Insurance Professional


Go to content

Main menu:

Cheap Small Business Owners Insurance Quote

Online Insurance Quote > Business Insurance Quote

Whether for-profit or non-profit, small businesses should have certain kinds of insurance. Small businesses have unique insurance requirements which can be covered under small business owners insurance. Liability insurance is highly recommended for property and automobiles. Worker's Compensation Insurance is state-required when you have employees. Part of the decision about what insurance to buy depends on the nature of the business. For example, if it has a lot of assets, it might consider theft and property damage insurance. You may want life insurance or Key Man Insurance on you and other critical personnel in your organization. You also may want to consider various other forms of insurance, for example, Directors and Officers Liability (if you have a Board of Directors) or business interruption. We have assembled some of the finest resources for online and cheap small business owners insurance quotes. The quote for small business owners insurance includes Business Owners Insurance, Corporate Group Plans, Commercial Auto Insurance and Truck Insurance, Workers Compensation Insurance and Liability Insurance Quotes. The process is very simple - answer just a few questions and get instant online cheap small business owners insurance quotes from several leading and reputed insurance companies! We specialize in helping small business owners with their business owners insurance needs by instantly providing to them multiple comparative business owners insurance quotes from leading national carriers, online and in real-time. From the 1 person business to the 99+ employee business, we can give them comparative business owners insurance quotes on policies to help protect their business.

The following category of coverage under small business owners insurance is available:

  • General Liability & Business Property
  • Workers' Compensation
  • Commercial Auto
  • Umbrella Insurance
  • Errors & Omissions
  • Directors & Officers coverage
  • Employment Practices Liability
  • Flood Protection

One package policy frequently purchased by small to mid-size businesses owners is the Business Owner's Insurance Policy or BOP. The BOP is a package policy designed to meet the insurance needs of small offices, stores, apartment houses, and certain types of small services and processing businesses.

The key to whether a business owner is eligible for the BOP is the size of the premises, the limits of liability required, the type of commercial operation it is, and the extent of its off-premises servicing and processing activities. The BOP includes property insurance for buildings and their contents. The package policy may also cover loss of business income and extra expense resulting from a fire or similar insured peril. The liability section of the BOP includes coverage for bodily injury or property damage that a business may
be liable for.

Workers Compensation Insurance Quotes

Workers Compensation Insurance Quotes

What is General Liability and Business Property?
This type of insurance combines general liability and business property insurance for your business. General Liability and Business Property insurance is a way for small business owners to purchase a combination of coverages at a reasonable price. This insurance covers certain losses resulting from property damage, suspended operations and liability resulting from bodily injury or property damage to others. A General Liability and Business Property Policy is generally available for businesses with up to $3 million in revenue and is designed to meet the insurance needs of most small businesses.

What is Workers' Compensation?
This type of insurance covers employees against job-related injuries and illnesses, as well as certain medical expenses, lost income, and rehabilitation expenses. It also pays a death benefit to heirs of an employee who dies from a job-related injury or illness. This insurance is usually required by every state although the requirements vary by state. Small business owners must ensure that they have adequate cover in place.

What is Commercial Auto?
This type of insurance covers certain legal liability resulting from bodily injury or property damage caused by the vehicles used in your business. Coverage can extend to vehicles that are leased, rented, or borrowed. You can also insure your commercial vehicles against physical damage from hail, fire, and other risks.

What is Umbrella?
This type of insurance supplements your existing General Liability and Business Property and Commercial Auto policies to cover certain catastrophic liability claims. This means that if losses exceed the limits of your general liability coverage under your General Liability and Business Property or Commercial Auto policies, an Umbrella policy may cover the remainder, up to a specified limit. Although the coverage provided under Umbrella policies vary, these policies generally cover a variety of business liability risks.

Small Business Insurance Update

What is Small Business Owners Insurance?
Basically, three types of insurance are available to protect your business: property, liability and workers' compensation. Workers' compensation insurance is required by law in all 50 states. Although property and liability insurance are not always mandatory, it makes sense to protect all of your company assets with property and liability insurance. Business owner's policies (BOPs) are insurance packages that provide both property and liability coverage at one affordable premium. These packaged policies are available to most small and medium-size companies and can be a good alternative to purchasing separate policies for liability and property insurance. Large companies and businesses that are considered high risk usually don't meet the criteria for a BOP. The criteria for BOP eligibility include the size of the premises, the required limits of liability, the type of business and the extent of offsite activity. Premiums for BOP policies are based on similar factors, including business location, financial stability, building construction, and security features and fire hazards.

What Does a BOP Cover?
A BOP or Small Business Owners Policy includes property protection for an office building and its contents as well as other people's property brought into the office building. BOPs cover standard perils, including fire and theft, although certain exclusions apply, such as damage caused by floods and earthquakes. Under a BOP, a business selects the amount of liability coverage it needs based on its assets. Liability coverage pays for the cost of defending the business in a lawsuit and pays damages if the business is sued for injury or property damage. The liability policy also pays the medical expenses of those injured, other than employees, as a result of business operations. A BOP provides coverage for both business interruption and replacement costs if an emergency disrupts or destroys the business. Business interruption insurance not only compensates for lost income and the expenses incurred when a company is forced to vacate its premises due to disaster-related damage, but it also covers operating expenses, such as payroll, which continue even when business activities have ceased. Replacement-cost coverage pays to replace damaged or stolen property, equipment and inventory without deducting for depreciation.

In addition to the basic BOP policy, businesses may purchase add-on coverage based on the particular risks associated with the company. For example, a dry cleaner might purchase additional coverage for mechanical breakdown, which would cover the machinery the business relies on. A retailer with numerous employees might carry coverage for employee dishonesty, which covers loss of business property due to embezzlement, fraud or another criminal act. When purchasing business insurance it's important to be sure that your company is neither overinsured nor underinsured. List all company assets including property, equipment and inventory to help you decide the amount of insurance you need. An insurance agent or broker can help you identify risks and determine the type of coverage needed in order to fully protect the company.

Home | Bancassurance | Insurance Companies - P&C | Insurance Companies - Life | Reinsurance Companies | Brokers & Consultants | Rating Agencies | Insurance News | Reinsurance News | Insurance Education | Insurance Research | Insurance Publications | Insurance Data | Insurance Glossary | Credit Insurance | Ecommerce Risks | Insurance Jobs | Insurance Jokes | Articles & Presentations | | Online Insurance Quote | | About Us | Contact Us | Register Yourself | Useful Links | Site Map | Useful Tools | Advertise | Disclaimer | Country Chapters | Resources | Cheap Vacation | Free Domain Name | Cheap Web Hosting | Site Map

Back to content | Back to main menu