Best Small Business Insurance Info: How to Find and Choose the Best Insurance Solution for You

Are you a small business owner? No matter what kind of company you run, you’ll need general liability insurance and maybe some additional coverage depending on the industry you’re involved in. How do you know how and where to apply for the best small business insurance policy?

Read reviews on various insurance companies by other businesses in your industry to learn which ones offer quality solutions. Consider whether or not you want an insurance representative or broker to help you find the right coverages. If you decide to work with a specialist, ask what kind of information he or she will need in order to determine your specific needs. Have all of the documents and information prepared. Small business owners typically need to provide details such as physical location, number of employees (if any), total payroll size, business assets, gross annual sales (if there are any to report), and so forth.

Even if you decide to apply for insurance on your own without the help of a broker, you’ll still need to have this information ready.

Best Small Business Insurance as an Investment

Think of commercial insurance as an investment. It will cost money, but it will protect your business from unexpected expenses such as lawsuits and worker’s compensation. The best small business insurance will also protect you from industry-specific problems. For instance, if you are involved in web design, you don’t want to risk financial losses associated with technological glitches, miscommunication, etc. If you are a small beauty salon owner or barber, you don’t want to risk equipment malfunctioning, allergic reactions to certain chemicals, or someone tripping and falling on your property.

No business, no matter how small, is 100% immune to possible lawsuits. People will sue over literally everything these days, and only the best small business insurance will protect your assets. If you want to stay in business for a long time, and hope for the ability to expand it someday, then you should be prepared to handle any kind of accident. It will be very difficult to survive if you suddenly owe a lot of money in compensation, or find yourself dealing with damage caused to your place of business due to extreme weather. The only real solution is to have good insurance from a reliable company that has a lot of positive reviews.

So, where can you get the best small business insurance online? Check with Hiscox Inc. to see what they have to offer for business owners in your industry. You can either get a quote through the website or call and speak to a licensed agent.

Small Business Insurance Cost Guide: What You Need to Know About Insurance Coverage and Premiums

One of the biggest concerns many small businesses have is the cost of insurance. It is something you absolutely need, but how much of it can you really afford? As with any type of insurance, there are a number of factors that go into the evaluation of small business insurance cost. Approximately half of small businesses in the US pay around $400 – $600 annually for general liability insurance. However, you could still end up paying less or more a year, depending on the number of employees and the type of industry you’re involved in.

High-risk industries like construction are going to be stuck with higher premiums, while low-risk industries get the lower rates. There are usually ways to save – especially if you choose a good commercial insurance provider. Just use search tools on the internet to obtain quotes. Also, companies with a physical, brick-and-mortar store or facility open to the public are more at risk than professionals who work from a home office.

Businesses with physical locations open to the public are usually have to pay more money for insurance just in case someone is ever injured on the property. There are also things like theft, falling objects, vandalism, fire, and weather damage to worry about.

What Does Small Business Insurance Cost Include?

Even if you do operate from home, this doesn’t mean that you are completely invulnerable to lawsuits. There is always the possibility of being accused of things like plagiarism, copyright infringement, slander, and so forth. If you have any vehicle that is used for business, even if it’s your own, you’ll need insurance for that as well. Do you have employees that you send to perform errands? What if they become injured on the job? Or accidentally cause damage to a client’s equipment? Keep all of these factors in mind when evaluating small business insurance cost.

Some insurance companies for businesses and professionals simplify things by offering custom insurance plans for each industry. You can choose a policy that is already tailored for a small business in your industry, with the exact kind of coverage you need.

There are pro-active things you can do to help reduce the cost of small business insurance:

• Invest in security products.

• Develop a safety training program for employees

• Compile a list of rules for posting on social media and make sure your employees understand the rules.

• Reduce potential hazards on property

• Create a checklist for procedures relevant to your industry and company.

Where should you begin your search for small business insurance cost? Definitely start with Hiscox Business Insurance. There are custom plans in every type of industry possible. It’s easy to find the ideal solution and save money with this organization.

Why a Business Owners Insurance Policy Can Benefit Your Small Business

The Business Owners Policy, otherwise known as BOP, may well be the key to protecting any small business. Made up of a few forms of coverage that each are usually acquired on their own, the bundled plan for small commercial enterprises offers business discounted premiums as they gain from better insurance coverage.

What does the standard Business Owners Policy provide? This commercial policy usually consists of:

• General Liability Coverage

Commercial liability insurance helps a business owner if a customer is injured at the property and sues for his medical care. Coverage extends to hospital and doctor costs, as well as defense costs. It can also benefit the business if there is ‘advertising injury’ related to claims such as copyright infringement, libel and defamation.

• Property Coverage

Commercial property insurance is often also referred to as named-peril insurance, open-peril insurance or special insurance. This can cover the owner in the event there are property damages in regard to a rented space or premises that the business owner actually owns.

• Business Interruption Coverage

Business Interruption insurance helps the insured when rain, wind or snow storms, or cyber hacking and/or other universal happenings occur and disrupt the regular running of the business. The insurance will pay for business loss or put up financing for using another transitory property while running the business until the permanent site has been repaired.

The great advantage to owning a Business Owners Policy is that the standard coverage can be tailored to your individual needs as a small business owner. After an assessment with an experienced independent agent, you will be guided to determining what further types of coverage suit your industry, size of operation and earnings and would benefit you and your company by being included in the policy. What’s more, your agent can schedule regular times for reevaluation if your needs have changed and add or subtract various forms of coverage as per the assessment so that you have the protection when you genuinely require it.

Take a look at this scenario to understand what a related customized policy can mean.

A one-man business operation grew until it included a few more employees. The man’s insurance specialist discussed the growth with the business owner and together they determined that a workers comp policy, as well as a disability insurance should be added to the standard offerings. This satisfied the government requirements and gave the business owner the additional protection he needed in the event an employee would be injured on the job.

For more on the topic, be sure to speak with an experienced independent insurance agent.