll pay for their coverage.
As you may be starting to understand, we’re a little different than other small business insurance companies. And no matter which small business insurance policy you’re looking for or which of the many business insurance companies you buy from, there are some things all business owners should look for in your business insurance. The key elements include:
1) Find A Tailored Policy
By designing your insurance policy specifically for what you do, we make sure that you get the exact policy you need for your work. There are no extra costs for coverage you don’t need or want. This helps us keep your costs down.
But it also means that you can rely on your insurance policy to offer the right coverage. You won’t end up with plumber’s insurance that doesn’t cover water damage, or a photographer’s insurance policy that stops if you take your camera out of your home. And you’ll only pay for more expensive coverage like roofing if you need it–not just because you’re in “construction” as a whole.
2) Make Sure There are Affordable Options
The first way we keep our customers’ small business insurance costs low is by making sure you don’t pay for coverage you don’t need. But we go beyond making sure your coverage is right. Unlike some online business insurance companies, we don’t add on extra fees or hidden charges for buying a policy, or anything else.
If you need more certificates of insurance? No problem, they’re available online whenever you need them. If you need to cancel, you can even do that online. You can approach your finances with complete peace of mind, knowing that the price you see is the price you get. Affordable business insurance isn’t a dream for our customers.
3) Look for the Simple Solution
As a business owner, you want to make sure you have the best business insurance that’s available. But that doesn’t mean you have lots of time to spend dealing with your insurance . That’s why we’ve simplified the whole process: get your small business insurance quote online in minutes, so you can evaluate your business insurance cost. Then you can buy business insurance online, and get back to work. The whole process takes most of our customer under 10 minutes.
Once you have your policy, it stays simple. With 24/7 access to our online portal, you can get your policy details, share your proof of insurance, add additional insured, and more, all at your convenience.
There’s a reason we’re different from a lot of other small business insurance companies. We believe that your insurance company should be your partner. In order to enable that, we do what we can to help businesses like yours thrive.
You’re a skilled professional. To excel, you need a good safety net that lets you focus on the parts of the business that made you want to open your own business in the first place. When you feel confident and secure, you’ll be able to push forward, take on new challenges, and bring your business to the next level.
In order to do this, you can’t be bogged down in paperwork or frozen by fear of risk. That’s why we’ve designed our policies around your business. Instead of starting with a policy type, we’ll start with you. We’ll craft a policy based on what you do and how you do it. You’ll get the coverage you need and will be able to access it easily, at a price that makes sense for your business.