Stop Overpaying For Your Small Business Insurance With These Simple Tips

Insurance for business is a bit of a minefield, and for the uninitiated, the breadth of insurance products out there can be overwhelming. How do you even know what insurance you need? There are a few easy steps you can take to ensure that you know what you are asking for and who to ask.

So where do I start?

Start your research with a reputable organization. The National Federation of Independent Businesses can provide you with excellent advice on what you need to consider when it comes to insurance for your business. They will walk you through what kind of insurance a business like yours needs to avoid you buying more insurance than you require.

What are the most common business insurances?

There are many insurances out there that cover the same kind of things - but with different names! We have compiled a list below of some of the most common insurances that you might want to consider and roughly what they are designed to cover.

Business Liability Insurance

This is also known as Commercial General Liability Insurance and General Liability Insurance. It covers things like property damage or bodily injury, medical costs if you are legally responsible for a bodily injury, defense costs whether you are at fault or not, and also assistance if you are sued for libel and/or slander.

Business Owners Policy

Commonly abbreviated to BOP, this kind of insurance should cover pretty much all that Business Liability Insurance covers plus a few additions such as business interruption cover and coverage for damage to other people’s property. Each policy from each company will vary so be sure to dig into the detail.

Professional Liability Insurance

This kind of insurance can also be called Errors and Omissions Insurance. It’s designed to protect company directors, owners and officers from any claims for negligence.

Who offers cheap commercial insurance?

There are millions of small and medium sized businesses in the US and this is a competitive market, so you will find that every major insurer in America has some kind of commercial insurance.