Get Cheap Business Insurance Quotes Online for Free

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Contributor, Benzinga
July 9, 2023

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Business insurance protects a commercial entity from losses resulting from accidents, natural disasters and lawsuits. Coverage may include legal liability, employee-related risks and property damage.

Knowing how business insurance works is crucial. It appeals to all business types, from startups to long-established companies. Most businesses are concerned about how much it costs to get business insurance and whether it’s worth spending money on it. 

Where can business owners find cheap ones online? This article focuses on getting cheap business insurance quotes online. Read more here to find out how.

How to Get Cheap Business Insurance Quotes Online For Free

Getting a business insurance quote is the best way to get personalized coverage options and rates from a provider. Use the following steps to help you get cheap business insurance quotes online for free.

Know Your Budget

The first step is knowing your budget. How much can you realistically afford to shell out for insurance? Setting and sticking with a budget before digging deeper into the coverage is essential. But the cheapest policies do not always offer the best coverage. Similarly, getting insurance from a provider with poor customer reviews to save on fees may cost you more in the long run.

Know Your Coverage

Knowing what coverage your company needs can help you save time when you’re searching. A business might need property insurance to help protect company-rented or -owned equipment and buildings. It might also need workers’ compensation coverage if an employee gets sick or injured on the job. Some businesses need a combination of these coverages.

The most basic commercial insurance entices most businesses because of its affordability, but looking beyond it and anticipating future needs is a smarter approach and can help you avoid spending money to cover damages beyond your policy’s limit. Consider all your needs while searching for the best policy for your business. 

Research the Provider’s Reputation

Familiarizing yourself with insurance providers is another step in the process. Pick a provider with a good reputation, preferably with several positive customer reviews. Look into customer complaints and satisfaction. By doing this, you will get a feel for the provider's reputation.

Get a Quote

After setting your budget, knowing your coverage and researching providers’ reputations, it is time to get a quote. You can do this by contacting local agents, independent brokers or visiting the provider’s website. An online quote is the quickest and most convenient option. 

Factors to Consider

As soon as you start your business, get the protection you need. Here are seven factors worth considering to make the best choice for your business. 

Understand Your Business

All businesses have risks. Understanding your potential business risks is crucial to knowing what coverage you need. You can decide on the insurance type as soon as you fully understand the risks.

Inform your insurance provider of your business risks. You must provide enough details about the risks your business faces for your provider to give you an accurate assessment. 

Your company’s size and what it does help determine the level of risk you face. The number of employees you have affects the cost of insurance, with small businesses needing less coverage than larger organizations.

State Insurance Regulations and Laws

Regulations and laws vary by state. Some states require businesses to include workers’ compensation in their commercial insurance. Consider the laws in your state when deciding on the best insurance for your business.

Business Insurance Provider Location

What areas does your provider cover? Local insurance providers are typically the best way to go because of their familiarity with laws, risks and regulations in your area. Local providers also are easier to contact in emergency cases. Your provider also can give you advice if your business operates in multiple states. 

Coverage Types

Some providers offer business-specific coverage. Talk to your provider about whether this option is right for your company. 

For example, companies handling sensitive client information should have data breach insurance coverage, while companies in the trucking industry should have equipment or vehicle coverage.

Ask your provider whether the policy is sufficient to cover your business’s potential losses or damages.

Terms and Conditions of the Policy

Reading the fine print is important so that you understand what’s included and excluded from coverage, which will help you avoid issues that arise during the claims process. Take your time to read the terms and conditions before signing. If you don’t understand something, ask about it. Consider hiring a lawyer to guide you through the policy. Make any policy changes in writing.

Costs Comparison

You get what you pay for, which is usually insufficient if you pick the cheapest policy. Compare insurance costs because policies can vary in price. But that does not mean you have to choose the most expensive policy.

Set a budget for what you can afford, then pick the coverage you need. Will the policy cover all the scenarios you need coverage for? Can you afford it? Compare premiums across multiple providers. Ask what extra fees the company may charge. 

Reputation

You want a provider that gets the job done. Customer reviews are an excellent way to learn about a company’s reputation. Is the company serving customer needs? Check the provider’s website for customer testimonials. You can also refer to independent review sites. Some companies look good on paper but don’t deliver.

Why use Benzinga

Benzinga has been providing reliable financial information since its inception in 2010. If you are looking for business insurance quotes online, Benzinga is an excellent place to start.

Aside from providing reliable financial information, Benzinga guides you through trading, investing and personal finance, helping you grow wealth. 

Find Cheap Business Insurance Quotes

Cost is the No. 1 factor people consider when shopping for business insurance. Read on to learn how to find cheap business insurance quotes online.

Purchase Policy Bundles 

Each business insurance policy protects you against risks, so you need several types to cover everything. Purchasing multiple policies at once may reduce costs.

One way is to purchase a business owner’s policy (BOP), which typically includes business property, general liability and business interruption insurance. Most providers will charge less for BOP than if you purchased three individual policies. Some providers only allow purchasing as a bundle.

Most providers provide discounts for bundling policies. For example, Hiscox Ltd. offers a 5% discount for purchasing multiple policies, and Next Insurance offers 10% off. The offers may change, so check with the provider.

Shop Around for a Policy

You can quickly find cheap business insurance by requesting quotes from multiple providers and comparing them. Online insurance marketplaces such as Simply Business can generate quotes from several providers so you can easily compare costs.

Once you have the quotes from different providers, compare the coverage and cost. Note exclusions and riders, and talk to the provider if a policy excludes coverage your business needs. You can have the provider add coverage or consider other options.

Each provider calculates costs differently, so quotes will vary. The most expensive policies don’t necessarily provide the best coverage.

Work with a business insurance agent to get personalized support. 

Customize Your Policy to Match Your Needs

Each business has different needs, so it is fitting to customize your policies. The less expensive, the less coverage it offers.

You can adjust your policy limit and deductible to meet your needs. Your premium will be lower with a high-deductible plan, but in the event of an accident or loss, you’ll pay more out of pocket before insurance kicks in.

Manage Your Risks to Limit Claims

Reducing risks in the workplace limit the severity and frequency of accidents.

To mitigate risks you can:

  • Invest in tools that protect sensitive customer data against attacks.
  • Train employees who work with dangerous materials or equipment.
  • Maintain your office space to reduce the risk of electrical fires or leaks.
  • Create safety procedures for dealing with accidents or mistakes.

Certain providers include risk management materials to help you get started.

Prepay the Annual Premium

You can reduce business insurance costs by paying your bill annually rather than making monthly payments. Ask your provider how much you can save. 

How to Compare Business Insurance Quotes

The following six steps can help you compare business insurance quotes and get the right coverage for your business needs.

Reputable Insurance Carriers

Get quotes from reputable insurance providers. The worst thing that can happen is buying bargain insurance to learn the insurance company cannot pay your claim. 

Consider More Than Premium Costs

It’s tempting for businesses to base their decisions on premium costs instead of focusing on the protection a policy offers. One of the primary purposes of getting protection is to reduce the risk of financial loss. Will the policy cover your needs? Does it omit coverage you might need in the future? A thorough review goes a long way. 

Understanding Coverage Inclusions

Coverage can vary from policy to policy, depending on the provider. Don’t make assumptions. Review each coverage option carefully. Jotting down notes is helpful when you start comparing providers. Providers will outline policy exclusions and inclusions and define the terms of coverage.

Check Deductibles and Policy Limits

The policy limit is the maximum amount an insurance company will pay for a claim. Choose a limit that will adequately cover your business for damages or losses.

The two types of limits are:

  • Aggregate limit: The total amount a policy will cover for all claims in a single period, usually a year 
  • Per-occurrence limit: The highest amount a policy will pay for a claim

A deductible is the amount you pay out of your pocket before insurance coverage takes over. A lower premium typically has a higher deductible. Don’t choose a deductible amount that is more than you can afford. 

A Policy That Grows With Your Business

Your business is likely to grow, so choose inclusions, exclusions and limits that support expansions. Add an allowance to the limit so it continues to meet your needs as your business grows. You also can modify your policy to meet your new needs.

Compare Quotes With Your Current Provider

This section is applicable only to businesses with an existing provider.

Think about your likes and dislikes on your existing policy. Does it lack coverage? Will the new policy fill in gaps not covered by your previous policy? Your existing insurance policy is the basis for any additional coverage you need.

How Much Does Business Insurance Cost? 

Cost is a variable factor in almost everything. The table below shows the average monthly cost for small-business insurance.

Type of policyAverage monthly costAverage annual cost
General liability insurance$30$360
Commercial property insurance$63$756
Inland marine insurance$14$169
Cyber liability insurance$123.75$1,485
Business interruption insurance$40$480
Workers’ compensation$70$840
Total Average Cost:$340.75$4,090

How Do You Get the Cheapest Business Insurance Quote? 

Shopping around is your best bet for getting the cheapest business insurance. In person or online are the two ways to look for it. Most people prefer to shop for business insurance online because it’s convenient, and most providers provide free quotes. 

Have the following information on hand to get the most accurate quotes online:

  • Industry type
  • Business location
  • Business name
  • Business partners
  • Owner information
  • Business operation details
  • Revenue
  • Number of employees
  • Annual payroll
  • Subcontractor costs, if applicable
  • Business equipment
  • Insurance history

Why is Business Insurance so Expensive? 

Businesses carry a lot of risks, and the provider has more at stake than you. Even if you pay $5,000 in annual premiums, you could experience a $100,000 loss, and the insurance company needs to fulfill its promise to reimburse you. The riskier your business, the higher your premium will be.

Higher premiums mean higher risk.

Frequently Asked Questions

Q

What are business insurance quotes?

A

Business insurance quotes are an insurance company’s estimate of what it will charge its customer for a specific policy type. Requesting quotes from several providers will help you find the best deal for your needs.

Q

Are business insurance quotes free?

A

Most providers offer free quotes for their products. Online quotes provide the convenience of searching anytime, anywhere, with results coming within minutes. It should not take more than 10 minutes to complete a form to obtain a quote.

Q

What is the best place to get insurance quotes?

A

The provider’s website is the best place to get insurance quotes.

Q

Which company offers the cheapest business insurance?

A

Next Insurance offers the cheapest insurance for small businesses. The Hartford Financial Services Group Inc. has the best low-cost business insurance.

About Luke Jacobi

Luke Jacobi is a distinguished professional known for his role as President at Benzinga, a renowned financial media outlet. With a background in business operations and management, Luke brings valuable expertise to his position, overseeing various aspects of Benzinga’s operations. His contributions play a crucial role in the company’s success, ensuring efficiency and effectiveness across different departments. Prior to his role at Benzinga, Luke has held positions that have honed his skills in leadership and strategic decision-making. With a keen understanding of the financial industry and a commitment to driving innovation, Luke continues to make significant contributions to Benzinga’s mission of providing high-quality financial news and analysis.