Frequently Asked Questions About
Commercial General Liability Insurance
How much does commercial insurance cost?
Costs can vary widely based on industry and are also determined by zip code and often payroll and/or gross sales. Request a free quote to get an exact number.
What kind of business insurance do I need?
Most business owners need General Liability Insurance at the very least. If you have any non-owner employees, you will need workers compensation insurance too.
What is a Certificate of Insurance?
A Certificate of Insurance is proof of coverage. It lists the type and amount of liability coverage you have and other policy information when a third party requests it.
Is business insurance tax deductible?
Yes. you can deduct the cost of commercial insurance premiums. The IRS considers insurance a cost of doing business as long it benefits the business & serves a business purpose.
Commercial Liability Insurance Quotes
Commercial Liability Insurance Quotes. Protecting your business is important for many reasons. General liability insurance provides you with a safeguard in the event that someone makes a liability claim for bodily injury, or you need to cover the costs of property damage. With so many insurers on the market - more than $1.2 trillion worth of net premiums were written in the United States in 2015 alone, according to the Insurance Information Institute - it can be difficult to know where to start.
Here are some ideas how to find the best commercial liability insurance quotes.
What is the best way to get commercial liability insurance quotes? Find out to protect your business from lawsuits, get a fast quote and your certificate of insurance now.
Use an Insurance Comparison Website
Type in "commercial liability insurance" into Google and you'll receive hundreds of thousands of results. There are hundreds of different insurers that offer this service, making your search for the best deals more like a headache. You will also find insurance comparison websites. These sites typically sell your quote request to multiple insurance agents - so get ready for a wave of phone calls. If you are willing to talk to multiple licensed brokers - this is one of the easiest ways to get quotes.
Use Third-Party Review Sites
Found a couple of insurers you are interested in? Head over to third-party review sites, where you'll find reviews from consumers who have used a particular type of commercial liability insurance quotes in the past. This helps you decide on the best policy for you, and you can find out whether an insurer provides good customer service, flexible payment options, and a simple application process.
Talk to a Real Person
The internet can only give you so much information. If you really want to find the best quotes, contact a broker by phone and talk to a real person. An commercial insurance broker will tell you about the different options for your business, such as you how much your premiums will cost and the maximum amount you can claim per occurrence and aggregate. Remember, ask plenty of questions before you commit to any service. If you're not sure about a particular policy, take some time and think about it for a while before making up your mind.
Get Enough Coverage
The commercial liability insurance quote you will be given will depend on the amount of coverage you need. Remember, you need a policy that covers your business properly. Not all insurance companies will give you the amount of coverage you need, however, and you might find that some events aren't even covered at all. That's why it's important to read through the quote before you set up commercial liability insurance.
Review Your Current Policies
If you already have commercial liability insurance with a company, contact them and ask them whether you currently have the best deal. Your insurer might recommend another service that benefits your company better, especially if you are paying for things on your policy that you don't need. Alternatively, you can contact the company where you hold other types of insurance and see whether they specialize in business liability insurance. Ask them to give you commercial liability insurance quote and see how they compare with other insurers on the market. They might be able to offer you a reduce rate if you add a commercial liability policy to any existing insurance policies you currently hold with them.
Review Your Insurance on a Regular Basis
Just because you have the best deal right now, doesn't mean that things won't change. In order to get the best commercial general liability insurance deals, you'll want to review your policy once a year and compare it with other types of coverage on the market. You might find that another company is offering a very similar policy for a cheaper price, for example. Alternatively, you might want to upgrade your business insurance so you have more coverage if your the risks to your business have increased.
Commercial Liability Insurance Quotes
Searching for commercial liability insurance quotes doesn't have to be a headache. Use the internet to compare insurance, check out reviews, contact a broker directly, review your current plan, review your insurance on a regular basis and make sure you have enough coverage.
Small Business Economic Data & Insurance Regulations
Perhaps you have the next great idea for a product or service that you know will appeal to your local area. Maybe you want to contribute to the economic growth of your community. Whatever the reason is, if you're thinking about starting a small business, it's important to understand pertinent information relating to small businesses in the United States; namely economic information and insurance regulations. After all, if you want your small business to succeed, you have to understand the economic trends organizations of a similar size in your area.
Likewise, you want to ensure that your small business is well protected with the right business insurance and that you are in compliance with the rules and regulations that pertain to commercial insurance in your region.
Read up on economic statistics and insurance information that relates to small business owners in the United States.
Small Business Economic Data In The United States
Here's a look at some information that was compiled by the Small Business Association (SBA) regarding the economic data that pertains to small businesses in the United States:
- In 2015, small businesses in the United States employed an estimated 58.9 million American workers, or 47.5 percent of the nation's private workforce.
- Largest shares = fewer than 100 employees. The small businesses that employed 100 people or less had the largest share of employment amount small businesses.
- Employment increased by nearly 2 percent. In 2018, employment amongst small businesses increased by 1.8 percent, which is an increase of 1 percent from the prior year.
- Increase in proprietors. In 2016, the number of small business proprietors increased by 2.3 percent.
- In 2015, small businesses were responsible for creating 1.9 million net jobs. Organizations that employed 20 people or less had the largest gains, as they added an estimated 1.1 million net jobs.
- There were 5.7 million loans that were value less than $100,000 issued by lenders in the United States in 2016. These loans were issued under the Community Reinvestment Act.
- Small business owners that were self-employed at the incorporated businesses that they owned reported a median income of $50,347 in 2016.
- Small business owners that were self-employed at the unincorporated businesses that they owned reported a median income of $23,060 in 2016.
Small Business Insurance Information
In the business world, there are many risks faced by company's every day. The best way that business owners can protect themselves from these perils is by carrying the right insurance coverage.
The The National Association of Insurance Commissioners (NAIC) is the U.S. standard-setting and regulatory support organization. Through the NAIC, state insurance regulators establish standards and best practices, conduct peer review, and coordinate their regulatory oversight.
Commercial insurance is particularly important for small business owners, as they stand to lose a lot more. Should a situation arise - a lawsuit, property damage, theft, etc. - small business owners could end up facing serious financial turmoil.
According to the SBA, having the right insurance plan in place can help you avoid major pitfalls. Your business insurance should offer coverage for all of your assets. It should also include liability and casual coverage. The SBA recommends the following insurance plans for small business owners:
- Commercial Property Insurance: In the case of an unplanned disaster - fire, flood, vandalism, theft, etc. - this type of coverage will help you avoid paying for the damage out of your own pocket. Even if you rent the property, you should still carry commercial property insurance.
- Commercial Liability Insurance: In the event that a legal situation arises - a negligence lawsuit, for example - commercial liability coverage will provide financial protection. It will cover the cost of legal defense fees, court fees, and even moneys that may be awarded.
- Commercial Auto Insurance: If you operate a vehicle for any activities that are related to your business - transporting and/or delivering goods, or meeting with clients - commercial auto insurance is legally required for businesses of all sizes, including small businesses.
Additional Resources For Small Business Insurance
Protect your company and employees with the right commercial insurance policies. Read informative articles on small business insurance coverages - and how they can help shield your company from legal liabilities.
- Small Business
- Business General Liability
- Business Liability
- Business Owners Policy (BOP)
- Certificate of Insurance
- Commercial Auto
- Commercial Umbrella
- Comprehensive General Liability
- Directors and Officers Liability
- Cyber Liability
- Employers Liability
- Employment Practices Liability
- General Liability
- Home Based Business
- Independent Contractor
- Liability Insurance Certificate
- Liability Insurance
- Professional Liability
- Workers Compensation Insurance
Your small business faces many potential disasters including: fire, floods, theft, equipment breakdown, lawsuits from clients or customers and current & former employees. Any many other risks you haven't even thought about.
A small business commercial insurance program should provide protection for both larger and smaller disasters. The obvious things like fire, flood and theft most business owners think about... but what if a hacker infects your computers with a virus - and files containing private customer information like credit card and Social Security numbers are stolen?
Who is going to pay to fix your customers credit rating etc...? Will your insurance pay for the cost? You need to know that.
Your commercial insurance program should cover events that can close down your company, or cause it to lose revenue. Anything less than that is not enough coverage. Commmercial insurance doesn't cover everything, and all policies have exclusions and limits.
You need a written plan that allows you to get your operations back up and running as quick as possible.
Quotes from leading small business insurance carriers including: ACE, AmTrust, Chubb, Cincinnati, CNA, Colony, Employers, Evanston, Fireman's, Foremost, Guard, Hanover, Hiscox, Liberty Mutual, LLoyd's of London, Markel, MSA, Nationwide, Penn America, Philadelphia, Prime, Progressive, Scottsdale, The Hartford, Travelers, USLI, Utica First, Western World, Zurich & others.