Small Business Insurance: Getting Started

By Robert Lewis, InsWeb.com

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Every small business needs small business insurance. But there are lots of small business insurance options out there. So where do you start?

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Small Business Insurance Basics

Small business insurance options differ based on the type of business you own, but most business owners require some combination of the following types of coverage:
  • Property Insurance
  • Liability Insurance
  • Worker's Compensation Insurance
  • Commercial Auto Insurance
  • Business Owner's Package Policy (BOP)

The most common small business insurance coverages are the fist two—Property and Liability coverage. If the physical assets of your business are destroyed or damaged, small business insurance will cover the cost of repair and/or replacement. And all businesses run the risk of being sued, so liability insurance is generally recommended as part of a small business insurance policy.

To learn more about the different types of business insurance coverage, visit InsWeb's Business Insurance Coverage: What Types do I Need?

Save on Small Business Insurance

There are lots of things you can do to save money on small business insurance. Here are five easy ways to reduce your costs:
  1. Shop around and compare business insurance quotes from multiple providers.
  2. Increase your deductible.
  3. Consider a package business insurance policy such as a Business Owner's Policy (BOP).
  4. Make sure you keep your business insurance agent aprised of any and all changes with your business—he or she might be able to recognize new savings opportunities as they arise.
  5. Reduce your loss risk with fire sprinklers, security systems and/or other safety devices. Many of these will lead to insurance discounts.

For more information about how to save on small business insurance, check out InsWeb's Ways to Save on Business Insurance.

Selecting the right small business insurance policy for your business can be a lengthy process. But it's easy to get started. Compare free business insurance quotes at InsWeb.


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