Insurance endorsements, sometimes called insurance riders, are legally binding amendments that change the coverage provided in a policy. They can broaden, restrict, or otherwise alter coverage and usually be added at any point during the policy term. Getting an endorsement allows policyholders to customize their insurance for a small added cost. How Insurance Endorsements Work…
About the Author
Virginia Hamill
Virginia Hamill is an editor with our finance team focusing on insurance. Prior to joining Fit Small Business, Virginia worked in the wholesale division of Insureon, an online insurance agency. She holds a Master’s Degree from DePaul University and has written for a number of digital finance and insurance companies, including Kin and TopstepTrader.
When not busy pounding the keyboard, Virginia likes to try enchilada recipes and snuggle her pug Bogey.
Painters Insurance: Coverage, Cost & Providers
Painters insurance includes several policies, such as general liability, business property, and commercial auto insurance. Depending on their operations, some painters may also need surety bonds and workers’ compensation. The most common painting insurance policy is general liability, which covers customer property damage and injury lawsuits. General liability for painters typically costs $400 to $2,000…
Hair Salon Insurance: Coverage, Providers & Cost
Salon insurance refers to the business policies salon, barbershop, and spa owners typically purchase. The most common form of hair salon insurance is general liability, which covers claims the business caused injury, property damage, or reputational harm. General liability insurance for most small hair salons typically runs from $350 to $1,600 per year in premiums….
Special Event Insurance: Coverage, Providers & Costs
Special event insurance covers your liabilities when you host events. The type of events covered depends on who is buying the policy. Private individuals may want coverage for weddings, but business owners need it for events that are outside of their normal operations like fundraisers. Basic one-day event insurance costs start at $50, but premiums…
What Is Self-insured Workers’ Compensation?
Self-insured workers’ compensation is when business owners choose to cover their employees’ workers’ comp benefits instead of purchasing a policy from a carrier. If an employee suffers a work-related injury, the employer pays the costs usually covered by an insurance carrier, such as medical treatments and lost wages, out of his or her own pocket….
8 Best Professional Liability Insurance Providers
Professional liability insurance protects business owners if clients accuse them of making mistakes that cause a financial loss. Policies can be tailored to cover industry-related risks. We reviewed more than 25 of the top liability insurance providers and narrowed it down to the eight best. Best Professional Liability Insurance Providers What Professional Liability Insurance Is…
6 Most Common Workplace Injuries & How to Avoid Them
Business owners who want to keep their workers’ compensation insurance costs down need to reduce work-related injuries. By minimizing injuries, employers can improve their claims histories, which can lower their rates and, sometimes, earn discounts from their insurers. We compiled this list of most common workplace injuries and added tips to help you reduce them….
LLC Insurance: How Much You Need & What It Should Cost
Limited liability company (LLC) insurance refers to policies business owners buy to protect their business assets. Different policies protect against different risks, but LLC insurance typically includes coverage for a business’s liability and its property. Most LLCs can combine these coverages in a business owner’s policy (BOP) that costs between $350 to $3,500 per year,…
Janitorial & Cleaning Business Insurance: Providers, Coverage & Cost
Janitorial insurance is a group of policies cleaning businesses purchase to cover their risks and protect their assets. Every cleaning business from residential maid services to commercial janitorial companies needs business insurance, but which policies they get depends on their business operations. Janitorial insurance costs range from $350 to $4,200 per year, depending on the…
What Is a Coinsurance Clause?
Property insurance policies, whether personal or commercial, typically have a coinsurance clause that makes the policyholder responsible for some of the risk being insured. Many coinsurance clauses state that the policyholder must be insured for at least 80% of the property value, but the percentage ranges from 70% to 100%. How a Coinsurance Clause Works…
How Are Workers’ Comp Rates Calculated?
Determining workers’ compensation costs requires complicated algorithms. However, the basic workers’ comp calculations are fairly straightforward if you have the right information to plug into the formula. Doing this can give you a decent idea of what your premium should be so that you can include it when budgeting for new hires. How Workers’ Comp…
Best Commercial Truck Insurance Companies for Business
Business owners might assume that commercial truck insurance is only for the semitrucks used by owner-operators and motor carriers. However, all sorts of other businesses may have delivery vans and pickups that also need coverage. To help you find coverage, we evaluated more than 20 commercial truck companies to come up with our top six….