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No business is too small to benefit from insurance. Regardless of the size of your company, you should take the time to find a professional business insurance quote. However, the exact coverage you need, interest rates, etc. play a role in the type of quotes you receive. Choose an insurer that offers custom policies for your industry. Do research and read reviews to make sure the company you choose is a good fit for businesses like yours.
what exactly Is Business Insurance? It is a wide range of policy options compiled to protect a company from financial loss. The possible causes of financial loss obviously differ from one company to another.
Here is an overview of some of the types of coverage available. Some of these you’ll need and some you won’t:
• General Liability Insurance (protection against third party liability claims for injuries caused to others)
• Product Liability
• Malpractice / Professional Liability
• property insurance
• workers compensation
• Commercial Vehicle Insurance
• Cyber Crime Protection
• loss of income
• Records retention policies
• Key Personnel Insurance, in case the head of the business is incapacitated
• Exclusive coverage for one-day events such as concerts or seminars, as well as things specific to your industry
Legal Requirements In A Commercial Business Insurance Quote
Commercial insurance is usually required by law, but under certain conditions, and they vary from state to state. At a minimum, you will need general liability insurance. Depending on your business, your state may require you to insure against professional liability. If you have employees, you will be expected to pay unemployment insurance taxes under certain, prescribed conditions, if they are deemed applicable to your organization. Therefore, you will need to register your business with the workforce agency in your state.
Don’t choose the first cheap commercial business insurance quote you see. Your policy should be tailored based on the risks of your business and the relevant laws relating to your industry. Work with an insurance company that will take the time to learn about your business so that you can get the best possible coverage to protect your business investments.
Since there are so many sites that all promise to offer “the best” commercial business insurance quote, it is a good idea to use Hiscox business insurance as a starting point. While it is a large insurance company, Hiscox does not view insurance coverage as “one-size-fits-all.” Your best bet is to obtain coverage that is tailored to your industry and specific needs.
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