Business Insurance
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Simply Business is pleased to provide tailored insurance options from:
What is Business Insurance?
Business insurance — sometimes referred to as commercial insurance — is often made up of different coverages to help financially protect your business from a variety of risks.
Here are a few examples:
- A customer trips over tools left lying on the ground, or you unintentionally damage a client’s property while on the job.
- You’re preparing documents for a client and inadvertently enter the wrong information, causing a financial loss for your client.
- One of your employees hurts their back while moving inventory at your business location.
Any of these unfortunate events could lead to a claim or lawsuit. And you could be responsible for paying any penalties, settlements, or legal costs. In many cases, the right type of business insurance can help cover those costs up to your policy limits.
What Does Business Insurance Cover? What’s Typically Included?
Here are some kinds of business insurance that owners typically include as part of their business coverage:
General liability insurance
A foundational coverage to help handle costs from third-party accidents, third-party property damage, and bodily injury. Learn more.
Professional liability insurance
This can provide coverage for damages and legal costs for mistakes or negligence claims. Learn more.
Workers’ compensation insurance
You can protect your business and help take care of employees who get sick or injured on the job from work-related activities or exposure. Learn more.
Errors & omissions insurance
This can cover the costs of legal claims or damage caused by errors or unintentional omissions from your work. Learn more.
Sole proprietor workers’ compensation insurance
This coverage can provide workers’ comp benefits for business owners who don’t have employees. Learn more.
Cyber insurance
You can be covered against claims associated with stolen customer data, cyberattacks, breaches, and fraud. Learn more.
Business personal property insurance
This can help cover the cost of replacing or repairing equipment, furniture, fixtures, and inventory that you own, use, or rent inside your workspace. Learn more.
Tools & equipment insurance
Also known as Inland Marine insurance, this coverage financially protects the tools and equipment you use while in transport or on a jobsite. Learn more.
Business owner’s policy insurance
This typically combines general liability, business interruption, property insurance, and more, all in one convenient package. Learn more.
Not sure what you may need? Check out the helpful guides in our Resource Center.
Why Should I Consider Having Business Insurance?
Building your own business can be tremendously rewarding. Business insurance can be a good way to help protect what you’re building. Without it, you could be putting your business and personal assets at risk if the unexpected were to happen.
We can help you feel confident you have the coverage you need for the type of your business. And you can get started with our online quote tool today.
If you have an accident, damage a customer’s property, suffer a cyberattack, or any other covered event, having your business insurance policies can help cover the financial impact.
Certain types of business coverage may be required in your state, so it’s important to check the laws in your local area. Even if business insurance isn’t required in your state, it can make good financial sense to have it.
Unexpected events can happen. And they can come with hefty costs. Even if you can afford to pay for them yourself, they can often be far more costly than the price of a good insurance policy.
You can learn more about the costs of not having insurance here.
In most instances, the IRS considers your business insurance premiums as tax-deductible.
However, we recommend speaking with an accountant or tax professional to learn more about deducting your insurance premiums from your specific business’s taxes.
Business insurance premiums are based on several factors, including:
- What your business does
- Where your business is located
- How many employees you have
- Your estimated revenue
Premiums also can vary among insurers, which is why we work with a variety of different providers to help find the coverage and price that works for you.
Curious about what insurance might cost for your business? Spend a few minutes with our online tool.
Many kinds of business insurance policies can help cover not only your business, but your employees, as well. As a result, the number of employees you have may affect how much you pay for business insurance coverage.
Ready to get a small business quote and start protecting what you’re building? Our free quote comparison tool will walk you through the coverages you may need and look for options from leading insurers. And all in just a few minutes.
Need answers to questions or insight from a small business insurance pro? Talk with one of our licensed agents, M-F 8 a.m.-8 p.m. ET. Just call 844-654-7272.