Business Insurance | Towergate (2024)

FAQs

What is the best type of insurance for a small business? ›

General Liability Insurance

Many small business owners also get a general liability insurance policy that includes product liability insurance. This can help protect their company from claims of bodily injury or property damage that their products cause.

Commercial insurance is also called business insurance. Business insurance covers losses related to unexpected events like lawsuits, accidents, or natural disasters, among others.

At minimum, you should start with these types of small business insurance: General liability coverage. Workers' compensation coverage. Commercial auto coverage.

The IRS generally considers business insurance a cost of doing business, so your policy premiums may be deductible from your taxable income. A tax professional can ensure you fill out the proper paperwork to ensure you are taking advantage of all deductions available to you.

Some large businesses may choose to self-insure to save money and control costs for their commercial property, auto and general liability coverages. When a business chooses this route, they don't buy a plan from an insurance company.

Most experts agree that life, health, long-term disability, and auto insurance are the four types of insurance you must have. Employer coverage is often the best option, but if that is unavailable, obtain quotes from several providers as many provide discounts if you purchase more than one type of coverage.

Commercial Automobile, Commercial General Liability, Commercial Umbrella, and Workers Compensation are the most common business casualty insurance lines.

Can you have multiple businesses under one insurance policy? ›

Having multiple businesses under one insurance policy can provide comprehensive protection against various events and accidents. The professionals at Tabak Insurance can help you explore your options to make sure each of your businesses is protected appropriately.

We begin with an overview of the types of insurance, from both a consumer and a business perspective. Then we examine in greater detail the three most important types of insurance: property, liability, and life.

Insurance is a contract that transfers the risk of financial loss from an individual or business to an insurance company. They collect small amounts of money from clients and pool that money together to pay for losses. Insurance is divided into two major categories: Property and Casualty insurance (P&C)

Small commercial insurance protects a business from potential risks, including employee injuries, property damage, reputational damage, etc. Small businesses can face many risks, from employee injuries and property damage to data breaches or lawsuits that could potentially ruin their business.

Business property insurance covers your buildings, the contents within those buildings, and loss of income if you're out of business due to a claim. It can help protect your business in case of unexpected accidents or tragedies like fire, theft, wind damage, or even a building's collapse under the weight of snow.

Life insurance is the most profitable—and the hardest—type of insurance to sell. With the highest premiums and the longest-running contract, it brings in cash over a long period of time. In the first year, agents make the largest annual sum on a policy, bringing in anywhere from 40–120% of the policy premium.

Liability insurance is the most important. It provides compensation to persons who would be able to sue you for personal injuries, medical payments, loss of earnings, or damage to their property arising out of an auto accident.

Business overhead expense insurance, or BOE insurance for short, is a type of disability insurance policy designed for small business owners. If the business owner is unable to work due to a disability, the BOE policy provides monthly benefit payments to cover overhead costs and help the business remain open.