Business Insurance Quotes Online

Applying for business insurance quotes online is a great way to save time and get a good way to compare several insurance company offers. As a business owner you can choose to apply to two different sources, an insurance agent or an insurance broker. An agent works directly for one insurance company while a broker remains independent and shops for the best rates for you. Both types of carriers will have websites on which you can make your application.  

Agents will usually submit to you their best offer for your situation, while brokers will make available several quotes from their carriers one screen. The advantage of getting quotes from a broker is that you only have to make one application.  If you go direct to the insurance company you will have to make several applications in order to compare rates and terms. Make sure you understand which one you are applying to before submitting confidential business information.

If you plan to apply for insurance online, remember there are four basic business insurance types, liability insurance, property insurance, employment practices liability insurance, and professional services insurance. They each cover different items of your business and have specific coverage limits.

Liability Insurance

This type of insurance covers physical harm caused by an employee to a third party. Generally liability insurance includes coverage for business automobiles, accidents on the actual business premises, and any other lawsuit brought against the business for personal injury. For instance, your catering company is providing food and drinks for a party and your delivery van driver gets into an accident while on route. 

Property Insurance

Property Insurance covers damages sustained to your physical business location. This would cover theft of business items, factory damage, or your building burning down, among others. You want to get enough property insurance to cover the amount it would cost to rebuild your property and to cover cost of any potential lost income during time of business interruption.

Employment practices liability Insurance

This coverage is also known as EPL and it covers you against employees or former employees who claim there were victims of illegal employment practices. This may include employees who feel they were wrongfully terminated, victims of racial or other bias, sexual harassment, refusal to hire, or those claiming their work conditions were made to be unbearable.

Professional liability insurance coverage

This is often referred to errors and omissions insurance or E&O. This coverage is used mainly by firms that require some type of professional licensing, like attorneys, CPA's, real estate brokers, doctors, psychiatrists, etc.  These are typically service based businesses in which its customers are receiving some type of professional advice. The insurance covers claims that might arise from the implementation of that advice.

When it comes to coverage limits you need to plan ahead of time and think about what your company stands to lose in a claim situation. Most insurance companies will recommend that businesses start at $1 million of coverage for each policy. However, insurance specialist attorneys recommend getting more coverage than just the minimal amount because if an injured third party brings suit against you and wins a judgment for more than that low amount they may be able to come after the business and force you to sell company assets to make up the difference.

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