Where to Buy Small Business Insurance Online

small business insurance online

All types of business insurance products can be purchased online, often with just a few clicks. In fact, in recent years, insurance shopping and purchasing occurs increasingly online. That’s because the process can help small business owners save money and time. They can purchase needed policies and be covered by the benefits small business insurance provides.

Reasons You Should Buy Business Insurance Online

Here are a few good reasons why you should buy small business insurance coverage online:

  • It’ll save time. Small business owners long to focus on running the business, and not on finding business insurance products.
  • You can save money, especially by using the comparison tools on various websites.
  • How much does business insurance cost? It’s easy to compare each quote online.
  • It’s easy to tweak your input, such as the amount of deductible or coverage limits, to see how the price adjusts.
  • You get more control. An agent isn’t selecting a business insurance quote online for you; you’re making the choices.

What Business Insurance do You Need When Running a Business?

Your business insurance needs are tied to your business setup. For example, if you don’t have employees, you don’t need worker’s compensation or employment practices liability insurance.

AT a minimum, nearly every small business needs a general liability policy. As it sounds, a general liability policy protects you if your products or services that cause harm to another person.

  • Professional Liability Insurance – You need professional liability coverage insurance if you provide professional services, such as accounting, counseling and financial advising.
  • Commercial Auto Insurance – A company needs commercial auto small business insurance if vehicles are used for business, such as delivery.
  • Commercial Property Insurance – You need commercial property insurance if you own or lease a brick-and-mortar location where your business is located. Commercial property insurance will also protect the equipment housed inside the property.
  • Errors and Omissions Insurance – Business owners need this type of small business insurance if they provide professional advice and services.
  • Workers Compensation Insurance – You need this if you have employees. Increasingly, small business insurance needs are expanding, as owners opt to purchase worker’s compensation policies that cover part-time and/or temporary (1099) workers. It can protect against lawsuits should someone get injured, providing coverage for medical costs, bodily injury, medical care, and lost income.
  • Cyber Insurance – This type of business insurance is a must-have for any business that is handling customer information online, and could have data breaches. It’s not covered under commercial insurance.
  • General liability – General liability also covers you if someone gets hurt on your property, or if your product or services cause property damage to someone else’s property. For example, general liability coverage would protect a landscaper who accidentally ran a mower into a customer’s driveway light pole.
  • Inland marine insurance – This is the right business insurance for small businesses if your products and supplies are often in transit. Your commercial insurance provides financial protection for your business property, and for your products and supplies when the items are under your roof.
  • Business Owner’s Policy (BOP) – Nearly every insurance company offers a BOP as a type of business insurance. The BOP is umbrella insurance, which combines coverages in one policy, such as general liability and worker’s comp. A BOP can also be tweaked to provide customized coverage limits for your specific risks.

Read More: how much does business insurance cost

10 Best Places to Get Business Insurance Online

One of the insurance companies we list here will provide the right coverage for your business. Before you shop, make a list of the types of business insurance you need.

Remember that insurance companies that provide umbrella coverage may be cheaper than purchases of individual coverages.

Here’s a look at our picks for the best small business insurance companies:

1. Liberty Mutual Insurance Company – Liberty Mutual has insurance products that provide coverage for general business needs. The company also provides coverage for specific business needs such as ocean marine and “mergers and acquisitions.”

2. Three Insurance Company It’s called the Three because one policy covers liability, cyber, and business interruption insurance. Three Insurance is a quick, one-stop for business owner’s policies.

3. CoverWallet Insurance Company – CoverWallet is our pick as the best for general liability insurance, especially for the self-employed. The site uses an “intelligent assessment system” which allows the applicant to identify insurance needs for specific businesses.

4. Simply Business Insurance Company – Simply Business is our pick for best professional liability (also called errors and omissions) insurance. You can get coverage that’s tailored for your business, and also get short-term coverage (if needed for certain projects).

5. Progressive Insurance Company – Progressive is the best for commercial auto insurance, and is a favorite for contractors and landscapers. Progressive also carries rideshare insurance, which is a commercial auto policy for Uber and similar companies.

6. Next Insurance company – Next can provide general liability insurance quickly. Next also offers a variety of other insurance coverages, including property coverage. The company is known for providing a very fast business insurance quote and policy initiation.

7. BiBERK Insurance company – If you’re not completely savvy about types of business insurance, BiBERK is known for its stable of small business insurance experts, who can answer questions.

8. B2Z Insurance company – B2Z is known for its specialties, business owner’s policies and worker’s compensation. The company also offers a full selection of other types of insurance.

9. Chubb – Chubb is a top insurance company choice for companies that do business internationally. Chubb also offers unique coverages such as product recall and environmental damage.

10. AmtrustFinancial Insurance Company – AmtrustFinancial specializes in insurance for business owners involved in restaurants and/or transportation. It’s also a top choice for non-profits.

Read More: best small business insurance companies

How to Choose the Best Online Business Insurance

Each small business has its own insurance needs. It can vary by geographic location and type of industry. Businesses with employees have specific insurance needs, such as worker’s compensation insurance, for example. Businesses that are home-based have unique insurance needs.

Let’s get started:

  • List each needed coverage
  • Shop for business insurance online
  • Get a quote online from each company, for individual and BOP coverages
  • Compare each business insurance quote
  • Consider variables, such as the amount of deductible

Get Started Today

Before you buy coverage, do a little networking. Reach out to other business people and see what companies they recommend. Certain companies may be the best fit for many industries, but not be the best choice for your specific insurance needs.

That may be the deciding factor for you. As you weigh your top choices from your online quote venture, find out what your peers have chosen. As a last deciding factor, call the customer service number for each company. Remember, this is the contact you’ll use if you have a claim. How’s the response?

What is the best place to buy online business insurance?

That depends on your specific needs. Do you need one-time insurance for a specific project? Simply Business may be your choice. Are you admittedly less than savvy about insurance? Take advantage of the CoverWallet intelligent assessment system. Do you have employees? Look at Liberty Mutual and B2Z.

What can a small business owner do to keep insurance costs under control?

As an owner, you should do your best to provide a safe workplace for employees and visitors. You may also take steps to limit the number of visitors who come to your business. For example, you can meet clients and customers off-site when possible.

The best way to keep costs under control is to prevent the need for claims. Also, consider a business owner’s policy as a way to combine policies and save money.

Don’t get complacent and stick with your existing business insurance policies, especially if the price increases. Now that you’re an experienced online insurance shopper, make it an annual project. You’ll know the ropes and the process will get more streamlined for you each year. Even if you only save $50 a month, that’s $600 annually.

How much is insurance for an online store?

Your insurance needs will vary, of course, if you have employees that are part of production for your online store. If you’re a sole proprietor, you can get a general liability policy for as low as $25 a month, in some cases.

If you’re running your online store from a brick-and-mortar location, you’ll need commercial property insurance. If you’re running your online store from your basement, or from a garage or shed on your property, be advised that your homeowner’s policy may not cover your business activities, especially if there is business equipment involved. If you’re using your personal vehicle for business, you may need a commercial auto policy for that.

If your coverage needs are minor, you may be able to add a “rider” to your home owner’s insurance to cover the items you use for business.

Image: Depositphotos

More in:

Lisa Price Lisa Price is a staff writer for Small Business Trends and has been a member of the team for 4 years. She has a B.A. in English with a minor in journalism from Shippensburg State College (Pennsylvania). She is also a freelance writer and previously worked as a newspaper circulation district manager and radio station commercial writer. In 2019, Lisa received the (Pennsylvania) Keystone Award.