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.

  1. 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.
  2. 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.
  3. 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.
  4. 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.
  5. 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

Buzz Your
Insurance Agent

Search for a local agent with our agent finder map.

Agent Finder

Search All Blogs

Search
Generic filters
Exact matches only
Search in title
Search in content
Search in excerpt

Buzz Your
Insurance Agent

Search for a local agent with our agent finder map.

Agent Finder

Want to learn more about our blog writer?

Read more about KayLynn's background.

Click Here

Search All Blogs

Search
Generic filters
Exact matches only
Search in title
Search in content
Search in excerpt

Why Coin Collecting Is Still A Terrific and Educational Hobby for Kids

It’s an Inexpensive, Fun Way to Occupy Time While Learning

Why You Should Have an Annual Business Insurance Review

An Annual Business Insurance Review Just May Help Your Bottom Line

The Two Biggest Factors That Make Life Insurance Rates Increase

Age and Health Are the Biggest Contributors to Increasing Life Insurance Costs

The Great Recreational Vehicle Revival

RVs Are Opening Up New Recreational Opportunities for Families

Want to Add Value to Your Home? Consider Upgrading Your Landscaping

You may be surprised with what a little investment in some landscaping around your home can make. Try these do-it-yourself ideas!

Weird Stuff You May Not Know About Grocery Shopping

These Grocery Shopping Statistics May Surprise You

Tapping Into The Genius of Your Staff to Make Your Business Better

What Your Employees Know Can Help You….If You Ask

Life Insurance: Buy What You Can Afford

Buying a Large Amount of Life Insurance May Be Pointless If You Can’t Afford It

The 10% Rule: Should You Drop Your Comprehensive & Collision Insurance?

Are You Paying More for Auto Insurance Than You Need To?

This Biggest Cause of House Fires May Surprise You

The Threat is Lower Today, But House Fires are Still a Problem

Leave a Comment