How To Get Small Business Insurance

General liability insurance protects the insured in the event he or she is sued for claims that come within the coverage of the insurance policy. Premiums for these policies are based on what type of business you’re operating and what your projected revenues are. (When we started, our premium was about $100 per month.)A General Liability Policy Covers:

• Loss of business property (e.g. furniture, equipment, etc.). Our office got burglarized shortly after we hung our shingle, and we were able to make a claim to replace the items that were stolen with money from our general liability policy.

• Losses from litigation (including legal fees). If you get sued for something, your general liability policy should cover any losses from the suit (including legal defense).

A General Liability Policy Does Not Cover:Your general liability insurance policy may not cover your biggest liability. Figure out the most likely scenario for which you would get sued and how you can get coverage. Examples:

• If you’re a professional service company like a law firm, accounting firm or real estate brokerage firm, you could be sued for making an error that cost your client money.

• If you’re a publisher, online or offline, any suit brought for defamation, trademark infringement or copyright infringement will likely be excluded from your general policy.

You can usually get an Errors and Omissions policy to cover these items. The above examples are just a couple that we’re aware of. We strongly recommend talking to a commercial insurance broker to discuss what you need and don’t need.

Assemble the information needed to get insurance quotes.

• Business Address

• Business Phone Number

• Business Email Address

• Legal Entity/Status

• Estimated Gross Revenues

• Your SIC Code

  Standard Industry Classification codes are maintained by the SEC and identify which primary industry a company is engaged in.

• Your Loss History
  If you’ve ever made a claim, they will want an explanation.

Finding quotes online is fast and easy, and you can do it yourself. Some discount carriers may not work with insurance brokers, so contacting them yourself will be the fastest and easiest way to get a quote. The only disadvantage of getting quotes yourself is that unless you’re an expert you don’t have anyone knowledgeable in your corner advising you on what to do.

Bolt Insurance Agency has a simple online form that you can fill out in order to receive quotes from eight highly-rated business insurance providers:

• CNA

• Progressive

• The Hartford Financial Services Group

• Hanover Insurance Group

• Chubb Group of Insurance Companies

• ACE Group

• Liberty Agency Underwriters

• Tower

Bolt Insurance also offer live chat support and a toll-free support number to help you get quotes. Call for Quotes: 888-331-5948.

Insurance brokers are paid by the insurance company, so using them doesn’t cost you anything. They can help you assess areas where you might need additional insurance. They will maintain your policy for you, help you with claims and competitively bid your renewals. There are no real disadvantages to using an insurance broker. However, some discount carriers may not work with insurance brokers, so contacting them yourself will be the fastest and easiest way to get a quote.

Once you’ve narrowed your search down to a few insurance providers, you can usually contact the provider to work with one of their brokers. If you want to work with a local insurance broker, just do a quick Google search for “commercial insurance broker + your city” to find brokers in your area.