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Insurance protects your company’s assets, helps to ensure the safety of your employees and customers, and can even provide additional income when your business needs it most. While it’s important to have some form of business insurance, finding the right plan can be difficult. Every company is different, so what works for one might not work for another. That’s why 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.
Most businesses in Montana must carry workers’ compensation insurance if they have at least three employees (or more, depending on the type of business). Sole proprietorships with no employees are exempt from workers’ comp requirements.
General liability insurance isn’t required by law in Montana, but it’s a good idea for many businesses to carry it because of the legal risks involved in doing business. General liability insurance covers expenses related to personal injury or property damage that could occur due to your business’s operations.
Insurance can help you manage the many risks of running a business. Here are some of the most common types of insurance:
The basic building block of any small business insurance package is general liability insurance. If a customer or vendor trips on a spill in your store, general liability will cover their medical expenses and lost income as well as any legal fees if they sue. General liability coverage also pays for property damage caused by you or your employees saying you accidentally back into someone’s car while making a delivery.
General liability insurance won’t cover you if a vendor sues you, your employees injure themselves, or your equipment is damaged. In these cases, errors and omissions insurance, workers compensation insurance, and equipment breakdown insurance will provide the coverage needed.
Workers’ compensation insurance covers sick or injured employees on the job. It provides payments for lost income and medical expenses due to illness or injury, as well as death benefits. Not all states require employers to have workers’ compensation insurance, but in those that do, it’s mandatory.
But workers comp does not cover Non-work related injuries, Workers compensation insurance only covers injuries or illnesses sustained while on the job. The same goes for injuries caused by personal negligence on the part of the employee.
If you sell products to customers, product liability insurance can protect your business if one of them is defective and causes damage or injury. For example, if someone slips on spilt juice in a grocery store, the store could be held liable for injuries. Product liability insurance can help pay for legal or medical costs that result from defects in the products you sell.
Product liability insurance does not cover:
Business interruption insurance helps cover lost income and expenses if your business is forced to close due to an unexpected event (typically fire, theft, or natural disaster). Policies are typically an add-on to property insurance policies and help cover fixed costs like rent and salaries, payroll, taxes, and loan payments. At the same time, you’re unable to operate your business.
Business interruption insurance does not cover any loss that results from the inability of suppliers and vendors to deliver you the merchandise you need to operate your business. In addition, most policies exclude coverage for losses caused by a labor shortage.
Commercial Auto Insurance is often required by law to operate a vehicle for business purposes. Commercial auto insurance policies are similar to personal auto policies, with one major difference: They provide liability and physical damage coverage for vehicles used by your business. That includes cars, vans, and trucks, even owned by your employees but used for work-related activities.
Commercial auto insurance policies typically exclude coverage for many business-related uses. Here are some common exclusions:
When it comes to business insurance, the cost is always a concern. But what affects that cost? Here are some factors you may not have considered:
To assist you, here are some tips on how to choose the best business insurance policy for your company: