10 Things You Need for a Business Insurance Quote
Getting the business insurance that you need is an absolute necessity. At the very least most businesses buy a general liability insurance policy to protect their business. Some buy a Business Owner Policy, which bundles general liability with other things like business interruption insurance.
It’s important to speak with a trusted agent who understands the risks that businesses like yours face so you buy the right coverage. We advise you to do so by filling out our form with some basic questions. After we put you in touch with the right agent, you’ll likely have to answer more questions.
Here are the 10 things you need for a business insurance quote:
1. Zip Code
What is the zip code where you live? The first question is an easy one.
2. What Type of Coverage Do You Need?
This may be the toughest question of all. There are plenty of different types of business insurance including general liability insurance, professional liability insurance, workers’ compensation and business owners policy. The federal government requires every business with employees to have workers’ compensation, unemployment and disability insurance and some states require additional insurance. So review your insurance needs. Choose a business policy and let the insurance agent know the specific type of insurance you are looking for.
3. What Do You Do?
What kind of business do you own? What is the focus of your business? An insurance agent will ask about this.
4. What Category Best Fits Your Business?
An insurance agent will share categories of businesses and ask you where your business best fits.
5. Your Name
This one is usually right at the top but some insurers wait to ask it.
6. Email Address
Give the business insurance agent your most used email address. You want to make sure you get all the up-to-date information about your business insurance quote.
7. Phone Number
What is your cell phone number? What about a landline? Give the number that you use the most. Again, you want to be reached with ease by the business insurance company.
8. Business Name
What is the full name of your business? An insurance agent will ask you about this.
9. Physical Business Address
What is the address for your business? Give the full address to the business insurance agent.
10. Business Zip Code
Don’t forget about the zip code for your business, especially if it is different from the personal zip code that you shared earlier.
Once you’ve been given a business insurance quote you can decide whether to take it or whether to shop around. Here is a hint. It is never a good idea to stop at the first quote. Need a little help shopping around?
Shop Around and Save
SmartFinancial makes it easy to compare free business insurance quotes instantly. Just input your zip code and you’re all set to go. Next, fill out a brief questionnaire letting SmartFinancial know the kind of business insurance coverage that you want. SmartFinancial will do a comparison of more than 200 business insurance companies so you are bound to find the business insurance coverage you want at a price you can afford in no time. But don’t rush. Review the business insurance offers you have in front of you and review them carefully. You are looking for the best deal, the best price on a business insurance policy with the coverage that you want.
Since choosing the type of policy may be difficult especially if you are a new business owner, let’s review the seven major types of business insurance.
7 Types of Business Insurance
General Liability Insurance
General liability insurance protects against financial loss due to bodily injury, property damage, medical expenses, libel, slander and defending lawsuits.
Product Liability Insurance
Product liability insurance protects against financial loss as a result of a defective product that caused injury or bodily harm.
Professional Liability Insurance
Professional liability insurance protects against financial loss as a result of malpractice, errors and negligence.
Commercial Property Insurance
Commercial property insurance protects your business against loss and damage of company property due to a wide variety of events such as smoke, fire, wind and hail storms and vandalism.
Home-based Business Insurance
Home-based business insurance is added to a homeowner’s insurance as a rider. This insurance can offer protection for a small amount of business equipment and liability coverage for third-party injuries.
Business Owner’s Policy
A business owner’s policy is an insurance package that combines typical coverage options into one bundle. This bundling of your business insurance choices can save you money.
Workers’ compensation insurance provides medical and wage benefits to people who are injured or become ill at work.
Now that you’ve reviewed business insurance coverages you can decide which ones are the most appropriate for your business. And then you can go shopping for the policy or policies that give you the best price for the insurance coverages that you want.
And you will want to do things all over again in a year. Each year it is essential to review your business insurance policies. Did each policy fit your needs? Was the coverage too much or too little? What about the price? Was last year’s coverage more expensive than you would like? Maybe you can get a cheaper policy this year. Shop around and see.
Review your policies each year, shop around, and you’ll have the best business insurance policies for your needs.
Get a Free Commercial Insurance Quote.
If your business has employees, workers’ compensation is a must and is required by law in most states. Workers compensation offers insurance coverage for when employees become ill or injured on the job.
A general liability class code is a group of numbers that insurance companies use to classify businesses into categories of risk. These class codes help insurance companies assign rates and exclusions.
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There are two major kinds of bonds available for people purchasing business insurance. These are surety bonds and fidelity bonds. One or both could be right for your business.
What exactly does business personal property insurance cover? The short answer is that BPP insurance covers any transportable items owned by a business.
All business owners with a physical location need commercial office space insurance that covers the building. If you own your own business but work from home, you’ll still need commercial property insurance.
Often, costs take on a life of their own and begin to really eat away at profits if you don’t take care to control them. Sometimes, a business’s inner workings can become so complicated that we overlook the simple and obvious changes we can make to improve our business practices. “A penny saved is a penny earned” could not be any more true.
Most businesses have general liability insurance because accidents happen. They happen even more the bigger your company is.
If you are a business owner, you will need to make sure that you have an adequate amount of business insurance to protect both your personal and business interests.
Quick and easy tips that every business owner should be doing.