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Business insurance is a crucial component of any business. It protects your company from unexpected events that may happen, such as equipment failure or lawsuits. So before you start your company, it’s important to find the right kind of policy for your business. There are many different types of policies available and choosing the right one can be difficult. 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.
The Maryland Workers’ Compensation Commission requires all businesses with at least one employee to have workers’ comp insurance for those employees. This requirement even applies to sole proprietors, which is rare. While workers’ comp is generally required in Maryland, liability insurance isn’t. However, we still recommend it because it protects your business against lawsuits related to injuries or property damage caused by your business or its employees.
Here are some of the most common types of insurance policies available for businesses:
A workers’ compensation insurance policy covers your employees if they get sick or injured on the job. It is required in almost every state and provides benefits to your employees that cover medical bills and lost wages. It also protects you, as the business owner, from being sued by an employee who is unable to work due to a workplace injury.
However, like any other type of insurance, there are some exclusions in a workers’ compensation policy. Some exclusions include:
If your business deals with clients or customers coming onto your premises, this is an essential type of insurance. Public liability covers you if someone is injured or their property is damaged as a result of your business activities. Without public liability protection, you could face costly legal fees and compensation claims if something goes wrong.
This type of insurance protects you against claims arising from errors in your professional services that have caused financial loss to a client. For example, if a client loses money because of advice you’ve given them, they may hold you responsible and seek compensation. A professional indemnity policy covers these costs, including legal expenses. Professional liability business insurance includes the following exclusions:
Damage or theft of your commercial property can be distressing and costly to fix. Property insurance protects against losses resulting from fire, storm damage, vandalism or burglary at your business premises.
The commercial property liability insurance does not cover:-
The cost of business insurance depends on a number of factors. Some of these factors include:
Industries such as roofing and home improvement are more dangerous than others, which means they pose a higher risk to insurers. Insurers charge higher premiums to account for this increased risk.
A business that operates in an area with a high crime rate may pay more for insurance than one in an area with a low crime rate because the insurer has to cover the cost of any losses or thefts.
A business that owns very expensive equipment is likely to pay more for business property insurance than one that doesn’t own expensive equipment, because replacing that equipment would cost the insurer more money.
Businesses with lots of employees are likely to pay more for workers’ compensation insurance than those with fewer employees because they have a greater chance of having an employee get injured and filing for a claim.
Insurance companies review your claims history and credit score to determine how risky you are as a customer (yes, even if you’re running a business). Claims history includes both whether or not you’ve filed claims in the past as well as the number of claims filed against you by third parties. A long history of claims or poor credit score may lead to higher premiums.
Every industry has different risk profiles. For instance, a courier company has a higher risk than an IT consultancy firm. The higher the risks associated with your business, the more expensive the premiums will be.
Choosing the right business insurance policy can be tricky. Generally, it is based on the type of business you have, the size of your business, and its location. The two most important aspects of your business insurance policy are:
You should consider these factors when choosing a business insurance provider:
