Finding the appropriate small business insurance can protect you against losses. But selecting the most suitable coverage may prove challenging, so take some time to assess your risks and assets before making a final decision. Research various providers, compare quotes, and get the best insurance for your small business.
Selecting the ideal insurance for your small business requires taking into account both your individual needs and any laws in your state that pertain to your industry. After consulting with an insurance agent, you can determine which policies are suitable and how much coverage is necessary.
Depending on the nature of your business, you may require various forms of business insurance. Your state laws and contracts with clients or lenders may require you to purchase specific types of coverage like workers’ compensation or commercial auto coverage.
Many businesses don’t require all of these types of coverage, but they should at least have the basics. That includes liability, property, and business interruption insurance.
Business Owners Policy (BOP) – an affordable way to purchase all three policies at once, tailored specifically for your needs. A BOP is ideal for small businesses, especially those with employees or valuable property.
Business insurance can be combined with other coverage types, like professional liability or workers’ compensation insurance.
If you’re a freelancer, for instance, then having a professional liability policy would protect your legal expenses and settlements if a client files a claim due to negligence or wrongful conduct.
Errors and Omissions (E&O) coverage is another essential type of small business insurance. This will reimburse customers for mistakes you make when providing services, such as giving an incorrect estimate or failing to use proper safety equipment.
Calculating how much E&O insurance you require can be complicated, so consulting an advisor is a wise idea. Accurate estimates will ensure you don’t buy too much or too little coverage for your specific requirements.
For small businesses, the top commercial insurance companies provide a selection of coverage options at low premiums. Plus, these insurers boast impressive financial strength ratings, few complaints, and an excellent customer experience.
Huckleberry offers an entirely online quote and application process for various coverages. It’s ideal if you need temporary small business insurance in a pinch, such as during an unexpected event or on an as-needed basis.
Next Insurance provides a business owner’s policy with general liability, property, and interruption coverage as well as various add-ons such as worker’s compensation, crime coverage, and business auto coverage.
Chubb is one of the leading providers of commercial insurance and offers an attractive small business owner’s policy with high revenue limits and customizable endorsements for various industries.
Other great small business insurance companies to consider are Next Insurance, Thimble, and BiBERK. All these insurers are underwritten by Markel or Chubb, have impressive financial ratings, and had minimal complaints in the last three years.
Plus, for the tech-savvy business, Next Insurance offers an AI-enabled platform that helps you find the right coverage for your business. Smarter Carpenter Insurance is another great option for small businesses looking for an insurance provider that values convenience and affordability.