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Top 10 Small Business Insurance Companies In USA (2021)

We also know Small Business Insurance as commercial insurance. If you want to run your small business successfully and avoid contingencies of the future. So it is very important for you to know what kind of insurance policy you have to take for your commercial business. Insurance for Small business "Types of Business Insurance Every Business Needs" - Many companies offer insurance. But for a small businessman, choosing 1 better option out of all the options is very beneficial for his business. 

Small Business insurance companies USA
Small Business insurance companies USA

Best Insurance Companies For Small Business

Hiscox

Small business insurance, fast and affordable

The Hartford

Business, Home & Car Insurance Quotes | The Hartford Insurance

State Farm

Auto, Life Insurance, Banking, More. Get a Free Quote - State Farm®

Insureon

Hassle-Free Business Insurance

Next Insurance

Small Business Insurance Quotes

TrustedChoice

Get the best insurance with a trusted independent agent

Suracy

Business Insurance, Grow your business, Church Insurance

Tech Insurance

Technology Business Insurance | IT Company Insurance Quotes | TechInsurance

Nationwide

Insurance and Financial Services Company

Travelers

Business and Personal Insurance Solutions | Travelers Insurance

Types Of Small Business Insurance

Commercial general liability

It is a type of life insurance, in which it saves the business owner from every risk associated with business. There are 2 types of liability in this, General Liability and Professional Liabilities. "General Liability" Protects against Physical Injury & Professional services cover professional services. 

Why General Liabilities are Necessary for a Business and Why it should be adopted by any business owner?

In this business, if any employee is harmed while working or if any property of the business is damaged. In this insurance, either type of damage is covered either by loss of business or damage to any employee.

What is not covered in Commercial General Liability is the following:-

Commercial Liability Insurance does not cover certain liabilities such as employee compensation, professional liability, automobile mobility. This is done because all these things are covered inside the property policy. For more info read this - General liability insurance (GLI)

Business interruption insurance

Under this, the disaster that occurs in the business suddenly becomes like a fire in the business. If any type of physical assets is damaged, due to which our business gets interrupted. So to recover physical assets, we need business Business interruption insurance. for more info read this - Business Interruption Insurance

Product liability insurance

Product liability insurance provides coverage to your product or full service: damage to someone's property. Causes a physical injury. Makes someone sick. Wrongs cause death. Product liability insurance costs vary, but premiums typically run between 15 cents and $ 1.50 per 100 annual sales revenue. Most small businessmen pay around $ 700 per year. General liability insurance includes some product liability coverage, but may not be sufficient for some small businesses.

If you are a manufacturer, wholesaler, designer, or retailer, product liability insurance is essential. If your company sues for a defective product, then having this type of small business insurance means that you will not have to pay the costs of defending the lawsuit out of your pocket.

Example Of Product Liability Insurance

If you cause an accident that damages someone else's property (their car, for example), property damage liability coverage helps pay for repairs. For example, if you rear another car, this coverage can help prevent you from paying out of pocket to repair another driver's vehicle.

Professional liability insurance

If you are the owner of a business and any kind of professional service is a disadvantage in your business. If any of your customers have been given any professional services, then they have been harmed and they sue your business. So this insurance avoids the financial risk of that case. What is the average cost of professional liability insurance? Despite the insurance policy limitations, the average cost of a professional liability insurance premium for a small business is $ 58 to 70 per month ($ 713 to 720 dollars). 

"Many clients require their advisors or contractors to have at least professional liability insurance coverage before beginning a professional engagement. Typically, they would like to see evidence that you have $ 1,000,000 of professional liability insurance." 

Depending on the type of work you do, you may need to have professional liability insurance to comply with industry standards. Each state has rules that attorneys either carry malpractice / professional liability insurance or advertise their insurance status to clients.

Equipment breakdown insurance

Equipment breakdown insurance avoids damage to any material property in the business, such as a fire in the business, Short-circuiting, burning of motor of the machine while employees work, Computer hardware is also included in this insurance but computer software is not included in it.

Commercial property insurance

Commercial properties of a business are included such as - Building, Land, which is a part of business, is the property of our business, from which profit is obtained for many years.  A small business owner needs a commercial business property to avoid damage to this type of assets. 

Commercial property includes office buildings, medical centers, hotels, malls, retail stores, multi-storey housing buildings, agricultural land, warehouses and garages. In many states, residential property with more than a certain number of units qualifies as commercial property for borrowing and tax purposes.

Commercial auto insurance

How much does commercial auto insurance cost? $ 600 to $ 2,400 per car. The average cost of commercial auto insurance will be between $ 50 and $ 200 per month for small business owners - between $ 600 to $ 400 per year. This is for every commercial car that they have insured. For More Info. - Commerical auto insurance small business owners

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