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Personal Business. Resources Small business. Start your quote. When calculating the amount of insurance you plan to buy, consider a number of key questions: What type of business do you have? How big is your business? Get a Policy in Under 10 Minutes. Here are common coverage types. General liability insurance pays for legal costs such as hiring an attorney and any judgments against you and your business. General liability insurance includes coverage for damage to reputation such as slander or libel and copyright infringement.
Liability insurance pays others, not your own business. Commercial property insurance covers a number of business items including computers and workstations, desks and chairs, business records, business inventory and supplies. Workers compensation insurance offers several benefits to employees who are sick or injured because of their jobs. This includes medical care, physical therapy and compensation for lost wages.
Businesses buy workers comp insurance for employees and this insurance is required in most states. If you are a small business owner, you may wish to consider a business owners policy BOP. A BOP includes:. A BOP is less expensive than buying separate insurance policies for this same coverage. So consider whether a BOP is right for you. We ranked business insurance companies based on complaint data for commercial liability and commercial property insurance in Complaint data is based on complaints upheld by state insurance departments in every state and collected by the National Association of Insurance Commissioners.
Small business insurance gives your business financial protection when there are liability claims such as property damage or bodily injury, or from accusations that you made errors and omissions in your professional services.
The physical property of a business can be covered as well, such as inventory. And with hacking on the rise, cyber liability insurance is important to pay for the recovery costs if your business computer network gets attacked by thieves. The vast majority of small businesses would suffer financially if they were sued or experienced a devastating loss, such as losing inventory in a fire.
For those businesses, commercial insurance is a must. General liability insurance and commercial property insurance are good places to start. Commercial auto is important if you have cars, trucks or vans that you use for business. A business owners policy BOP is an affordable way to get essential coverage for a small business. General liability insurance, commercial property insurance and business interruption insurance are all included in a BOP.
Lucy Lazarony is a personal finance writer and journalist. Prior to freelance writing, she worked as a staff writer for Bankrate for seven years. She earned a bachelor's degree in journalism from the University of Florida and spent a summer as an international intern at Richmond, The American University in London. She lives in South Florida. Select Region. United States. United Kingdom.
All ratings are determined solely by our editorial team. Lucy Lazarony. Editorial Note: Forbes Advisor may earn a commission on sales made from partner links on this page, but that doesn't affect our editors' opinions or evaluations.
Read more. Our Guides. Get A Quote. Clear Blue Insurance. Complaint level Extremely low. Best financial strength rating A- Excellent. Get A Quote Via Simplybusiness. Farmers Insurance. Best financial strength rating A Excellent.
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