Buying insurance online is actually really easy these days. Gone are the days of spending hours on the phone or in a stuffy insurance office. In just a few minutes, you can get quotes from multiple companies and purchase the policy you need to properly protect your business.
This step-by-step guide will show you how to buy business insurance the easy way 100% online.
Types of Business Insurance You Can Buy Online
When it comes to protecting your company, there are a few essential policies you can find through online brokers.
1. General Liability Insurance
First up is general liability insurance. This covers third-party injury and property damage claims. If a customer slips and falls at your office or a product you sell causes harm, general liability has you covered. You’ll want at least $1 million in coverage.
2. Professional Liability Insurance
Next is professional liability insurance (also known as errors and omissions). This shields you from claims of negligence or poor workmanship. Essential for service businesses like consulting or finance.
3. Cyber Liability Insurance
Cyber liability insurance is crucial nowadays. It covers data breaches, hacking incidents, and other digital disasters. If customer records or accounts are compromised, this can save your business.
4. Commercial Property Insurance
Don’t forget about commercial property insurance. It protects physical assets like equipment, furnishings, and inventory from events like fire, theft or natural disasters.
5. Business Interruption Insurance
You’ll also want business interruption insurance which covers loss of income if you have to temporarily shut down.
6. Business Owner’s Policy (BOP)
Lastly, consider a business owner’s policy or BOP. It bundles general liability, property coverage, and business interruption into one convenient policy.
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Top 5 Benefits of Purchasing Business Insurance Online
Here are the top 5 benefits of purchasing coverage for your company on the web:
1. Convenience
No more scheduling appointments or waiting on hold during business hours. You can apply 24/7 from anywhere with an internet connection. Shop policies and compare quotes on your own time.
2. Cost savings
Online insurance companies have lower overhead costs since they don’t have physical offices. They pass on these savings to customers through lower premiums and discounts.
3. Choice and customization
The web gives you access to more insurance providers and plans. You have options to choose from and can customize coverage to your needs. Buy only the types of protection your business requires.
4. Simplicity
The digital application process is simple and straightforward. You enter some basic details about your company and coverage needs and instantly receive quotes to review and compare. No paperwork or long, complicated forms required.
5. Additional services
Many online brokers provide extra resources like risk management tools, health and safety tips, and business advisory services. They aim to be a one-stop resource for small companies looking to stay protected and grow.
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How to Compare Business Insurance Quotes Online
The easiest way to find coverage for your company at the best price. Follow these steps to get started:
1. Check Multiple Insurers
Don’t just get one or two quotes—compare rates from at least 3-5 top insurance companies. Some of the biggest players in small business insurance include State Farm, Allstate, Liberty Mutual, Travelers, and Progressive.
Visit their official websites or an insurance marketplace/broker site like CoverWallet or Next Insurance to get customized quotes for your business’s needs. Provide details about your company, number of employees, location(s), and coverage types you want.
2. Compare Apples to Apples
Make sure you’re comparing similar policies. Look at factors like deductibles, coverage limits, exclusions, and additional riders. Some policies may seem cheaper upfront but lack important protections you need.
Compare coverage types like:
- Business liability insurance: Covers costs if your company injures someone or damages their property.
- Property insurance: Protects physical business assets like equipment, furnishings, inventory, and the building.
- Business interruption insurance: Covers lost income if you have to temporarily close due to damage from a covered event like fire or storm.
- Worker’s compensation: Pays for medical bills and lost wages for employees who are injured on the job. Required in most states.
3. Check Ratings and Reviews
Don’t choose an insurer based only on price. Look at ratings from independent rating agencies like A.M. Best, Moody’s, and Standard & Poor’s to gage financial stability. Check online reviews from other small businesses to learn about customer service, claims handling, and overall satisfaction. Go with a reputable company that will be there when you need them.
Following these steps will ensure you find comprehensive, affordable insurance coverage to protect your business. Shop around at least once a year to compare new quotes and save money on premiums whenever possible.
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Tips for Buying the Right Business Insurance Policy
Here the tips to streamline for buying the right business insurance policy
1. Compare Multiple Providers
Do not always go into agreement and deal with the first company. Compare quotes from several top providers to find the most affordable policy that meets your needs. Some of the biggest business insurance companies are The Hartford, Travelers, and Progressive.
2. Know What You Need
Determine what types of coverage are required for your specific business and industry. The major types are general liability, commercial property, business interruption, and professional liability insurance.
3. Provide Accurate Information
When getting quotes, provide information about your business like the number of employees, location, square footage, and type of work performed. Be as thorough and precise as possible. Inaccurate details can lead to disputes later on if you need to file a claim.
4. Consider a Business Owners Policy
A BOP, or business owners policy, combines multiple coverages into one convenient package. It typically includes general liability, commercial property, and business interruption insurance. BOPs can save you time and often money compared to buying separate policies.
5. Ask About Discounts
Inquire about any discounts that may apply to your policy like bundling multiple types of coverage together or insuring more than one business location. You may also get discounts for installing security systems, conducting employee training programs, or having a good claims history. Every little bit helps when you’re buying insurance.
Following these useful tips will make purchasing business insurance online an easy and painless process so you can get the necessary coverage in place and get back to focusing on your business.
Answering Common Questions About Buying Business Insurance Online
Here are some of the most common questions and answers to put you at ease.
1. Will it really save me money?
Buying business insurance online typically saves 20-40% compared to buying from an agent. Online companies have lower overhead costs since they don’t have physical offices or agents’ commissions to pay. They pass on these savings directly to you.
2. Is it complicated to buy online?
Purchasing business insurance online is simple and straightforward. The applications are easy to complete and only take about 15 minutes. You enter details like your business structure, operations, employee headcount, revenues, locations, vehicles, equipment, etc. Based on your inputs, quotes are instantly generated for you to compare and choose from.
3. Can I get help if I need it?
Even though you’re buying online, most insurers still offer phone and email support should you have any questions. They also often provide live chat support right on their website. Buying online does not mean you have to go through the process alone. Help is available if you get stuck or need clarification on policy details.
4. Will the policy really cover my needs?
Reputable online insurers offer comprehensive coverage for all types of businesses and industries. Their policies include general liability, commercial property, professional liability, commercial auto, workers compensation, and more. As long as you accurately provide details about your business operations, the recommended policy will cover your risks. However, it’s always a good idea to double check that it meets your needs before purchasing.
5. Can I cancel or change the policy if needed?
Yes, most online policies can be canceled or adjusted at any time. If your business needs change or you find a better rate elsewhere, you are typically able to cancel your current policy and make changes or switch providers without penalty. Be sure to double check the specific cancelation policy details with the insurer before purchasing.
Conclusion
Buying business insurance online is convenient, affordable and provides comprehensive coverage. Don’t let uncertainty hold you back from saving money and time. With the right provider, you can get the coverage you need at a price you’ll love.
