Business Insurance Blog Posts

Sole proprietors can protect their businesses by taking out business insurance. Start with general liability and commercial property policies, and then talk with your insurance rep about any recommended additional coverage.

At its most basic, a business insurance quote is a document that shows what you could expect to pay for a policy from an insurance provider. Each business quote will be different due to the unique needs of each business and factors such as industry, number of employees, past insurance claims, and deductibles. 

While small business health insurance is an additional expense for your business, the benefits for both you and your employees are likely worth the cost. Potential tax benefits for your business and happier and more productive employees make adding health insurance as a benefit a win-win for your small business.

The most important kind of insurance for most small businesses is general liability insurance. Commercial property insurance is also important. You may be able to combine these two types of coverage into one policy, known as a business owner’s policy or BOP that lets you obtain coverage at a discount.

Small business insurance isn’t the same for everyone. If you are self-employed, check out Hiscox or Next. If your business is large and complex, you should look at The Hartford or Nationwide.

Property insurance policies do not normally protect you in case of damage from floods. Flooding is defined as water inundating an area of normally dry land and affecting two or more adjacent properties or 2+ acres. Your property insurance policy will protect you from other types of water damage, such as a burst pipe, but only flood insurance helps you in the event of an actual flood.

Human resources and discrimination-related lawsuits often settle for large amounts of money. If you have employees, an EPLI insurance policy should be a must for your risk management plan. Without it, you will have to pay to settle these lawsuits out of pocket which could close your small business’s doors forever.

If a third party is injured as a result of your business, and your business is found liable, then liability insurance covers the legal and medical costs associated with physical harm. It does not cover negligence, business malpractice, employee injuries, or vandalism.

Bobtail insurance is a commercial truck insurance endorsement that provides trucks with liability coverage while they’re traveling on the road without a trailer or cargo attached. Bobtail insurance is relatively inexpensive, and most drivers will pay in the ballpark of $400 a year. Factors that determine your cost are your driving record, how often/how far you expect to bobtail, and your policy’s coverage limit.

Does your restaurant have the right insurance? In our complete guide to restaurant insurance, we’ll cover which insurance policies you need, how much it’ll cost you, and where to get the right insurance for your business.