TRUiC Discuss Latest Ways to Protect Your Ideas with Small Business Insurance

Small Businesses compose over 90% of all businesses in the United States, with there currently being over 30 million. When it comes to small businesses, owning one or starting one, competition is inevitable, and business ideas are abundant. While there are different types of small businesses, each one will require a different type of insurance plan. This article takes a look at recent ways you can protect your ideas with Small Business Insurance.

While this list is not exhaustive, some of the most popular small business industries include food and restaurants, retail services, health, fitness, and beauty, residential and commercial services, and various other business services like finance and law.

What are the Types of Business Insurance Policies?

There are various types of insurance policies for small businesses, for example Unemployment Insurance and Excess and Surplus Insurance, among others. Some of these will fall under the umbrella of a Business Owners’ Policy (BOP), which can be started by a professional insurance provider. The most common insurance policies include the following:

General Liability Insurance

It’s recommended that most businesses start with General Liability Insurance as it covers all the fundamental insurance needs, for example, injuries, damages to property, personal or advertising liabilities, and legal defenses.

Professional Liability Insurance

Also referred to as Errors and Omissions (E&O), this insurance policy covers all the workers in the event a client sues the company due to information or advice given to them by the owner or employees.

Worker’s Compensation Insurance

Worker’s Compensation Insurance protects employees from injuries incurred at work or on site. In the event an employee sues the company, the company will also be protected and the employee will be paid out.

Commercial Property Insurance

This insurance protects the work building and offices, as well as the physical assets within it in the event of natural disasters or other incidents like theft or fires.

The best time to obtain business insurance is when you’re starting one, especially if there will be employees. The costs will usually range between $700 to $3,800 per year, however these will vary depending on the insurance provider. Knowing the primary risks your business will face, the type of industry your business is in, and the state it will operate in will determine what insurance policies you’ll choose.

Some states will require a business to have Workers’ Compensation Insurance or Unemployment Insurance. Additionally, having insurance will increase business credibility; some companies will require your business to be insured before entering into any working contracts.

Choosing the Right Insurance Company

There are various insurance companies to choose from, and each one will have different offerings, below are some examples of the various value propositions US businesses will typically consider:

CoverWallet

With easy online navigation and friendly service, this provider assists businesses who need an overall insurance policy, they have access to various insurance companies and connect you to the right ones for your business.

State Farm

With high customer ratings, State Farm covers all the essential insurance policies, namely Professional, General, E&O Liability, Property, and others. Their expertise is wide as they have over 19,000 private insurance agents with their own businesses.

The Hartford

With over 200 years experience, The Hartford offers customized insurance policies that are more industry specific, although they also offer the fundamental insurance policies for small businesses. Clients can get online quotes with experienced financial backing.

Hiscox

Although Hiscox offers services to all types of businesses, they are recommended for micro-businesses. The company has high ratings and thousands of positive reviews and offers various educational resources on their website.

CNA

CNA offers policies related to cyber risk insurance specifically for online businesses while still offering other general insurance policies. They have three cyber risk insurance policies to choose from and clients can pay for it through the CNA website.

Nationwide

Nationwide offers insurance policies suited to businesses that need numerous commercial insurance coverages. They work well for businesses within the agricultural industries, and clients can use their services from their mobile phones (Android or Apple).

Chubb

Chubb offers commercial and personal insurance policies and provides various liability insurances including General Liability Insurance with multiple options available. Other policies include a Business Owners’ Policy, which can combine General Liability and Property Insurance. Clients can also do in-house claims.

Final take

There are many options to choose from to protect your small business, visit this website for more information about choosing the policy best suited to your business.

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