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View video transcript.
[video: an animated header displays the Insureon logo]
KARI ALLEN, VP SALES, INSUREON: You know, we're the pioneer in the marketplace, we are the number one digital agency, we have our web content and information that we provide small business owners is amazing.
[video: an illustrated header displays the text: "1 million+ policies written"]
90% of customers don't understand the coverage they need, so they go to the internet looking for assistance, and that's when we come in to say "not only can we answer your questions, but we can offer a solution for you to compare coverages and get immediate quotes."
[video: illustrated footer displays the text: "Kari Allen, VP Sales"]
Once you've gone through that process, now you're introduced to a best-in-class sales team that's going to help you through any of those questions that you have, which will help you find the great coverage for your needs and to protect your business.
[video: an illustrated header displays the text: "Experts with decades of experience"]
Our producers are specialists in the small commercial market. They pride themselves in understanding all of the state specifics, they understand insurance company specifics, all the underwriting, they understand the true needs of the small commercial industries.
[video: an illustrated header displays the text: "Licensed in all 50 states"]
Whether it's contracting, whether it's lawn care, whether it's professional and business services, they pride themselves in understanding all of the industry verticals. Our digital agency has access to insurance companies that not all traditional agencies have, or digital agencies across the market.
[video: a number of animated logos display for a variety of insurance carriers, including The Hartford, Philadelphia Insurance Companies, AmTrust Insurance, Travelers Insurance, Acuity Insurance, Chubb Insurance, The Hanover Insurance Group, Hiscox Insurance, and Liberty Mutual Insurance.]
We have partnered with our top national carriers across the country to make sure that we can provide coverage in just about every scenario that we would run across for small businesses. Customers, the way that they want to interact, changes. And it's getting a little bit more involved every day, they want to be more involved in their decisions, but they also need to be understanding what the product is that they're purchasing.
Everything we do is on the cusp of making it with the customer's thoughts in mind. We were the pioneer in the tech sector. Our tech vertical we started back in 1997. This was something that we started in the industry, we are still the number one in industry in the agency sector. We have specialized producers who that's all they do all day long.
[video: an illustrated header displays the text: "Deep tech sector knowledge"]
They understand contracts, they understand coverages, the specific needs of the IT Tech sector; They understand exactly what coverages are need under every circumstance. Cybersecurity, obviously, and cyber losses are making huge headlines.
[video: an illustrated header displays the text: "61% of small businesses hacked" (as of 2021)]
Obviously, it's something that's not going to go away, and if anything, cybersecurity is going to become even more important as we move forward. I foresee this coverage exploding over the next five years, it's going to be just second nature that everybody's going to have to have it. If you have any sort of digital presence, you need cybersecurity coverage.
A certificate of insurance is really verification that you have the coverage that you need. It shows you that you have the liability coverage or workers' comp coverage that you need to secure a contract.
[video: an illustrated header displays the text: "Proof of insurance may be required"]
Without that, your ability to maybe secure those contracts could be in jeopardy. Think of it as a contractor: So, you are bidding on a contract job, and you want to secure that bid. If you don't have the correct insurance for general liability, you could lose that contract. People want to make sure that you're covered appropriately in case of loss.
[video: an illustrated header displays the text: "Dedicated client portal"]
As a small business client of our agency, you can go into to your own dedicated client portal and pull your certificate of insurance any day, and you can have it at your fingertips, print it out, and it will be exactly what you need to provide proof of insurance coverage.
[video: an animated header displays the Insureon logo]
When you are ready to get insurance coverage for your business, you can complete Insureon's easy online insurance application to get quotes from top-rated carriers.
Which business insurance policies are required by state laws?
State laws can affect which types of business insurance you might need. These policies are required in most states in the nation.
Workers' compensation insurance
Almost every state requires workers' compensation coverage as soon as a business hires its first employee. This policy covers the cost of work-related bodily injuries and illnesses, and also provides disability benefits while the employee is unable to work.
For example, all New York businesses must provide workers' compensation to their employees, but in Florida it's only required when a business has four or more employees.
Most policies include employer's liability coverage, which protects small business owners against lawsuits related to work injuries.
Commercial auto insurance
In most states, you're required by law to carry commercial auto insurance for vehicles that are owned by a business. Your policy will also have to provide sufficient coverage to meet your state's requirements for auto liability insurance.
A commercial auto policy covers costs when your business vehicle is involved in an accident. It can help pay for property damage, medical expenses, and legal costs in the event of a lawsuit.
Keep in mind that your personal auto policy won’t cover work-related driving. That’s why you may need commercial auto insurance for a business-owned vehicle, or hired and non-owned auto insurance (HNOA) for personal, leased, or rented vehicles used for work.
How much does small business insurance cost?
Commercial insurance can be affordable for small business owners. Average costs for Insureon's customers are:
General liability: $42 per month
Workers' comp: $45 per month
Professional liability/E&O: $61 per month
Factors that influence business insurance costs include:
- Your industry and risks
- Business operations
- Number of employees
- Policy limits and deductibles
Other common questions about commercial insurance
How does my location affect my business insurance needs?
In addition to state laws, there are a few other ways in which your location can affect the amount and type of coverage you need:
Property value. Property insurance costs more in locations with higher property values. If your real estate is valued at a higher amount, you may need higher limits on your commercial property insurance or business owner's policy (BOP) to cover any potential property damage.
Crime. In high-crime areas you should invest in coverage against theft and vandalism, such as comprehensive auto insurance, to protect your vehicle.
Population. Less foot traffic can result in potential savings on commercial general liability insurance, a key policy to protect against customer lawsuits. In contrast, a small business owner with a storefront in a major city can expect to pay more for insurance.
Weather. Most business property policies have exclusions for earthquakes and flooding. If your business is vulnerable to these risks, contact an insurance agent who can help you find an endorsement for your policy.
How do I get a certificate of insurance for my business?
Insureon's licensed agents can help you find policies that fulfill your state's requirements and protect against financial losses. Once you've purchased insurance with us, you can download a certificate of insurance by logging into your account.
Can my company be held liable for a data security breach?
Yes – that's why cyber insurance is so crucial. Hackers are three times more likely to target small businesses, as they often have fewer resources to combat a threat.
State data breach laws typically require businesses to report security breaches to affected residents, and the costs can escalate quickly. Cyber liability insurance lessens the financial impact by paying for notification costs, legal fees, and fines.
Does my industry affect state insurance requirements?
Yes, your state may have special requirements for business insurance and bonds for your industry. You may also need a license depending on the work you do.
Contractors often need to carry a general liability policy or a surety bond to perform certain types of work. Having the right insurance and bonds helps you comply with state licensing requirements.
Professionals who offer advice or services, such as real estate agents and lawyers, sometimes need professional liability insurance to get licensed in their state. This policy is also referred to as errors and omissions insurance (E&O) or malpractice insurance.
State laws may also mandate insurance or bonds for dispensaries and other cannabis businesses.
Note that cities and counties may have their own laws, in addition to state laws.
How can I save money on business insurance?
As with any purchase, shopping around is one of the best ways to find an affordable option. With Insureon, you can compare quotes from top-rated providers by filling out a free online application.
Other ways to save include bundling policies for a discount and choosing less expensive policy options, such as lower limits or a higher deductible. Learn more about how to find cheap business insurance.