Five Facts About Small Business Insurance Most Aren’t Aware Of
Five Facts About Small Business Insurance Most Aren’t Aware Of
Most don’t pay much attention to their business insurance unless there is a claim or potential claim. There are some interesting facts about small business insurance, however, that can make it a bit more interesting. Here are five of them.
- Small business insurance is very affordable. A recent survey indicates that about 50% of small businesses pay $1,000 or less annually on their business insurance. About 25% spend between $1,000 and $2,000 with the remaining 25% invest over $2,000 annually.
- The most frequent small business claim is theft.Burglary and theft are the most common claim under small business insurance policies. Losses from theft and burglary account for about 20% of all insurance claims made. Other common claims include water damage, customer injuries and product liability claims.
- Most small businesses carry business insurance. Surveys indicate that about 60% of small business owners say they have business insurance. The problem? That means 40% of small businesses are risking their future unnecessarily. A significant property loss or single liability claim can put a small business in jeopardy. In fact, 35% of small businesses said they experienced a business-related event within the past year that could have led to a claim.
- Small business insurance featured “bundling” before bundling was a thing. The most popular small business insurance program is the Business Owners Policy or BOP. This combines the most common forms of insurance to cost-effectively protect a small business. It is in effect, a “bundled” policy that was available long before bundling became popular for consumers.
- Even small businesses are required to carry workers’ compensation insurance. Today, just about every state requires businesses to carry workers’ compensation insurance if they have any employees. Workers’ compensation insurance provides benefits to both the employees and employer in the event of a work-related injury.
If you are one of the approximately 40% of small businesses without any form of small business insurance, it is time to make a change. Small business insurance is affordable and our team of business insurance professionals can help you get started today. Simply call us and let’s discuss your business. Our independent agents will shop a variety of insurance companies that specialize in small business insurance. You can choose the policy and premium to suit you. There’s no cost or obligation when getting a quote. The coverage and peace of mind you deserve. Join the businesses that can operate more fearlessly. Contact us for your small business insurance quote today.
Do you have questions about your insurance? Find an insurance agent near you with our Agent Finder
Search All Blogs
Search All Blogs
Read More Blogs
Garage Sale Bingo
Items You Can Expect to Find When Heading Out to Yard and Garage Sales
Give It Away
Does “Giving It Away” Make Sense for Your Business?
Life’s Challenges and Rewards
The Hills and Valleys Are Just a Part of It
Frequent After-Market Add-ons for Cars and Trucks
We not only love our vehicles, but we love making them our own. Is your car or truck properly insured for these add-ons?
Getting Serious About Energy Savings
Are You Ready for the Next Step in Going Green?
Getting Your Mind Out Of the Gutter: Fun Bowling Facts
Staying in Your Lane Used to Mean Something Different
What Are the 7 Habits of Highly Effective People?
Do You Practice These Habits?
How Many People…
Odd and Interesting Facts About All of Us
Distinctive Automobile Headlights of the Past
Headlights Do More Than Just Help Us See at Night
Why You May Need Renters Insurance
Don’t Be a Renters’ Insurance Denier. Here’s Why You May Need Its Protection.