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Group Insurance For Small Business Owners
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How Group Benefits Can Open The Door To Opportunity
Small business insurance is an old business: there is evidence of "dib" contracts by Babylonian merchants from 4000 to 3000 BC. This early form of business insurance allowed shipowners to take out loans to repair their ships with the agreement that they would not have to repay the loan if their ships sank or suffered one of the other listed "perils." Insurance companies also charged interest on loans to cover the higher risk.
While most small businesses today don't have to worry about their goods ending up at the bottom of the ocean, small business insurance is more important than ever thanks to the modern risks business owners face. Babylonian merchants did not worry about being sued, which can be as devastating to a modern small business as a sinking ship.
Small business insurance can protect small business owners from financial liability in the event of lawsuits, property damage, injuries, workers' compensation claims, or any other losses incurred during operations. Different small business insurance companies offer different types of coverage, and different small businesses need different policies based on what they do, where they are located, how many employees they have, and a number of other factors.
10 Types of Small Business Insurance 1. General Liability Insurance 2. Workers Compensation Insurance 3. Commercial Auto Insurance 4. Commercial Property Insurance 5. Commercial Insurance 6. Business Income Insurance 7. Employment Practices Liability Insurance 8. Insurance 9. Professional Liability Insurance 10. Business Owner's Policy (BOP)
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The world of small business insurance can seem complicated, filled with endless, complicated offerings. You'll need to shop around to find out what's best for your company, but in general, you'll need at least general liability insurance and workers' compensation insurance. Here are 10 common types of small business insurance, except for the first two, which may or may not apply to your business depending on what you do:
General liability insurance provides — you guessed it — broad, general coverage. Most policies protect your business against injury and property claims, as well as libel and slander.
If one of your employees is injured on the job, you could be on the hook for their expenses and compensation. But if you have workers' compensation insurance, that money comes out of the insurer's pocket instead.
Workers' compensation insurance can also cover medical care, lost wages, disability, and funeral expenses. This type of insurance is mandatory for businesses with non-owner employees in every state except Texas. All four states require that you purchase a policy from the state, not a private carrier.
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Commercial auto insurance covers your business if an employee is involved in an accident while driving a business vehicle, such as a food truck, construction truck, or delivery van.
Commercial property insurance (also called hazard insurance or business property insurance) helps your business replace commercial property lost or damaged during operations. This can include real estate (such as an office building), furniture, tools, inventory, or other tangible assets owned by your company.
Commercial umbrella insurance is a supplement to your current insurance coverage. This is a good move if you think your regular insurance limits won't cover a large loss or liability.
Business income insurance—sometimes called business interruption insurance—covers lost income if your business suffers property damage due to fire, storm, or theft.
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Employment practices liability insurance, also called employers' liability insurance, covers the case if an employee brings a claim of discrimination, sexual harassment, or wrongful termination against an employer or management.
Data breaches and ransomware (ransomware that locks you out of your device or encrypts your data until you pay the ransom) can do real damage to your customers and your business, and these attacks are on the rise. Liability insurance helps if you have to notify customers of an attack, compensate them in the event of a claim, and pay for free credit monitoring for affected customers.
Professional liability insurance (also known as errors and omissions insurance) protects your business against claims that your advice or services cause financial harm to a client. For example, a real estate agent who fails to report mold in a basement may be liable for damages.
A business owner's policy (BOP) is a small business insurance package deal. The specifics vary based on your company's needs and what your insurance company offers, but BOPs include general liability insurance, commercial property insurance, business income insurance, and workers' compensation.
Small Business Problems
6 Popular Small Business Insurance Providers 1. Liberty Mutual 2. Nationwide 3. Progressive 4. State Farm 5. The Hartford 6. Travelers
Choosing a small business insurance provider can be overwhelming because each company offers slightly different services and prices. You generally want to consider your needs, finances, and risks before finding the company that best meets your needs. To help you choose, contact the providers you are considering for quotes.
Liberty Mutual is one of the world's largest insurance providers and the sixth largest property and casualty insurer. Although they are primarily known for property and auto insurance, other coverage options include:
Nationwide for nearly a hundred years—the company began in 1926 as Farm Bureau Mutual Automobile Insurance Company. It builds on this foundation to cover more than just farmers and cars, including:
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Progressive Commercial is best known for commercial auto insurance, but offers a full range of small business insurance services. Coverage options include:
Progressive also offers more specific insurance, including liquor liability, rideshare insurance, inland marine insurance, excused excess lines insurance, employee pet insurance benefits, and employee health insurance.
Each State Farm agency is independent, so it doesn't just sell small business insurance, it's the small business owner itself. It offers industry specific insurance for every stage of your business development. Coverage options include:
The Hartford is one of the oldest small business insurance companies in the United States with over 210 years of underwriting. It began as a fire insurance company, but today offers a wide variety of customizable small business insurance options, including:
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Travelers is known for offering commercial property insurance. Besides the US, it also offers coverage in the UK and Canada, making Travelers a good choice for international companies. Coverage options include:
There are many different types of business insurance. Common policies include general liability, workers' compensation, commercial auto, commercial property, commercial umbrella, business income insurance, and industrial coverage.
The most common types of insurance for small businesses are general liability, workers' compensation, commercial property, and business income insurance, which can be combined into a business owner's policy (BOP).
Progressive & Insurance reports that the average cost of general liability insurance hovers around $500 a year. But insurance costs vary greatly depending on the size of your business, line of business, provider and type of policy. For example, a freelance graphic designer will pay less than a transportation company. Your best bet is to get quotes from several different providers to compare.
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Laws vary from state to state, while the US federal government requires workers' compensation for any company with employees (except for businesses with non-owner employees in Texas). Four states (North Dakota, Ohio, Washington, and Wyoming) require you to purchase a policy from the state rather than from a private carrier.
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Health Insurance Plans For Small Businesses Online |iifl Insurance
Try it 3 days free, no credit card required. By entering your email, you agree to receive marketing emails from us. My mission has always been to help the average man/woman or 1099 community find their way around health insurance. I specialize in helping small business owners and the self-employed with this, and I speak candidly with many of them throughout the day about health insurance options.
Many self-employed professionals seeking affordable and quality healthcare find themselves in a black hole abyss of overpriced, unpredictable and downright confusing coverage options. Or, if they haven't already fallen into this trap, they are afraid to do so and often forgo health insurance altogether.
I've collected frequently asked questions and put together a handy guide to help you meet your self-employment health insurance needs.
When you're escaping your 9-to-5 job with the perks of full-time freelancing, you may not know where to turn.
Best Health Insurance Companies For Small Businesses
Do you know what you need for your self-employment health insurance? Here are some factors to consider:
The options are mainly divided into public and private market plans. It's important to figure out which market you'll be shopping in first, because each market has multiple carriers involved!
You're different when you start, you're different when you're in
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