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As your business grows, so does the need for insurance. In the event of an unexpected accident or natural disaster, you’ll want to keep your business afloat. The last thing you need is to worry about how to pay for these damages or get your business back on its feet. And that’s where business insurance comes in. But there are many different kinds of policies to choose from. How do you know which one is right for your company? Your success as a business owner depends on knowing exactly what type of policy you need and finding the best policy for you. We’ve evaluated the best business insurance providers based on coverage, financial stability, customer satisfaction, and overall quality.
Simply Business provides insurance policies for a range of professions and small businesses.
For more than 200 years, the Hartford Insurance helped over 1 million businesses just like yours.
Coverwallet began its journey in New York City in 2015 operating under the Aon Insurance banner. At Coverwallet, you can access everything you need to keep your company well-protected at an unbeatable price.
Next Insurance leverages AI technology to streamline the process to purchase insurance, track claims, and manage policies at no additional cost.
With a 100-year history of insuring businesses, Hiscox is well-known across America and globally. With more than 500,000 small business customers, Hiscox is fully aware and trained in the unique risks a business can face.
Thimble provides business insurance that can be tailored to your business by the year, month, day, or even the job. At Thimble, the process to getting the right business insurance is simple, scalable, and flexible.
Businesses in Arkansas are required to carry workers’ compensation insurance if they have three or more full-time or part-time employees. Employers are also required to carry unemployment insurance.
Other types of business insurance that may be required in Arkansas include commercial auto insurance for businesses that use vehicles for work-related purposes and commercial property insurance for businesses that rent or own their office space.
Here are some common types of business insurance policies in Arkansas:
General liability insurance is usually required for businesses that have customers visit their property. It covers you for third-party claims for bodily injury, property damage, advertising injury, and personal injuries, such as false imprisonment or emotional distress. Generally, these claims come from a customer or client who has been injured while on your premises because of your negligence. The insurance may pay for the client’s medical bills, lost wages, and other damages.
General liability insurance excludes coverage for:
A BOP includes coverage for general liability as well as property and business interruption insurance. If you own a small business with limited risk and exposure, a BOP may be right for you.
If your company owns vehicles or if employees drive their own vehicles on company time, commercial vehicle insurance can protect you in the event of an accident. This type of coverage is required in most states if your business uses vehicles for a variety of purposes, including deliveries and sales calls.
The following are some of the categories mentioned in the commercial auto insurance exclusions:
Also called errors and omissions (E&O) or malpractice insurance, this policy covers your business for claims made against it by clients for inadequate work or negligent actions.
Here are a few of the most common exclusions in a professional liability business insurance policy:
Provides cash benefits and medical care for employees who are injured on the job.
It’s important to note that workers’ compensation business insurance policies do not cover every type of worker-related incident. Here are some exclusions that you should be aware of:
Business insurance costs vary depending on a number of different factors. Insurance companies may consider the following factors when determining how much it will cost to insure your business:
Some industries have higher risks than others. For example, a law firm is less likely to have a fire or flood than a restaurant. Insurance providers use different risk profiles for businesses based on what they do. The riskier the industry, the higher the premiums.
The location of your business can affect your insurance rates. For example, you may pay more if you’re located in an area where there is a greater risk for natural disasters such as floods or earthquakes. Other factors that can impact your insurance rates include whether you’re located in an urban or rural area and how close your business is to a fire hydrant or fire station.
Larger businesses typically pay more for commercial insurance than smaller businesses because they generally have more exposure to claims and losses. Size is usually determined by revenue, number of employees, or both.
Some types of coverage will be less expensive than others. If your business relies on a specific product that is only sold online, for example, it might make sense to buy that protection as part of your package.
Do you have unique items that could be stolen? Electronics or other high-value goods might require additional coverage beyond what a standard policy would cover, which could add up quickly.
Here are some tips to help you choose the best policy: