Small Business Insurance Cost Guide: What You Need to Know About Insurance Coverage and Premiums

One of the biggest concerns many small businesses have is the cost of insurance. It is something you absolutely need, but how much of it can you really afford? As with any type of insurance, there are a number of factors that go into the evaluation of small business insurance cost. Approximately half of small businesses in the US pay around $400 – $600 annually for general liability insurance. However, you could still end up paying less or more a year, depending on the number of employees and the type of industry you’re involved in.

High-risk industries like construction are going to be stuck with higher premiums, while low-risk industries get the lower rates. There are usually ways to save – especially if you choose a good commercial insurance provider. Just use search tools on the internet to obtain quotes. Also, companies with a physical, brick-and-mortar store or facility open to the public are more at risk than professionals who work from a home office.

Businesses with physical locations open to the public are usually have to pay more money for insurance just in case someone is ever injured on the property. There are also things like theft, falling objects, vandalism, fire, and weather damage to worry about.

What Does Small Business Insurance Cost Include?

Even if you do operate from home, this doesn’t mean that you are completely invulnerable to lawsuits. There is always the possibility of being accused of things like plagiarism, copyright infringement, slander, and so forth. If you have any vehicle that is used for business, even if it’s your own, you’ll need insurance for that as well. Do you have employees that you send to perform errands? What if they become injured on the job? Or accidentally cause damage to a client’s equipment? Keep all of these factors in mind when evaluating small business insurance cost.

Some insurance companies for businesses and professionals simplify things by offering custom insurance plans for each industry. You can choose a policy that is already tailored for a small business in your industry, with the exact kind of coverage you need.

There are pro-active things you can do to help reduce the cost of small business insurance:

• Invest in security products.

• Develop a safety training program for employees

• Compile a list of rules for posting on social media and make sure your employees understand the rules.

• Reduce potential hazards on property

• Create a checklist for procedures relevant to your industry and company.

Where should you begin your search for small business insurance cost? Definitely start with Hiscox Business Insurance. There are custom plans in every type of industry possible. It’s easy to find the ideal solution and save money with this organization.

New Business Finance Guide: Looking Into SBA Microloan Programs, Lines of Credit, and More

Everybody knows you need money to start a business. The amount required and how it’s obtained varies considerably depending on the owner, type of business, industry, strategy, advertising plan, and so forth. If you’re one of the lucky ones, you won’t need much at all, or you already have more than enough to get start with already and won’t have to take out a loan or look around too much to obtain new business finance.

When looking for ways to get money for your business, there are two primary factors to keep in mind: debt and equity. Debt refers to the line of credit that provides you with the amount of money you need, which will have to be repair after a period of time.

Equity requires that you sell a part of your company, in which case you won’t have to pay back the investment because the “owner” of the equity you sold will get benefits, cash flow, voting rights, and basically a stake in the company. How much stake each investor gets varies depending on how much they put in and what was agreed upon.

Even if you do get approved for a new business finance loan, you might not get the full amount you applied for. The way to improve your chances is to make sure you have a high credit score and that you are able to present to the lender, in as much detail as possible, the amount you need, why you need it, and how you are going to spend each and every dime of it. Provide some proof that you will be financially stable enough to make payments.

Microloan Programs for New Business Finance

SBA Microloan Programs are worth looking into. These aren’t as well-known a some of the other SBA type of loans. They don’t provide the funding directly; rather they do it through an intermediary. In order to qualify, the intermediary might require you to get some kind of training. There is a big advantage to getting approved- not just because you’ll get some (if not all) of the money you’ll need, but because the training and assistance will help increase your chances of success.

There are also lines of credit to consider if you think your credit score is high enough that you’ll be approved for a new business finance credit card.

When it comes down to it, your best option is US Business Funding. Through here, you can get streamlined, fast loan processing, a high approval chance, flexible approvals for those who need new business finance but don’t have perfect credit.