25 guides
A business owners policy (BOP) bundles general liability, commercial property, and business interruption coverage into one affordable package for small businesses. Learn what it covers and who qualifies.
Every business needs some insurance, but which types depend on your specific situation. Learn exactly what coverage your business actually needs, by industry and operation type.
Business insurance cost depends on your industry, size, location, coverage, and claims history, not a fixed price. Learn the major cost factors, how policies are priced, and how to lower your premium.
Business insurance is a collection of policies protecting your company from accidents, lawsuits, property damage, and more. Learn the main types, what each covers, and which are required.
Workers’ compensation insurance is one of those business costs that many owners accept without fully understanding how it is calculated. You receive a premium quote, you pay it, and you hope nothing goes wrong. But if you do not understand the formula behind that number, you are likely paying more than you have to, possibly
Commercial insurance is the umbrella term for insurance that protects businesses rather than individuals. In the insurance industry, policies fall into two big families: personal lines, such as your homeowners and personal auto policies, and commercial lines, which cover companies, nonprofits, landlords and self-employed professionals. Commercial insurance pays for lawsuits, property damage, employee injuries, vehicle
A “$1 million insurance policy” for a business almost always means a liability policy with a $1 million limit, most often general liability written as $1 million per occurrence and $2 million aggregate. It is the most common limit small businesses carry and the one clients, landlords and general contractors ask for most often. The
No, you do not need an LLC to buy business insurance. Sole proprietors, freelancers and side hustlers can get general liability, professional liability, commercial auto and most other business policies in their own name, often with a “doing business as” (DBA) name listed. Insurers care about what your business does and how risky it is,
In most cases, yes. Business insurance premiums are generally tax-deductible as an ordinary and necessary business expense under federal tax rules. General liability, commercial property, workers’ compensation, professional liability, commercial auto, cyber and business interruption coverage usually qualify. But not every policy a business owner pays for is deductible, and some, especially certain life and
The three core types of business insurance are general liability insurance, commercial property insurance, and workers’ compensation insurance. These policies form the foundation of business risk protection because they address the most frequent and financially damaging exposures: third-party claims, physical asset loss, and employee injuries. Every other business policy either extends, narrows, or specializes coverage
“The 80/20 rule” means different things depending on which corner of insurance you are in, and mixing them up can be expensive. In property insurance, it usually refers to the 80% coinsurance clause, which can shrink your claim payment if you insure a building for too little. In health insurance, it describes an 80/20 coinsurance
If you have formed an LLC, you should insure the LLC. The business should be the named insured on its business policies, because the LLC is the legal entity that signs contracts, owns equipment, hires workers and gets sued. You may also need personal coverage that protects you as an individual, but personal policies almost
