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We can help you look for competitive quotes on business insurance Though some carriers sell coverages individually, others will offer package policies that combine property and casualty coverage into one policy
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Business Insurance Basics

Before you apply for your business insurance quotes, you'll want to know what to look for in a policy. Here are some business insurance basics to help you decide on the right coverage for you.

Policy Types

When you apply for business insurance quotes, you'll need to select the type of policy you want. All businesses need property and casualty insurance coverage. Property business insurance protects you from damage or loss to your business' property. The casualty, or liability, component protects you against legal liability from damages your business causes other people or property. Here is more information about the types of policies available:

  • Package policies. Though some carriers sell coverages individually, others will offer package policies that combine property and casualty coverage into one policy. There are two main types of package policies:
    • Business owner's policy (BOP). For small to mid-size business applying for business insurance quotes, this policy may be your best bet. This policy will cover any damage done to your business and any liability for damages caused to other parties.
    • Home businesses. Home-based businesses are especially susceptible to losses because they rarely carry the proper amount of business insurance. Most carriers offer customized policies for home business owners to address the unique needs of this market segment.
When you apply for business insurance quotes, you'll need to select the type of policy you want
  • Occurrence vs. claims-made policies. When you are applying for business quotes, you want to be sure to include liability coverage in your package policy or take out a separate commercial general liability insurance (CGL) policy. Such policies come in two forms: occurrence-trigger and claims-made. Occurrence-trigger policies mean that the CGL policy held when the injury or damage occurred is the policy that will cover the event. For example, if someone were to slip at your business but not experience back pain until months later, the policy and carrier you had at the time of the injury would cover the event. Claims-made policies require the present policy and carrier to cover the event, regardless of how far back it occurred or what policy was in effect at the time.
  • Loss-sensitive policies. Worker's compensation policies come in two forms: guaranteed cost and loss-sensitive plans. With guaranteed cost policies, your business will pay fixed, guaranteed premiums regardless of losses for that period. With loss-sensitive plans, you will share the cost of the losses for that period with the insurer. Learn how to minimize your losses and keep your premiums low on the next page.