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What is small business insurance?
Small business insurance isn’t one policy you can buy; it’s a whole category of different insurance policies that protect your business from the everyday liabilities and risks you run when you’re on the job. From a customer’s bodily injury to your own equipment breaking down, having the right small business insurance policy helps you plan for the unexpected and manage your bottom line better. Let’s break down the best business insurance for your needs, what it covers, and how to get a quote fast.
What does small business insurance cover?
Small business insurance should cover your exact business’s needs (because it’s not just one policy, remember?). There are no one-size-fits-all solutions in commercial business insurance; think about all of these as options you can “Add to Cart” to cover all your operations and assets. Here are the topmost common types of small business insurance, used by entrepreneurs everywhere:
General liability insurance or “CGL” provides coverage against third-party claims for property damage, bodily injury, and personal and advertising injury. That means the everyday accidents that can happen on the job: slip and falls, flying tools, or spilling coffee on a customer’s laptop—you get the idea. CGL is one of the most basic types of insurance for small businesses.
Professional liability insurance, also called errors & omissions (E&O) insurance, covers claims of financial loss as a result of providing—or failing to provide—professional services properly.
Business Equipment Protection is a type of first-party insurance that covers business equipment that you own, rent or borrow and is used in connection with your business. (Other insurance companies for small businesses call it inland marine insurance, but we like to keep things clear and simple.)
Commercial Property Insurance
Commercial property insurance covers costs as a result of direct physical loss or damage to a building or its contents in situations like a fire or windstorm. Even your accounts receivable can be protected by commercial property coverage.
Business Owners Policy
A business owners policy or “BOP” is all the coverage most small businesses need in one easy package with two main areas: commercial property insurance and general liability insurance.
Workers’ Compensation
Workers’ compensation covers the costs related to your employees’ workplace injuries and illnesses, and it’s required in just about every state. Your team is your most valuable asset, so it’s crucial that you protect your business and team.
How much does small business insurance cost?
The cost of small business insurance is based on a few main factors, like which state you’re in, what you do, your coverage limit, and the size of your team.
For example, if you have a large crew working in a more dangerous profession, you can expect to pay a bit more for your small business insurance than a sole proprietor who runs their business from home. Along with any extra coverages you need, these factors all add up to your business insurance premium (the price you’ll pay).
No two businesses are exactly the same, but general liability insurance from Thimble starts at $17 per month.
What other types of business insurance does my small business need?
Business interruption insurance
Business interruption coverage can seriously keep your business afloat if you’re forced to close up shop. If you suffer direct physical loss or property damage at your premises, like in a fire, you could recover payroll for up to two months and lost income and operating expenses for up to a year. It’s available as an additional coverage to BOP.
Equipment breakdown coverage
Equipment breakdown coverage insures the cost of repairs and lost income when your equipment breaks down. It’s available as an additional coverage to BOP.
Product liability insurance
Product liability insurance protects crafters, makers, and manufacturers against the costly consequences of injury or damage arising from the sale of products like jewelry, candles, or soap. It’s available as part of general liability insurance coverage on Thimble’s monthly and annual policies.
Cyber insurance
Cyber insurance, also called cyber security insurance, is designed to protect your business from the financial consequences of viruses, malware, security breaches, ransomware or other cybercrimes.
Hired & non-owned auto coverage
Hired and non-owned auto coverage is designed to cover work-related accidents in your employees’ personal vehicles or ones you rent. Liability coverage for personal autos or rental vehicles that your business uses for work but doesn’t own. It’s available as an additional coverage to BOP.
Auto liability insurance
Commercial auto liability insurance protects you against the risks associated with vehicles that your business owns and operates.
Purchasing insurance is a proactive step toward securing your financial future and safeguarding your loved ones. By taking a few minutes to obtain a quote, you’re making an investment in peace of mind and stability. Don't wait for the unexpected—act now and get the coverage you need.
Click the links above to receive your personalized insurance quote and take the first step toward a more secure tomorrow.
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If you have any questions, give us a call at JJC Insurance Agency 215-650-9292 or book online.
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