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Small business insurance plans (sometimes called commercial insurance) protect your assets, income, and property from unexpected costs.
These costs could arise from any number of unforeseen events, like workplace injuries, theft, lawsuits, accidents, or natural disasters. Without small business insurance plans in place, these events could have devastating financial effects on your company.
Just like personal insurance, it’s better to have it and not need it than to need it and not have it.
If you own a business, you need small business insurance plans. Period.
Being properly covered through commercial insurance prevents you from paying for unexpected expenses out-of-pocket, allowing you to remain financially stable in the case of a claim.
Need more convincing? Small business insurance plans can:
As a business owner, you make difficult decisions every day. But deciding if you need insurance shouldn’t be one of them. The Commercial Insurance Center (CIC) makes purchasing small business insurance plans easy, seamless, and affordable.
Business owner’s policies provide comprehensive business coverage by bundling multiple types of coverage into a single policy. BOP insurance usually consists of general liability, commercial property, and business income interruption insurance.
Here’s an example of how this collection of small business insurance plans could be very helpful for your organization. Let’s say that a pipe bursts in your coffee shop, and a customer falls on the wet floor. General liability insurance would pay for the medical costs associated with the fall, and business interruption insurance would cover the lost income when the shop closes for repairs.
Here’s just a few reasons why you need BOP coverage:
Commercial auto insurance protects vehicles used for business purposes, including cars, trucks, vans, and other vehicles owned or leased by your business. If your business relies on transportation, you need insurance for your commercial vehicle as a component of your overall small business insurance plans. There are many potential scenarios where commercial auto insurance would be necessary, for example, your delivery van fleet parks overnight in an uncovered lot, and there is a damaging storm.
Here’s the bottom line on why you might need to include commercial auto as part of your small business insurance plans:
Cyber insurance protects you against the consequences of a cyber incident, such as a data breach, network security failure, cyber extortion (like ransomware), and other types of cyber attacks. For example, a dentist office, which must comply with HIPAA regulations, is vulnerable to hacking by cyber criminals.
If confidential information is compromised, the business owner is liable.
General liability insurance is necessary if your business advertises, owns property open to visitors, or performs work that could result in personal injury or property damage. Also called general commercial liability insurance, GL covers a wide range of risks and can shield you from financial losses and legal expenses.
For example, a shelf could fall and injure a customer at your boutique clothing store and expose your business to legal and medical expenses.
Professional liability insurance protects service providers whose advice or actions could have significant financial or health-related consequences. For example, an investment broker could make a costly clerical error that results in financial loss for the client.
Professional liability is a critical component of small business insurance plans for service providers. Even the perception of inadequate services could be enough to lead to a lawsuit, which could have devastating financial and other consequences for your business.
This coverage is also called errors & omission (E&O), professional indemnity, or malpractice insurance.
Workers’ compensation insurance covers the financial needs including medical expenses, lost wages, and more for employers and employees in case of any workplace illness or injury. You should have workers’ compensation insurance if you own a business where you or your employees are at risk of even a minor job-related illness or injury.
For example, a restaurant employee who overexerts himself and injures his back when moving several heavy boxes now requires paid leave and medical care.
Don't stress. The CIC works with millions of small business owners just like you across the U.S. and protects their specialty risk needs through tailored small business insurance plans. We’ll work together to quote a comprehensive policy package that fits your budget with the insurance carrier that understands your needs.
Every day we work with business owners just like you – from salon owners to HVAC and plumbing contractors; from software developers and website designers to carpenters and caterers; and everything in between. The CIC will connect you with an experienced agent who knows your industry, your location, and your needs.
All small businesses are unique, so small business insurance plans should be unique too.
You need a tailored insurance package that is customized for your needs. Lean on the expertise of experienced business insurance agents who work with the most trusted national, regional, and specialty carriers, to get you the right coverage for a fair price.
“I responded to an inquiry from a business owner who was struggling to get in touch with anybody who could help insure their life coaching business. I was able to go through the application quickly and get them over to an agent. They were so happy I got them matched!”
“I was able to help reduce stress for the owner of a waste management business by simplifying the process and explaining it as I went. She was much more confident in her [business] insurance journey when we were done.”
“I helped determine what coverage a new catering business was seeking and was able to match them with an agent to fill those needs in approximately five minutes!"