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Protects your company from the expenses, fees, and other financial losses caused by accidents and other inherent risks of doing business.
Reimburses you for the value of your business’s property, like buildings, equipment, inventory, and even customers’ personal property.
Having the right business insurance is the key to your company's success. It helps protect your profits by insulating you from sudden, catastrophic expenses, like after a natural disaster or a major lawsuit.
How Does Business Insurance Work?
Business insurance is a contract between an insurance company and a business. The insurance company agrees to share the risk with the business entity in exchange for premium payments. In the event of a covered loss, the insurance company pays for the financial losses the business incurs up to the limit of the policy after the deductible amount is paid by the business filing a claim.
At the time of a loss, the business will typically file a claim. If a fire destroys a portion of the business premises, for example, the company will file a claim against the property insurance policy. An adjuster will assess the damage and process the claim. The company will then receive the appropriate amount of compensation for the loss.
There are many different scenarios regarding business risk and how insurance claims are filed. For example, in the event that the incident is a loss suffered by a customer of the company, the injured party will likely file a claim against the businesses’ liability policy. How the claim is processed depends upon the size of the claim, whether the matter can be settled with an insurance payment, and if the claim results in a lawsuit.
Is Business Insurance Tax Deductible?
Business insurance is tax deductible, as long as the coverage is for the purpose of operating a business, profession, or a trade. Businesses may not deduct their business insurance premiums if the coverage is for the purpose of a self-insurance reserve fund or a loss of earning insurance policy.
What Kind of Business Insurance Coverage Do I Need?
Depending on the nature of your business and any insurance which you are legally obligated to carry, the following types of business insurance should be considered essential:
Because commercial insurance needs to be tailored to each business based on risks, it is critical to work with an agent who will get to know your company and ensure that your coverage adequately protects your business investment.
Does Business Insurance Cover Lawsuits?
Business insurance covers lawsuits as long as you have the appropriate business liability insurance for your situation and enough liability coverage to pay your legal costs. To ensure that enough liability coverage is in place for extreme circumstances like a lawsuit that exceeds $1 million in damages, many businesses buy a commercial umbrella liability policy.
Certain liability exclusions also apply, such as if an injury or damage was expected, or was caused intentionally. Some policies also have something called a “workmanship” exclusion, and some exclude coverage of punitive damages. Liability insurance is available in many different forms, including:
What is a Business Owner's Policy (BOP)?
A business owner’s policy or “BOP” is insurance coverage designed specifically for small or medium-sized businesses. Depending upon the insurance company, the size of business that qualifies for a business owner’s policy may be based on revenues or number of employees. A BOP combines several types of insurance coverage in a packaged format, and can be customized to suit a particular business. Generally, this type of policy includes both property and liability coverage.
Policies may also provide coverage to include the following:
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"Had All Our Requirements"
When we needed business insurance for one of our properties, a motel, we decided to go through an independent agent company. It was affordable and the agent knew all our requirements, so we went with them.
"Phone Calls Right Away"
I was on a new venture and needed insurance but I couldn't find the sort of policy I needed through the standard insurances. I ended up using TrustedChoice and it worked pretty well. When I went to their website, I selected two or three providers and I got phone calls from those places quickly.
I needed some LLC insurance, and I did a search and TrustedChoice seemed to rate out the highest. The interactions with their reps were pretty professional and everything went very well with TrustedChoice.
I was looking for business insurance and so far, my experience with Trusted Choice has been good. I went through an independent agent and they were able to quote a broader amount of company.
"Great Option for Niche Business"
I have a very niche business and I’m tough to ensure. I was just looking for any available avenue. The process was relatively easy. Trusted Choice was a good place to look for people and navigating through the website was not a problem.
"Recommended Needed Coverage"
I started a business last month, and I was shopping around for insurance and TrustedChoice was the first one to call me back. I know some people are just worried about their commission, but he let us know what we did and did not need.
"Professional and Knowlegable"
Trusted Choice was very helpful. I was needing some business insurance, and they gave me several different options and potential companies to call. It was very easy and they provided a really good service. The rep was very professional and knowledgeable.
"Great for Professional Liability"
The American Nurses Association told me, “For this particular job, you have to have a certain amount of liability insurance." Trusted Choice was the company that I have my Nursing Malpractice Insurance through and the online experience with them was very easy to do.
"Everyone was Helpful"
Trusted Choice Business Insurance was very helpful. I went through all the questions of if I had a pool, if I had pets and if I have prior insurance that never lapsed. I was happy with the agent that I matched with. I highly recommend them versus some other state license.