There is no business to small that it can’t benefit from insurance. Regardless of your company’s size, you should be taking the time to search for a commercial business insurance quote. However, the exact coverage you require, interest rates, etc. play a role in the type of quotes you get. Choose an insurer that offers custom policies for your industry. Do research and read reviews to make sure that the company you choose is a good choice for businesses like yours.
What exactly is business insurance? It is a broad range of policy options compiled to protect a company from financial loss. The potential causes of financial loss obviously vary from one company to the next
Here is an overview of some of the types of coverage available. Some of these you will likely need and some you will not:
• General liability insurance (protection from 3rd party liability claims for injuries other people occur)
• Product liability
• Malpractice / professional liability
• Property insurance
• Workers compensation
• Commercial vehicle insurance
• Cyber-crime protection
• Loss of income
• Records retention policies
• Key personnel insurance, should the head(s) of the business become incapacitated
• Specialty coverage for things specific to your industry as well as one-day events such as concerts or seminars
Legal Requirements in a Commercial Business Insurance Quote
Commercial insurance is typically required by law, but under certain conditions, and those vary from state to state. At the very least you will need general liability insurance. Depending on your trade, your state might require you to carry insurance against professional liability. If you have employees, you will probably be expected to pay unemployment insurance taxes under certain, prescribed conditions if they are deemed to be applicable to your organization. You’ll therefore have to register your business with the work force’s agency in your state.