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Business insurance or “commercial liability insurance” is a type of insurance that covers financial losses and expenses arising from business-related risks. This includes physical damage and liability to property, injury of employees, customers, visitors, other people in the general public, and property owned by the business. Businesses can choose from a wide range of commercial liability policies. It’s important to know what your needs are so you can make an educated decision on what policy will work best for your company. 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.
Business owners in Massachusetts are required to carry Workers’ Compensation insurance if they employ at least one person.
There are no laws requiring small business owners to purchase general liability insurance, but you may be required to purchase GL insurance as part of a contract for a commercial lease or as a contractor for a large company. Businesses that work closely with the public may also find it helpful to carry liability insurance in case a customer is injured or has property damaged while on your premises.
Here are some of the types of business insurance policies you should consider:
This policy protects your business against claims for bodily injury or property damage that may result from the use of your products or services. While the list of exclusions can vary by insurer, there are a few basic exclusions that are common to all general liability policies. These include:
Also known as Errors and Omissions (E&O) insurance, this coverage protects you against claims for misperformed services.
Here are some of the exclusions in this plan:
A property policy covers damage to your building, equipment, and contents caused by fire, storms, and other perils. Exclusions are things that your insurance policy does not cover. Some general exclusions to most liability policies include:
If one of your employees suffers a work-related illness or injury, workers’ comp will cover their medical expenses and lost income. Unfortunately, not all injuries are covered by workers’ comp. Some of the most common injuries and diseases that are excluded from workers’ comp coverage include:
To cover vehicles you use in your business, such as company cars, vans, and trucks. Commercial auto insurance is similar to personal auto insurance but includes additional coverages. Like all insurance policies, commercial coverage does not provide full protection from all possible loss scenarios or from every type of financial loss. For example, it may exclude coverage for:
If a covered peril affects your place of business and prevents you from operating temporarily, this policy will provide compensation for lost income during the period when you are unable to run the business.
The short answer: it depends. Business insurance premiums can vary widely depending on the size and specific needs of your business, along with several other factors. Here are five common things that affect the cost of business insurance:
Some types of businesses present more risks than others, so they cost more to insure. For example, commercial construction companies face more liability risks than hair salons, so they pay higher premiums.
Insurance companies consider factors like crime rates, natural disaster risks, and other hazards when setting their rates. For example, a bakery located in an area prone to flooding will likely pay higher premiums than a bakery in a desert region.
You can decide on the type of coverage you need based on how large you want it to be, how much risk you’re willing to take on yourself, and what risks you want to be covered by your insurer. But keep in mind that as you add coverage, your premium will go up. You may also be able to negotiate with your insurer for a lower premium if you agree to take on some of the risks yourself through deductibles or self-insurance.
If you’re just starting out, here are some tips that can help you navigate the process:
