Running a small business is no easy feat. From managing customers to delivering quality services, you may have more to think about than what insurance to purchase. But business insurance may be crucial to help prevent financial issues after a covered accident. If you’re on the hunt for business insurance, here are some things you may want to know about getting a small business insurance quote.
Why small business insurance can be important
So, why would your small business want insurance? Depending on your policy, here are some ways business insurance may help your operations:
- Coverage from certain risks: Though you and your employees may be careful, accidents can still happen. If you have commercial general liability insurance (CGL) on your policy, it can help pay for property damage your business causes, customer injuries that occur at your business, or even negative advertising claims.
- Legal requirements: Some types of insurance, like workers’ compensation, are required by law in certain states. It may help your business stay legally compliant by having business insurance.
Client contracts: Certain clients may want proof of insurance before they work with you. Having a business insurance policy may show your clients that you’re financially responsible and less risky to transact with.
Types of small business insurance to consider
Not sure what kind of coverage you need? Here are some basic business insurance coverages and terms you may want to consider:
- CGL: Like stated above, commercial general liability can help cover damages to third-party property or customer injuries your business causes. It can also pay for legal fees associated with lawsuits from a covered accident.
- Commercial auto: If your business owns vehicles, it’s typically required that you have commercial auto insurance. Depending on your policy, this type of insurance can help pay for damage your vehicle causes to a third-party or injuries to someone else after a covered accident.
- Business owner’s policy (BOP): BOP is typically a bundled policy that includes general liability and commercial property insurance. It may also have business income insurance, which can help pay your bills or employees if your operations have to temporarily close.
What you’ll need before for your business quote
Now that you know what business insurance may cover, you may be interested in getting a business quote. A quote can help you understand how much you may pay for a business insurance policy. To get an accurate premium estimate, you may need to provide some of this info:
- Business information: You may need to include your legal business name and how it’s structured (LLC, sole proprietorship, etc.) for your quote. Other components like how long you’ve been in business and your location may also be requested.
- Nature of business: A brief description of what you do or what you sell may be helpful for an accurate quote.
- Vehicles and equipment: If your business uses vehicles for work purposes, you may need to provide a list of your vehicles, including make, model, and VIN. If you use equipment or tools, you may need to provide an estimate of their value.
- Previous claims info: If you’ve ever filed a claim, your claims history may be requested for your business insurance quote.
- Employee information: Have employees at your business? You may need to provide the number of full-time and part-time employees, total payroll amount, and basic information like their full names to get a quote.
How to request a small business insurance quote
Once you’ve gathered your info, you may be ready to get an insurance quote. Here are some options that may be available to you:
- By phone: Prefer speaking with a real-life representative? Call Infinity Insurance Agency, Inc. (IIA) at 1-855-478-3705 and talk to an experienced agent about your insurance questions. Our Spanish-bilingual team can help you tailor a policy that works for your business.
- Online: You can also head to our website for a free business insurance quote through our insurance calculator.
Tips for getting the best quote for your business
Here are some tips that may help you get a quote that aligns with your budget:
- Compare rates: IIA works with 20+ carriers, which can help you compare rates to find a policy that works for you.
- Be honest and accurate: Giving precise info may lead to a more accurate quote.
- Ask about discounts: You may qualify for savings based on your industry, claims history, or bundled policies. Talk to an IIA agent about what discounts you may be eligible for.
Getting a small business insurance quote may seem confusing, but these tips may help you find insurance that works for your operations. Call IIA at 1-855-478-3705 to speak with a friendly agent who can help guide you through your insurance journey.