Insurance and Security

Five things you may not know about small business insurance

Without the right insurance coverage, your business could be exposed to risks that could make things financially challenging in case of any unexpected events. Here are five things about small business insurance that may surprise you.

Published: November 28, 2016

1. It can cover more than you'd expect

Contrary to popular belief, coverage is available to small businesses that can cover a variety of different claims such as: accidental damage to the environment, product recalls, food damage from power outages, and much more.

2. You can receive competitive prices

Independent insurance agents are the key to providing a policy that's best fit for you and your wallet. While maintaining the quality of service, these licensed insurance agents are in a position to provide you with a competitive price to help you save.

3. Proof of insurance is required

In many cases, proof of insurance is required for new leases, contracts, and vendor agreements. Each case is different, so be sure to look into what documents you need to provide to get your small business going.

4. There isn't a one-size-fits-all plan

The type and cost of your policy depends on multiple factors such as: your location; number of employees; industry; experience in your profession, field, or business; and others.

5. It is required by law

Certain types of insurance coverage, such as business liability and workers' compensation insurance, are required by law in some states. It's important to look into what laws apply to you to make sure you have the proper coverage.

Learn about certain provisions that may also apply if you're a freelancer.