Business Insurance

Finding the Best Business Insurance

(Know exactly what you are paying for and why)

June 18, 2018
Office workers in a meeting in a boardroom

Finding the ideal coverage is a journey that no bigwig should go alone. Our independent insurance agents will be there, water bottle in hand, to coach you through all your options to make sure your company is completely protected.

What Is Business Insurance?

Basically, it’s a contract between a business and an insurance company, where the insurer will pay to repair, replace or recover the value of whatever the business has under coverage if it’s lost or damaged by a set number of causes. 

Why Do I Need Business Insurance?

Every company, big or small, needs some form of insurance. Yes, certain types may not be required or seem relevant to you, but one tiny mistake could leave your company in financial ruin. All because you didn’t want to shell out a few hundred bucks for coverage.

Bad things that could happen to your company:

  • You could lose your stuff: theft or damage of buildings, personal property or equipment
  • You could be sued: product or service causes damage or bodily harm to a customer
  • You could make a mistake: professional errors that cause emotional distress

Claim Payouts by Type of Liability

business insurance payout chart

What Does Business Insurance Cover?

Since every business is a bit like a snowflake, they all have their very own unique set of things that can go wrong. It’s important to know what your business values the most and will benefit from its coverage.

Basic business insurance coverage can include the following and more:

More coverage options 

Group Insurance and Employee Benefits

You may also want to offer or provide certain types of coverage to your employees. You know, so they think you like them and value their existence.

Coverage types:

More employee benefits info

What Kind of Business Insurance Do I Need?

To find your insurance sweet spot, you’ll have to figure out what coverage makes sense and whether the benefits will outweigh the premium costs. To do this, you’ll have to answer heaps of questions and make tons-o-decisions, but your patience and effort will be rewarded with peace of mind.

Example: You’re the proud owner of a thriving banana stand franchise with 12 locations spread across the great state of Nebraska. Do you want theft coverage, even though your equipment, ingredients and stand materials only total $10,000? Yeah, that’s just a taste of the kind of questions you’ll be answering.

Company Size Is a Huge Factor

One of the biggest price and process factors for finding insurance depends on the size of your company. A small startup will face a much easier process than a big corporation with multiple locations.

Types of companies:

  • Small – Sole proprietors, S Corps or LLCs: This will be a more decision-friendly process. You can get a Business Owner’s policy (BOP) and packages that offer a number of check-the-box options. More Small Business info
  • Big – Major corporations, franchises and conglomerates: Here is where the doors blow off the hinges from all the different coverage options. Certain locations may need different types of coverage, and with a larger workforce, you might want more appealing benefits to attract talent.

Not Sure If You’re Big Enough to Need Business Insurance?

Are you thinking to yourself, “Hmm, I’m not technically a business, so I probably don’t need insurance”? Well, think again, because any continuous activity with a profit motive is technically a business and could be held responsible for the same risks as a small business.

How Do You Find Insurance Specific to Your Business?

In order to find accurate info and make the search process easier for you and our independent agents, it’s important to know your industry type and business classification. Find that sweet info here

What’s So Great about an Independent Insurance Agent?

It’s simple. Literally. Independent insurance agents simplify the process by shopping and comparing insurance quotes for you. Not only that, they’ll cut the jargon and clarify the fine print so you know exactly what you’re getting.

Plus, they’re the only agents who can work with multiple carriers, which gives you more options for finding ideal coverage. It’s one of the biggest reasons why we do so well, especially in this market.

Because of this, independent insurance agents own the most market share when compared to other kinds of insurance companies:

why choose an independent insurance agent

Most importantly, they’ll be there to help you when claim time comes. The outcome of insurance claims can be strongly impacted by how the process is approached and handled. 

How Much Does Business Insurance Cost?

The cost of business insurance policies depends on the coverage and a number of other factors like size, location and materials used. So a small children’s book publisher might only pay $550 a year, whereas an underwater oil drilling company could pay $550,000 a year. Basically, the safer and smaller the company, the cheaper it is.

 Where Can I Find Business Insurance Discounts?

To start, combining policies and raising your deductible are two easy ways to drive down cost. You can also get lower rates and discounts if you pay annually as well as increasing your safety measures. More on business insurance discounts

Comparing Commercial Insurance Quotes

Our gifted independent insurance agents will review your business needs and help you evaluate the commercial coverage options that make the most sense. They’ll also compare policies and business insurance quotes from multiple insurance companies to make sure you have the right protection in place. So you’ll have that going for you. 

Thirsty for More Business Insurance Info?

We have a very, very large amount of info and insight on business insurance. If you’re ready to learn more, here is the gateway/page that will guide you to the information you seek.

TrustedChoice.com Article | Reviewed by Paul Martin
Sources © 2019, Consumer Agent Portal, LLC. All rights reserved.

https://www.iii.org/fact-statistic/facts-statistics-product-liability

https://www.independentagent.com/Resources/Research/SiteAssets/MarketShareReport/default/2017-Market-Share-Final.pdf

© 2019, Consumer Agent Portal, LLC. All rights reserved.

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