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Compare Cheap Business Insurance Quotes From The Best Business Insurance Companies in 2 Clicks

You’ve founded your dream business…Mazel Tov! Hours and hours of hard work has led you to this moment and your ideas have finally come to fruition. Whether it's a restaurant or the next technology that's going to change the world - Now it’s time for perhaps the less fun but incredibly important part: compare business insurance quotes and get the best business insurance coverage to protect your business. While the process can be strenuous and multifaceted, it is important to protect yourself, your employees, and your business from unexpected risk. With so many insurance companies out there, it can be challenging to find the right coverage plan and price point for your business. We make this easier.

But before you begin your search, it is crucial that you understand the basics of business insurance. Knowledge is key! Let's dive in!


What is business insurance?

Business insurance is a type of insurance that is designed to protect your company from unexpected financial losses as well as physical and intellectual property losses.

Business insurance comes in all shapes and flavors, and each type protects against various forms of risk you may face. When thinking about the plan that will be most beneficial to you, it is important to analyze the risk your company may face. Are you operating a small business? What services do you provide? Who are you helping? What industry are you in? Be sure to keep note of these things as you continue to read. Not every type of plan will be of benefit to you.

The first type of business insurance we will cover is Commercial General Liability Insurance. This policy covers three main risks:

  • Injury and property damage
  • Personal and advertising injury (i.e. slander or copyright disputes)
  • Medical expenses


In today's litigious society, it is essential to protect yourself and your company from lawsuits and liability claims. Small accidents, broken contracts, disgruntled employees are all common occurrences that could potentially end in a lawsuit. That does not mean you will necessarily lose the lawsuit; however, absurd legal fees will hurt your business and distract you from important administrative and organizational work. Liability insurance will cover any incidentals and allow you to focus on operating your company without fear of it being damaged by liability claims. This type of insurance is typically a “first line of defense” for companies as it covers the more general losses a company may face. The median cost of a commercial general liability policy is $500/year.



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While it is very important to protect your business, it is also essential that you protect your space and the roof over your company’s head. How? Commercial Property Insurance!

Regardless of whether or not the property in which you operate your business out of is owned or leased, property insurance is essential. In addition to covering the physical building, this type of insurance also covers the equipment and inventory within your office space from unexpected occurrences like fires, storms, or theft. Often times, mass-destruction natural disasters such as earthquakes or floods are not covered in property insurance, so if you live in an area prone to natural disasters, make sure to discuss this with your insurer; additional coverage is often available for an added cost. So how much should you expect to pay for commercial property insurance? It really depends on the value of the building and your location, among other factors. The median cost, however, is around $750/year.

Now we will move onto Workers Compensation Insurance. It is important to pay attention closely to the details of this type of policy as it is typically a law that you provide your employees with this coverage. Workers’ comp covers sickness, injury, or death (and the consequential lost wages) that an employee may encounter while on the job. This should be purchased as soon as the first employee is hired! Not only can you face a high financial burden if someone is hurt on the job without coverage, but you may also be fined by your government if this policy is compulsory! Need another reason to purchase this plan? Employees or potential employees often find the benefits of these plans attractive and thus this may help you recruit the best team. On average, this plan will cost you $85/month.

Now time to think about the services you are providing. Are you selling a physical product? If so, listen up because Product Liability Insurance is a necessity for you. 

We know. You spend endless amounts of time ensuring that your customers receive only the best from your company. However, even if you are certain your product is completely safe, misused products can often be dangerous; there is always a risk when someone is utilizing your product and accidents can happen. It is important that you are prepared in case of this event or it may cost you BIG time. In 2012, product liability lawsuits resulted in an average award of $3,439,035! Yes, you read that right. In order to protect your company from potential lawsuits, you should invest in a product liability insurance plan. This will cover legal fees, medical expenses, and business damages. 

The cost of product liability insurance plans depends on the product you are selling and its associated risk: a paintball gun will cost more to insure than a doll. For low-risk items, you can expect to pay about $0.25 for $100 of revenue. For higher risk items, you may pay 10 times that amount.

Now onto Directors and Operators Insurance (D&O)

Directors and Officers Liability Insurance covers directors and officers, as well as their families, for claims made against them as they serve on a board of directors or as an executive of a company. This coverage comes in the form of legal fees and settlement costs. A few reasons a claim may be brought against a director includes fraud, misuse of funds, or misrepresentation of assets. Essentially, these policies function to cover these “management errors and omissions,” or claims that result from managerial decisions that have adverse financial consequences. This policy allows those in decision-making roles to not have to worry about the financial burden of a lawsuit brought against them and instead focus on business operations.

It is important to note, however, that the policy may not cover many cases of “intent.” This includes embezzlement or other situations where a person knowingly tries to leverage personal profit at the expense of the company.

So who should purchase this plan? Only larger companies? No! Any company that has a board of directors should consider purchasing a D&O policy. This plan is a bit pricier, with the median cost coming to $1,240/year.


Ok. We know that this is a lot of information and that there are so many different plans to consider. After all, there are a number of different facets of running a business, each with their own associated risk. It is important to account for each one as any accident could otherwise end up costing your company big time. We have just a few more types of insurance plans to cover before we wrap it all up…

Got a car or vehicle associated with your company? Unfortunately, there is risk there too. You may want to consider investing in a Commercial Vehicle Insurance plan. If your company owns and operates vehicles, you want to be protected in case an accident occurs. This policy is similar to personal auto insurance. However, it covers your companies’ vehicles at large rather than the individual employees who may be driving. Additionally, these plans can cover everything from cars to vans to food trucks, among many other vehicles. The average cost is around $1000/year.

Moving on…So what is Business Interruption Insurance?

In the event of a catastrophe, business operations can cease, leading to loss of income and employee instability within your business. Business interruption insurance will compensate companies for intrinsic damages that occurr during these times. This includes covering lost profits, training fees for new employees, and, if need be, a move to a temporary location. Business interruption insurance can either act as a standalone plan or an addition to a property insurance policy. So who can purchase this plan? Those who operate out of a commercial location- in other words, if you work from home, you likely would not qualify for a business interruption insurance policy. The average cost of this plan is $1,200/year.

Last but not least: Liquor Liability Insurance

Do you operate a bar, brewery, vineyard, catering service, restaurant or other business that profits by manufacturing, selling, or serving alcoholic beverages? If so, it is imperative that you get liquor liability insurance. Inebriated patrons are much more likely to be involved in an accident, infusing this industry with inevitable risk. While you may not be able to able to control your customers, you can protect your business for liquor-related claims by purchasing liquor liability insurance. It is important to note, however, that not everyone needs to purchase one of these licenses. For example, if your office throws a party and alcohol is present, your general policy will likely cover any accidents that occur. This is because your company does not profit off of selling alcohol. If you are in the business of purchasing a liquor liability insurance plan, however, the cost will heavily depend on the business you run. For example, a bar can expect to may far more than even a restaurant or catering company. 


Compare Business Insurance Quotes Here

Get all the best quotes from leading providers in a click of a button!

In partnership with:

Identity logo

In partnership with:

Coverwallet logo

icon Your information is secure with us and solely used to connect you to relevant insurance offers, companies and services.

Let’s Sum it Up…

Okay that was a lot! Business insurance is incredibly multifaceted, and not every type of plan will apply to your business or benefit your company. Just to review, here are the types of insurance policies we just covered:

  • Commercial General Liability Insurance
  • Commercial Property Insurance
  • Workers Compensation Insurance
  • Product Liability Insurance
  • Directors and Operators Insurance
  • Commercial Vehicle Insurance
  • Business Interruption Insurance
  • Liquor Liability Insurance

While some are standalone policies, others typically act as add-ons to a more general plan. Be sure to keep this in mind.

Alright, What Comes Next?

The first place to start when developing a business insurance strategy is to lay out your potential risks. Do you operate business-owned vehicles? Do you have office space? Do you have employees? How many? These types of questions can help you develop a list of your “responsibilities”, or what your business is liable for. Ultimately, this will not only help you determine which plans are best suited for your company but will also help you gauge the amount of money you will be investing in these plans. 

The truth is that accidents and conflicts are often inevitable, so while trying to avoid them is always the goal, the best preparation is a solid insurance plan. Upon developing your list of “responsibilities”, you should begin to look at what risks you would like to insure. Ask yourself, in the worst of scenarios, how can my business be damaged by an accident or a lawsuit? After you’ve thought carefully about this question, it is time to look into how best minimize damage to your business if these scenarios were to occur. This is where Insuranks comes into play. Using our simple layout, you can efficiently find competitive quotes on various insurance packages. Thus, the often-intimidating concept of “business insurance” can be broken down and solved in smaller, simpler components. Although it all may seem like a lot now, getting insurance plans for your business now will pay off in the long run…an accident can cost your company greatly, even millions, if you are unprepared.

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