How to Acquire Small Business Insurance for LLC's

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Did you know that in 2020, there were 2.7 workplace injuries and illnesses reported for every 100 full-time employees? If you own a small business with a solid safety record, you may think that you're out of harm’s way. But things can change in a second.

Not having the proper small business insurance can cost you a lot of time and money in the future. Depending on your industry, the risks of a claim increases. Uncertainty is inevitable, but with the right small business insurance there is less of a chance of high out-of-pocket costs associated with liability claims.

If you have insurance already, your premiums may be rising. You may want to start considering your options to make sure you have small business insurance that meets your business needs and budget. Keep on reading to find out what you should know about acquiring small business insurance for LLCs.

Understand Your Risks

The first thing you need to do is understand your risks. Your type of business and industry can play a huge role in determining your risk level. As a Limited Liability Company (LLC), owners have limited liability in the event the business fails. If the business goes bankrupt, the personal assets of the owners are not at risk.

However, there are still risks that can arise requiring LLCs to obtain insurance. You should assess your business to understand what risks can arise. The type of insurance you might want to obtain will depend on the level of risk associated with your business.

For example, certain industries have a higher rate of serious injuries and work-related deaths. Non-fatal injuries can also cost the company a lot of money. The largest number of non-fatal injuries are from restaurants, general contractors, plumbing, and heating or air-conditioning.

Get All the Information Ready

Getting insurance can be a simple process, but you need to be prepared in advance. You will need to know your location and annual sales. If you’re considering worker’s comp insurance, you should know the total number of employees and payroll size.

For general liability insurance and property insurance, you will also need to show what type of tools and equipment you use, business assets you have, and your amount of inventory. All of these will factor into the value of the premium you might pay for small business insurance.

Find the Right Experts

The right experts can tell you how to get insurance easily without any issues. You may want to do your own research to find the right experts. It’s easier now because you can get quotes online quickly and easily.

Discuss Your Business

Once you find your experts, you need to discuss your business with them. A call with the right experts can help clarify your situation and get the best insurance coverage for your business. You can discuss premiums, coverage, and exclusions.

Evaluate Your Coverage Options

The most important step in acquiring insurance is to understand what options you have available. As a small business looking to acquire insurance, you have a lot of options available for you.

Business Owners Policy

At a minimum, you should consider a general business liability policy that could cover your business for third-party bodily injury claims, associated medical costs, and advertising injury claims. You can also get property insurance to help protect your business from fire, vandalism, theft, and breakdown. Cyber risk insurance can protect your business in the event of data breaches, copyright, and trademark infringement.

At PolicySweet®, you can get multiple commercial insurance policies in one package. With a business owners' policy, you can get general liability, business property, and cyber insurance in a single policy, which can save you time and money. It is one of the best coverage options for small businesses that rent or own their business space.

Workers’ Compensation Insurance

More than 56% of the US workforce are employed by companies with less than 100 employees. Most states now require businesses to have workers comp insurance as soon as they have their first employee.

More than that, as a small business, you may want to make sure that you are protected in case an employee gets injured on the job. Workers’ comp insurance could protect your business from injury claims and can help with getting an injured employee recovered and back to work.

Home-Based Business Insurance

If you have a business that operates out of your home, you might want to make sure that you are covered. Homeowners insurance may not be able to provide the full coverage that you need. A home-based business insurance policy can help to ensure that you and your home-based business could be protected.

As a home business owner, you might want to make sure you have business liability insurance for third-party bodily injury, including any medical and legal costs. You also should consider business property insurance to protect your business equipment from fire, wind, and other elements. If you keep inventory at your home business, you might want to cover your product stock in case it is lost, stolen, or damaged.

HomeHQSM from PolicySweet offers all three types of insurance in a single package. You can get a quote online and get the estimated premium amount for all three types of policies instantly. This way you will not have to worry about multiple quotes or forms.

Contact Your LLC Small Business Insurance Experts Today

Now you know exactly what you need to do to acquire small business insurance for your LLC. You know what steps to take that can help to make life easier. You know the different types of options available to you, including business owners’ policy and workers’ comp insurance. Or if you operate a business from your home, PolicySweet offers a HomeHQ policy specifically designed for home-based businesses.

As a small business owner, acquiring insurance can help you feel safe and protected. Contact your small business insurance experts today or start a quote online today to get the coverage your business need.

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