Have you been asking yourself if your small business really needs insurance? If so, the answer is a resounding yes. Accidents happen, no matter how safe the work environment is. And they can lead to you dealing with unexpected financial and legal issues that could strain your business.
Insurance is a great way to protect your business from these eventualities. So, when an accident happens, your insurance provider steps in to cover the expenses you would otherwise pay from your own pocket.
Now that you know why it is necessary to carry business insurance, how do you go about getting it? The good news is you don’t have to go to a provider’s physical location to apply. You can actually get business insurance online without much hassle.
Read on to learn how.
Determine the Coverage You Need
Right off the bat, know that there are different types of insurance covers for businesses. And depending on your type of business, its size and needs, you may need some more than others.
For example, you are required to get workers’ compensation insurance if you have one or more employees in most states in the US. But if you run your business alone or have a partnership where just you and your partners provide the labor, you are not legally required to carry this insurance:
Other types of business insurance you should consider include:
- General liability insurance: protects your business against lawsuits filed by outsiders. Usually, it covers costs related to suits accusing your business of causing injuries, property damage or reputation damage.
- Commercial property insurance: covers your business against physical property loss or damage from factors like a fire.
- Commercial auto insurance: quite similar to personal car insurance except that it covers your business vehicles for accidents.
- Business income insurance: in case your business is interrupted by, say, a disaster, this coverage pays you the lost income as well as fixed costs such as rent and payroll.
These are just the most common types of business insurance. But the list is not exhaustive. You can even get a policy for yourself, as the business owner, or even key employees in your company.
At the very least, it is always best to have general liability insurance, as well as workers’ comp.
Narrow Down to Insurance Brokers That Cater to Businesses
Once you know the kind of policies you are looking for, the next step is finding a good online insurance broker. And this very much depends on your business. If you are a small or medium business, you want to choose a provider like Simply Business insurance that specifically caters to businesses like yours. This way, you are more likely to find favorable terms and rates.
For example, a startup or small business without a big budget might find month-to-month premiums much more favorable than an annual financial commitment.
Besides that, you also want to go with an honest and transparent provider to avoid sneaky fees or other issues down the line. You can tell a good broker apart by how transparent their policies are.
Ask for a Quote
Now, every business insurance policy is unique. Your premiums, that is, how much the cover will cost you, are typically determined by your industry, business size, and location, among other factors. So, you want to request a customized quote. And for this, you will need to provide some basic details concerning your business. This usually includes things like how many employees you have, your physical business address, your annual revenue, etc.
If you are unsure about a provider, it is okay to compare different quotes. Remember, you can always call the broker to discuss your quote further.
Buy Your Business Insurance Policy
The final step is purchasing your policy. This step is pretty simple, and the online broker should give you the guidance you need. Once you have bought your policy, coverage typically starts immediately or the next day.
Buy Your Business Insurance Online & Protect Your Company from Financial Losses
A business has so many moving parts, from employees and customers to property and inventory. For this reason, unexpected issues, such as accidents and disasters, can bring unwarranted costs to your business. Don’t wait for your business to suffer. Apply for business insurance as soon as possible.
