Small business insurance

Small business insurance helps protect you from unexpected problems that could cost your business a lot of money. Running a small business comes with various risks, whether it's property damage, stolen inventory, a cyber-attack, or someone filing a lawsuit after getting hurt at your place of business. Insurance provides peace of mind, covering some of these costs so your business can continue operating if something goes wrong.

Having small business insurance may even be a requirement. For example, most states require businesses to carry insurance if they have employees (workers compensation) or operate vehicles (commercial auto). Third-party contracts, meanwhile, may also require specific insurance coverage.

When starting a small business, the first type of insurance to consider is general liability. General liability helps protect you if someone other than an employee gets hurt at your place of business, or if your business accidentally causes property damage.

Commercial property coverage, meanwhile, protects your business from the financial impact of property losses from fire, severe weather, accidents, theft, and other hazards. Businesses use property coverage to protect things like owned or leased buildings, furniture and fixtures, inventory, tools, equipment, and important documents.

A business owner's policy includes both general liability and commercial property coverage.

Depending on the type, size and complexity of your business, you may also want to consider other types of insurance. For example, if you have employees, you'll likely need workers compensation insurance. If you use vehicles for your business, you may need commercial auto insurance.

To determine the right types of insurance coverage for your small business, consult an independent agent.

The most common type of small business insurance is general liability. General liability helps protect you if someone other than an employee gets hurt at your place of business, or if your business accidentally causes property damage.

A business owner's policy combines general liability and commercial property coverage in a single product. The additional commercial property coverage protects your business from the financial impact of property losses from fire, severe weather, accidents, theft, and other hazards.

For businesses with employees and vehicles, workers compensation and commercial auto insurance are commonly needed.

Every small business presents unique risks. Most small business owners find that a business owner's policy is the best place to start. Business owner's policies - commonly known as "BOPs" - include both property and general liability coverage.

But you don't have to figure out the best small business coverage on your own. An independent agent will help you choose the right coverage to protect your livelihood.

Small businesses with employees often have state-specific coverage requirements like workers compensation, general liability for certain professions and commercial auto insurance if the business uses vehicles.

An independent agent can help you navigate these requirements. Find an agent using our search tool.

The cost of small business insurance depends on your coverage needs. Most businesses need at minimum a general liability policy. Many also need commercial property coverage. Business owner's policies include general liability and property coverage and cost less than $100 per month, on average.

The cost to insure your business will ultimately depend on your industry, operations, business size, number of employees, revenue and claims history, if any.

The cheapest small business insurance is the minimum required in your state for your industry and employee count. Most businesses carry at least a basic general liability policy. However, the cheapest option isn't always the best for the long term.

Modest savings in monthly premiums today may not be worth much higher out-of-pocket costs in the event of a loss. We recommend reviewing your coverage needs and best options for your budget with an independent agent. You can find an agent using our search tool.

Each coverage typically has its own deductible - the amount you pay out of pocket before your insurance company starts paying for covered expenses. With property insurance, for example, you would have to pay a deductible for any claimed damage to your business's physical assets. You'd then pay a separate deductible for a liability claim.

Deductibles are a form of risk-sharing between insurance companies and their customers, so reducing the size of your deductibles will increase your monthly premiums. Before selecting the right deductible for each of your coverages, carefully consider your business's risks and financial position.

As a small business insurance company, we want you to feel confident about the coverage you buy for your business. An independent agent will give you unbiased guidance as you look for the right level of protection.

Before requesting a small business insurance quote, make sure you have the information you'll need on hand.

• Name and location of your business
• How long you've owned the business
• Years in the current industry
• Business operation details and known hazards
• Business structure and the names of any business partners
• Number of employees
• Estimated revenue for the coming year
• Prior insurance claim history
• Key contact information