If you’re running a business in San Antonio, it’s important to know about your business insurance options. Here’s what you need to know about business insurance in San Antonio.
Best Business Insurance in San Antonio Near You:
- Best Overall for Business Insurance: The Hartford
- Best for Small Businesses: Hiscox
- Best for Self-Employed: Suracy
- Best for Business Owners Policy: Progressive
- Best for Professional Liability: biBERK
Best Business Insurance Options in San Antonio
Choosing the right insurance can be a confusing process. Here are some of the best business insurance options in San Antonio to get you started. After reviewing your options, you should reach out to each company to get a quote for your business.
Best Overall for Business Insurance: The Hartford
No matter what type of business you own, chances are, you’ll be able to find the right combination of coverage from The Hartford. The Hartford offers a simple online process to get a quote in just about 10 minutes. All you need to do is answer basic questions about your business, such as the number of employees and your ZIP code.
After you’ve provided information about your business, The Hartford will be able to give you a customized quote. You can also use the resources on The Hartford’s website to learn more about the types of business insurance it offers and commonly asked questions related to business insurance.
Best for Small Businesses: Hiscox
Hiscox can offer small businesses in over 180 industries a wide variety of coverages to meet the needs of most businesses. To get an idea of what types of insurance your business needs, Hiscox offers a quick survey for you to take on its website.
Hiscox can then give you a fast quote that is customized to your business and its needs. You can then expect to receive instant coverage and a quick process if you ever need to file a claim.
Best for Self-Employed: Suracy
If you’re self-employed, you’ll probably want to look for an insurance company that specializes in small business insurance. It can also be helpful to look for an insurance company that provides coverage for businesses that are most often run by self-employed individuals.
Suracy offers coverage for a wide variety of industries, including real estate, beauty, home maintenance, retail and other professional services. It can offer your business a tailored solution based on your business needs. If you choose Suracy, you can also expect your insurance company to act as a trusted partner for your business.
Best for Business Owners Policy: Progressive
If you’re looking for a way to make your business insurance policy easier to manage, you might want to consider a Business Owners Policy (BOP) from Progressive.
You can work with Progressive’s in-house specialists to find the right coverage options for your business and your budget. This includes BOPs, as well as other business insurance options.
To learn more about what Progressive can offer you, get a custom quote online or by phone.
Best for Professional Liability: biBERK
biBERK is a great option if you’re looking for a way to make getting your professional liability coverage as simple as possible. This company offers comprehensive, cost-effective coverage to all of its customers. You can get a quote from biBERK on its website by providing basic information about your business.
It also offers the option to purchase and manage your policy online. If you choose biBERK and your business ends up facing a claim, you can count on your insurance company to provide a qualified attorney to represent your business.
Types of Business Insurance
It’s important to know about the different types of business insurance before you pick your policy. Each type of business insurance offers a different set of coverages, some of which you may not need for your business. Here’s an overview of the most common types of business insurance and what they cover.
This type of insurance offers coverage for many common situations that may arise. The purpose of general liability insurance is to protect your business from financial loss if your business faces a lawsuit. For example, if a customer gets injured at your place of business or if a client claims your business damaged their property, you may need to use this coverage. In the event of a bodily injury claim, your general liability insurance policy can cover the medical expenses of the person who made the claim. General liability insurance can also provide coverage for the legal costs of defending your business against lawsuits, as well as the cost of settlements or judgments.
Product liability insurance is important for businesses involved in products. This includes the manufacturer of the product, as well as the wholesaler, distributor and retailer of a product. If a defective product causes injury or bodily harm, the injured person could file a lawsuit against any of these businesses. Product liability insurance exists to protect businesses involved in products against financial loss if this were to occur.
If your business operates out of its own building and/or includes physical assets, you may need commercial property insurance. Commercial property insurance is there to protect your business against loss and damages due to unforeseen circumstances. This includes damage due to fire, smoke, wind and hail storms, as well as civil disobedience and vandalism.
Also known as workman’s comp or workers’ comp insurance, this type of coverage is important if you have employees. It offers benefits to your employees if they suffer from a work-related injury or illness. Your workers’ comp policy can provide coverage for your employees’ medical care, as well as their lost wages while they recover. This insurance also protects your business and will help cover your legal costs if your business is sued due to a work-related injury or illness.
Professional liability insurance is important for businesses that provide professional services to its clients. This can include a wide range of services, from accounting and bookkeeping to wedding photography. With this coverage, your business will be protected against financial loss due to claims of malpractice, errors and negligence. You’ll receive coverage for the costs and fees involved with a lawsuit, including legal fees and damages that are awarded to the person who made the claim.
Cost of Business Insurance in San Antonio
We know what you’re probably thinking. How much is all of this insurance going to cost your business? It’s a tough question to answer because there are so many factors that will help companies determine the cost of your policy. Some of these factors include:
- Business location: Your insurance company will consider the size of your business property, as well as its age and condition. Typically, insurance companies will consider larger business properties to have more opportunities for accidents. If your business is operating out of a newer building that is in good condition, the company may consider this less of a risk and lower your costs.
- Claims history: Insurance companies may offer you a discount or lower price if your business has little to no past claims. Having a low amount of claims can show your insurance company that you operate your business safely and pose a low amount of risk for future claims.
- Employees: The more employees you have, the more possibility there is for a claim. The employment status may also factor in the cost of your policy. For example, a full-time employee might cost more to insure because they are working more hours, allowing more time for mistakes to happen.
- Payroll size: Workers’ compensation policies will look at the size of your payroll when determining the cost of your policy. This is because workers’ comp benefits are based on the salary of your employees.
- Services: If your business offers expensive services or handles sensitive information, you can expect to have higher costs. This is because there is more potential for your business to face expensive claims.
- Your industry: Similarly, your industry will be taken into consideration. If you run a business that poses a low amount of risk, your insurance company may charge less for your policy. If you run a more hazardous workplace that involves factors such as heavy machinery, your business has more risks. As a result, your insurance company might charge more for your policy.
Don’t worry, there are ways to lower the cost (premium) of your insurance policy, including:
- Minimizing your workplace risks by holding regular safety training.
- Choosing a higher deductible for your policy. Your deductible is the amount of money that your business will need to pay out-of-pocket because your insurance policy will pay for a covered claim. If you choose a higher deductible, you may be able to lower the premium of your insurance policy.
- You might also be able to combine multiple insurance coverages into a single policy. Doing this can not only save money, but it can also make it easier to manage your coverage by having it all in 1 policy.
Before you start comparing companies and policies, you probably want to get an idea of the actual cost of business insurance, right?
According to The Hartford, the average cost of a general liability policy is $500 per year. Progressive reported that the average cost for a professional liability policy in 2019 was $552 per year.
Take the Next Steps to Get Covered
Whether you’re buying business insurance for the first time or looking for a better option, it’s always a good idea to get a quote in San Antonio. Getting a quote from multiple business insurance providers can allow you to compare the coverage and costs each can provide you. When you’ve found the best policy for your business, simply purchase your policy and rest assured knowing that your business is covered.
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