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It would be best to have business insurance when a business has employees, customers, vendors, or partners. Even if your business is small and you’re the only employee, you still need business insurance to protect yourself from lawsuits and other unforeseen circumstances. There are many different types of business insurance policies designed to cover various potential risks.
From product liability to cyberattacks, there’s an insurance policy that can help protect your company against almost anything. But how do you know which policies are right for you? It can be difficult to determine just how much coverage you need. Fortunately, 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.
In Oregon, business owners must purchase workers’ compensation insurance if they have one or more employees (not including members of a limited liability company).
Workers’ compensation coverage in Oregon is mandatory. There are exceptions for sole proprietors, partners, corporate officers, and LLC members, but these exemptions can be overridden by a unanimous vote of the company’s members.
In addition, auto insurance is required for any vehicle registered in the state and uses public roadways. Most businesses use commercial auto policies to cover company vehicles and hire non-owned auto policies to cover rented vehicles.
To help you decide what cover is right for your needs, let’s take a look at some of the most common types of business insurance:
General liability insurance provides coverage for financial losses caused by your company’s negligence or accidents that happen as a result of your business operations. When someone is injured, or their property is damaged, they may sue for medical expenses, lost wages, and repair or replacement costs. Your general liability policy can cover the cost of these lawsuits up to your policy’s limit.
Like all insurance policies, general liability has limits and exclusions. Things that are not covered by general liability include professional services, auto accidents, and intentional harm. Professional services: Your general liability policy does not cover mistakes or oversights
Workers comp is an insurance policy that pays out if an employee gets sick or injured on the job. This can help cover medical bills and lost wages, even if the employee’s negligence caused the injury. Workers comp also covers legal expenses if an employee decides to sue because of a job-related accident or illness.
Workers’ compensation insurers generally do not cover employees who were under the influence of drugs and alcohol at the time of their injury or illness and Injuries sustained when breaking the law.
Commercial property insurance covers your business properties, like office buildings, warehouses, retail stores, restaurants, and more. It helps protect your business if you suffer a covered loss (fire, vandalism, theft) to your physical property (furniture, inventory).
Even though most business owners purchase property insurance to protect against losses, there are still situations where the policy may not provide coverage. For example, most commercial property policies don’t cover damages caused by earthquakes or floods. There are separate policies you can buy to cover these perils.
Product liability insurance is a type of coverage that protects businesses from claims related to products or services they sell or manufacture. In other words, it helps cover expenses if your product causes bodily injury or property damage.
Product liability insurance normally excludes:
Commercial Auto insurance is a policy that provides financial protection to the business owner, partners, and employees driving company vehicles. Commercial Auto covers your employees if they are in a car accident while running errands or traveling for business.
Here is what it normally excludes:
Damage caused by war, invasion, acts of foreign enemies, hostilities, civil war, rebellion, revolution, insurrection, and military power
Injuries sustained while riding in a covered auto that has three or more axles and isn’t used for hire
How much business insurance will cost depends on a variety of factors. Let’s look at the most common factors that influence insurance costs:
Here are tips on how to choose the best business insurance: