Commercial Business Insurance Quote – A Look at the Types of Coverage in Business Insurance Plans

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.

Don’t just select the first cheap commercial business insurance quote you see. Your policy must be tailored to your business based on its risks and relevant laws regarding your industry. Work with an insurance company that will take the time to learn about your business in order to get you the best coverage possible to protect your business investments.

Since there are so many sites that all promise to offer the “best” commercial business insurance quote, it’s a good idea to use Hiscox Business Insurance as the starting point. While it is a big insurance company, Hiscox does not view insurance coverage as a “one-size-fits-all”. It is your best bet to get a tailored coverage for your industry and specific needs.

Commercial General Liability Insurance: A Summary of What Business Owners Need to Know About CGL

Almost every business, regardless of size or industry, requires commercial property and general liability insurance. The cost of commercial general liability insurance obviously varies widely based on industry, with “higher risk” industries, such as construction, paying more. Luckily, there are some good sites that offer free quotes. For small businesses, CGL insurance can cost well below $100 a month, while larger businesses could pay hundreds or even thousands.

This makes sense, as larger companies tend to have more employees, customers they serve, and larger buildings they occupy. The more people and property involved, the higher the risk that someone can become injured. You might also be expected to pay for workers’ compensation, depending on where you live and what kind of industry you are involved in. Location plays a role as well. If your place of operation is in a neighborhood with a high crime rate, you will likely be expected to pay more for insurance than a similar business in a small town or country with a low crime rate.

You have a better chance of getting a low quote for commercial general liability insurance if you have experience, and if your business has been around for at least a couple of years. This is because the longer a business has been involved in the industry, the more financially stable they are likely to be. It’ll also look impressive if your company hasn’t had any claims filed against it.

Deductibles and Premiums in Commercial General Liability Insurance

Like literally every other type of insurance out there, deductibles and premiums are going to play a role. Lower deductibles usually mean lower premiums, and higher deductibles result in lower premiums. If you are willing to raise your deductibles, the cost of CGL insurance will be decreased every month.

Another factor that could play a role in the quotes you get are gross sales. Obviously, the more revenue you have, the higher your premium is going to be.

There are more options if you want protection for yourself. CGL insurance usually doesn’t cover injuries to the owner. Depending on your industry, you might have an inventory you want to protect. An inventory of goods is usually valued at the price the business owner has paid for it, even if you plan to sell it at a higher price. If you’re involved in the financial sector, you might want to consider coverage for errors and omissions.

Get commercial general liability insurance and any other type of coverage tailored specifically for your needs at Hiscox Insurance Company. You can get a fast, free quote in just a matter of minutes. Hiscox Insurance offers the best customer support.