Business Insurance will protect all aspects of your business across the various coverage types you can get. There are general coverage options, such as Business Owners Policy and Commercial Auto, and specific industry coverages, such as Auto Repair Shop Insurance and Coffee Shop Insurance.
Business Insurance Coverages
What are the different types of business insurance policies?
We offer all of the coverages listed below, as well as indsutry-specific coverages. For a list of industry specific coverages, click here.
General Liability – Coverage that can protect you from a variety of claims including bodily injury, property damage, personal injury and others that can arise from your business operations.
Business Owners Policy – Coverage that combines protection from all major property and liability risks in one package.
Workers’ Compensation – Coverage for employees against job-related injuries and illnesses, as well as certain medical expenses, lost income, and rehabilitation expenses.
Commercial Auto – Coverage for certain legal liability resulting from bodily injury or property damage caused by the vehicles used in your business.
Commercial Umbrella – Coverage that supplements your existing General Liability and Business Property and Commercial Auto policies to cover certain catastrophic liability claims.
Professional Liability – Coverage that helps to protect professional advice and service-providing companies and individuals from having to bear the complete cost of defending themselves or their company from a clientoriginated negligence claim, as well as damages awarded in a civil lawsuit against them.
Cyber Liability – Coverage that protects the small business owner from server breachs, network breachs, data breachs, privacy leaks, financial information breachs, trade secret leaks, and intellectual property breaches. Additionally, cyber liability insurance provides coverage for laptops or other electronic equipment if stolen by an employee or someone outside the corporation.
Errors & Omissions – Coverage that protects against mistakes made by professions such as lawyers, architects, engineers, or for mistakes made in a service business, such as insurance, real estate, and others.
How do I determine what coverage is right for my business?
The coverage type and the amount of coverage your business needs depend on many criteria. First, for the type of coverage, ask yourself: would you like to protect your employees Your vehicles? Your business property against damage and lawsuits? Do you need additional insurance to cover any potential losses that exceed the limits of your general liability? Second, the level of coverage is determined by, among other things, industry, revenue, location, regulatory requirements, business requirements, trade associations, number and type of employees, and assets. The goal is to maximize the protection of your business while minimizing insurance premiums
Is insurance coverage different for different businesses?
Because businesses vary, it is impossible to have a standard policy to cover all contingencies. Also, some businesses, regardless of their size, do not fit the profile of a standard policy. For example, restaurants, wholesalers and garages have special liability needs that are not met in the standard policy. Many small businesses are now
insured under package policies that cover the major property and liability exposures as well as loss of income. A common package policy used by many small businesses is called the Business Owners Policy (BOP). Generally, these package policies provide the small business owner more complete coverage at a lower price than separate
policies for each type of insurance needed. Your BOLT Insurance Specialist can help you decide which policy or policies are right for your business. Additional coverage for property, liability or perils or conditions otherwise excluded (e.g., flood protection) can be purchased as endorsements to a standard policy.
I’m just getting my business started. Do I need insurance right away?
Yes, because the chance that you could suffer a loss begins with the first day of business. You can’t get help after the fact. If you suffer a loss and have no insurance or have improper or insufficient coverage, there is very little, if anything, your agent can do to help you. You must be prepared for the risks that are inherent in any business and the losses, sometimes catastrophic, that they can cause.
Save On Business Insurance
How much is small business insurance?
Since business insurance varies so widely based on coverage needs and industry type, it’s hard to put a proper average on business insurance. For example, someone looking to insure their auto repair shop will likely pay more for general liability insurance than a coffee shop owner, simply due to the higher liability risk of the auto repair shop.
How do I reduce my business insurance rates?
There are steps you can take to reduce your business insurance rates.
Minimize preventable losses: The more losses you face, the more your premiums will be.
Increase your security: Adding security systems such as fire sprinklers, alarms, and employee safety training can reduce your premiums.
Bundle your coverages: Look into purchasing a Business Owners Policy instead of individual policies. A Business Owners Policy can combine property insurance, liability protection, and business interruption insurance to save you money.
Compare quotes: You’ll receive different quotes from different insurnace companies. Get multiple quotes to see which carrier offers you the best coverage for the best price.
How do I find the best business insurance rates for my company?
The first step to finding the best business insurance rates for your company is deciding what coverages and limits are appropriate for your small business. Once you know which coverages you need, BOLT can help by getting you multiple quotes for multiple lines of business!
- General Auto Repair Shop
- Body & Collision Repair Shop
- Auto Detailing Business
- Paintless Dent Removal Shop
- Catering Business
- Coffee Shop
- Mobile Food Truck
- Restaurant – with Alcohol
- Restaurant – without Alcohol
Get a Business Insurance Quote Online Today!
Business Insurance FAQs
What is business insurance?
How do I know what business insurance I need?
Am I legally required to have business insurance?
How much is business insurance?
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