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Business Insurance protects against financial loss due to circumstances such as fire, property damage, theft, and equipment breakdowns. This can be very helpful if something happens that would make it difficult to stay open and provide merchandise or services. With so many options available to choose from, it can be challenging to choose the best policy that your business really needs. We’ve evaluated the best business insurance providers based on coverage, financial stability, customer satisfaction, and overall quality.
Next Insurance leverages AI technology to streamline the process to purchase insurance, track claims, and manage policies at no additional cost.
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.
Simply Business provides insurance policies for a range of professions and small businesses.
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.
Spott will ensure that your policy coverage is tailored to your business while complying with Amazon’s Terms and Conditions. They also track changes to Amazon’s Terms and Conditions to identify potential issues with listings before a suspension.
There are two types of business insurance that are required by law in Iowa:
In general, you’ll have different kinds of insurance coverage depending on the size of your business, its assets, and its scope. Here are the most common types:
The type of coverage you buy depends on the type of property you own — not just your office or building but also things like inventory, equipment, and cars.
Liability insurance protects you against lawsuits filed against you by your employees or customers.
You need this type of coverage if you want to be protected against certain types of workplace injuries, such as ones that result in long-term disability or death. It’s also important if you run a manufacturing or production facility where people could get hurt by machinery involved in the production process. Workers compensation business insurance plan excludes the following:
This sort of coverage protects you from suits again your employees or customers that are related to something outside the scope of what their work does for your company — such as a slip-and-fall case for an employee who slips on a wet floor at home during his/her lunch break. General liability insurance typically excludes events such as:
If you sell a product that causes someone harm and you’re not at fault, you run the risk of being liable for the injuries caused by that product. Product liability insurance can protect your company against lawsuits when there’s a problem with your product.
The cost of business insurance depends on many factors, including the size of your company, what products or services you offer, and whether you sell them online or in a physical store.
Businesses are classified according to the risk they pose to insurers. The more risks your business brings to the table, the higher your premiums will be.
Businesses with more employees and assets generally have more risk exposure than smaller businesses — and therefore may pay higher premiums.
If your business is located near a body of water, it might be considered at higher risk for flooding or water damage than one in a high-rise office building in an urban center. Similarly, some industries are considered a higher risk than others across the board. Restaurants, for example, face a greater risk of liability claims related to foodborne illness than bakeries do. As such, they may pay higher premiums for liability coverage.
If you own your building, you’ll most likely need to carry property insurance. If you rent an office space or storefront, you may only need a policy that replaces your computers and other equipment if they’re damaged or stolen. The more equipment and inventory you have, the more expensive your policy will be.
Different areas will have different crime rates, and the weather is a factor as well. Businesses in high-crime areas will likely pay more for insurance than those in low-crime areas.
The following are tips on how to choose the best business insurance: