Business insurance and commercial insurance are vital safeguards that entrepreneurs and small business owners routinely rely upon. But, it can be difficult to determine exactly what form of insurance coverage is needed. Sometimes insurance can be an industry-specific requirement, other times it’s just a smart move to protect yourself. Whether you’re searching for a new policy or it’s time to renew an existing policy, it is important to be informed and confident that you are choosing the correct form of coverage for your operation.
Luckily, CoverHound has a tool called the Business Insurance Checkup that helps small business owners find the best coverage for their specific needs and operations. You can take the confusion out of finding insurance coverage by using the Insurance Checkup tool to learn about the policies that are appropriate for your industry and tailored to your business. Once you identify the correct form of coverage, you can get some personalized quotes to review and consider before you make a purchase.
Read on to learn about commercial insurance coverage and business insurance coverage, then check out the CoverHound Business Insurance Checkup tool to discover exactly what insurance policies will keep you prepared and protected from those unexpected events.
In short, the Business Insurance Checkup is a tool that helps small business owners identify the correct forms of insurance coverage for their business. It also serves as an educational resource for business owners to learn about specific coverages and get more accurate insurance quotes.
If you’ve spent any time surfing the web researching commercial insurance and business insurance, you know how vast that topic can be. Some commercial insurance policies will benefit every business, others provide coverage for certain industries, and there are even insurance policies that are specific to certain professions. The Insurance Checkup will sift through the options and show you exactly what will work for your business. Why? Because personalized quotes are more cost-effective than one-size-fits-all coverage.
Factors that determine coverage:
If you’re worried about finding the right business insurance and commercial insurance online, you shouldn’t, and here are 4 ways the CoverHound Insurance Checkup can help you find and shop for the best coverage possible for your business:
Reason 1: Buying commercial insurance and business insurance online is empowering because you can compare policies and coverages from competing insurance carriers to find the best deal. Comparison shopping also makes it easier to say goodbye to your current insurance carrier when you come to the end of your policy term. If you find a better or cheaper policy with a competing insurance carrier, you can confidently say goodbye to overpaying with the old carrier.
Reason 2: Buying business insurance online saves you time to do other things, like running your business. Scheduling a meeting or phone call with an insurance agent during the work week can completely clog up an already busy calendar. When you use the Insurance Checkup all you have to do is answer a few questions about yourself and your business—and voilà! You will know exactly what form of coverage is right for you, and with a few more mouse clicks, you can get personalized quotes in as little as five minutes.
Reason 3: Shopping for commercial insurance and business insurance online presents you with the information you need to make an informed decision. You can compare what each insurance policy has to offer line by line, coverage by coverage. If you encounter any confusing or unclear information, you can always consult a licensed insurance advisor to help you navigate through the checkout process and ensure that you fully understand what you’re getting.
Reason 4: Shopping for commercial insurance and business insurance using the Insurance Checkup tool allows you to explore all of your options, and discover options you didn’t know existed. Not every business needs the same type of business insurance or commercial insurance, the Insurance Checkup tool can help decide what is right for you, plus it can help you determine if you have too little coverage in place. For example, a BOP insurance policy (Business Owners Policy insurance) offers general liability, business interruption, fleet, as well as crime, and property insurance policies, but it does not offer professional liability insurance. So if your small business is an accounting firm or private medical practice, a BOP won’t give you all the coverage needed to protect yourself. This is where the CoverHound Insurance Checkup can help you determine if the policy you're looking at has adequate coverage for your needs.
There are a lot of reasons to shop for commercial insurance and business insurance online, but the biggest reason is to protect your business. Check out the CoverHound Business Insurance Checkup to see if your business has enough coverage and find out where you are lacking protection. You can also get free personalized quotes in about 5 minutes.
Professional Liability Insurance, commonly known as Errors and Omissions (E&O) insurance, is the basic form of coverage needed to operate a small or medium size business. It is considered by many business owners as an absolute must-have form of coverage. Professional Liability protects you and your business from lawsuits alleging negligence while handling or processing sensitive information. In most cases, Professional Liability insurance will also cover attorney’s fees and judgements. If you are an account, for example, this means you’re covered if a client files suit for mistakes on their tax return.
General Liability Insurance protects every type of business, and many small business owners find it particularly beneficial. General Liability protects businesses from a wide range of claims that can arise in the course of normal operations, such as claims of property damage, personal injury, libel, slander, and defamation.
A Business Owners Policy (BOP) is the way to go if you operate out of a brick-and-mortar location. A BOP bundles General Liability insurance and Business Property insurance together into one policy. You get the benefits of General Liability plus Business Property insurance that covers a rented or owned property and the equipment inside it. A BOP is the preferred combo of coverage for businesses operating in an office or location that is visited by employees or clients.
Workers Compensation is a must if you have full or part-time employees, or if you hire seasonal staff. Workers Comp laws are on the books in every state and it is mandatory for employers operating in 48 states (TX and OK are optional when certain conditions are met), but virtually every employer across the country has this crucial form of coverage. This insurance covers employees if they suffer an injury or become ill while on the job. Accidents do happen, and your employees will receive compensation for missed wages and medical expenses for mishaps that happen at work. It also protects you from lawsuits initiated by employees alleging dangerous or harmful workplace conditions.
Commercial Auto Insurance: If your small business owns and operates a fleet of vehicles, uses a vehicle to conduct business, or delivers goods, you will need commercial vehicle insurance. Commercial auto insurance offers bodily injury and property damage liability if you or an employee should suffer an accident during business hours when operating a company-owned vehicle. It is important to note that commercial auto insurance, commercial vehicle insurance, and commercial truck insurance are all different names for the same form of coverage, regardless of the type of vehicle used to conduct business.
Cyber Liability Insurance is a simple solution to the far pervasive cybersecurity issues facing small business owners. It is a class of business insurance that protects a business and its digital assets. In short, cyber insurance covers your business if you experience a data breach or hack that compromises non-public information or causes data loss. It is your responsibility to protect sensitive client information and financial records, and most business owners take that task very seriously. But hackers can weasel their way into your system and cause tremendous financial and legal damage. Cyber insurance is there to cover legal fees and any costs related to recovering data and restoring business operations. For businesses that do experience a data breach, cyber insurance is often the deciding factor that determines the ability to carry on or fold.
Take the confusion out of finding insurance coverage and use the Business Insurance Checkup to learn about the policies that are appropriate for your industry and specific to your business. Once you identify the correct form of coverage you need, you can get some personalized quotes to review and consider before you make a purchase. Still unsure about business insurance and commercial insurance? CoverHound offers a library of free resources designed to help small business owners plan, prevent, and insure against the unexpected.
Insurance shopping simplified
Insurance shopping simplified