Business insurance comparison — learn the basics
Unlike healthcare insurance or homeowners insurance, small business insurance can mean many different things (or policies).
For example, depending on your business operations, you might need a combination of liability insurance, including:
You might also need workers’ compensation if you have employees or commercial property insurance if you want to protect the things you need to run your business.
We know it can be time-consuming to sort it all out.
We’re here to help you make an informed decision when it’s time to compare rates and make insurance decisions for your business.
Compare different types of insurance for small businesses
- General Liability vs. Professional Liability
- General Liability vs. Business Owners’ Policy (BOP)
- General Liability vs. Workers’ Compensation
- General Liability vs. Errors and Omissions
- Professional Liability vs. Errors and Omissions
- Commercial Property vs. Liability insurance
- Employers Liability vs. Workers’ Compensation
- Workers’ Compensation vs. health insurance
- Workers’ Compensation vs. disability insurance
Why are there so many different types of business insurance?
Different kinds of businesses face different risks. That’s why there are several types of coverage that business owners can typically choose from when they are shopping for business insurance.
The types of coverage can be generally divided into three main areas:
1. Liability insurance
This includes general liability, one of the most common types of insurance for slip-and-fall injuries to people who aren’t your employees and damage to property that does belong to you.
It can also mean professional liability insurance to cover expenses related to business disagreements and commercial auto insurance for any vehicles you own.
When you get a quote with NEXT we’ll ask you some basic questions and provide recommendations for the types of liability insurance that could help protect your business.
2. Workers’ compensation
Workers’ compensation is required in most states when you have employees. It can help pay for medical bills and lost wages after a workplace injury or illness.
3. Commercial property insurance
Commercial property insurance can help replace the goods, gear and inventory you need to do business after a covered event. Usually that means certain types of water damage, fire damage, theft or vandalism. It can also help to protect structures and business interruption expenses.
Note: This is not an all-inclusive list of every type of business insurance. There are different, more nuanced coverages for various industries. For example, many restaurant owners buy liquor liability insurance and retailers buy product liability insurance.
Do I need multiple types of insurance?
This is the key question for determining what type or types of insurance you might need. In many cases, both general liability and professional liability are good to have so you can protect your business during your work with customers and clients.
There are businesses, of course, that don’t need both types of coverage but without knowing the specific circumstances surrounding a business, it is impossible to definitively say you could do without one or the other.
The best way to figure out what types of insurance you need (or don’t need) is to compare and learn about the different types of business insurance and start a quote.
How much does business insurance cost?
NEXT offers fast, affordable and tailored small business insurance. It can cost as little as $11 monthly for some businesses, but your exact price depends on multiple factors, including your business location, operations and claims history.
Lowest monthly prices for business insurance**:
- General liability: $11
- Professional liability: $19
- Workers’ compensation: $13
- Commercial property: $17
- Commercial auto: $13
How to get small business insurance NEXT
NEXT helps small business owners compare policies and create customized, affordable insurance packages.
We offer general liability insurance, professional liability, workers’ compensation, commercial property and business owner’s policies that can be adjusted to fit your business needs and risks.
You can buy your policy 100% online after answering a few questions and access your certification of insurance instantly. It only takes about 10 minutes.*
Get your instant insurance quote today.
