Key man insurance is life and disability that benefits a business if an important employee, like an owner or founder, dies or becomes disabled. The business buys the policy, pays the premiums, and receives the payout if the key person dies, falls ill, or becomes disabled. A $100,000 policy for key man insurance starts at…
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.
6 Cheapest General Liability Insurance for Small Business
Business owners want to protect their assets, but insurance can be expensive. Unfortunately, cheaper insurance often means more limited coverage. We evaluated 15 companies to figure out which ones offer the best cheap general liability insurance for small businesses without sacrificing coverage. Best Cheap General Liability Insurance Providers General Liability Insurance Costs vs Average Claim…
What Does Workers’ Compensation Insurance Cover?
Most business owners know that workers’ compensation covers employees when they’re injured on the job. However, they may not know that most policies also pay their legal fees if an employee decides to sue for their injuries. Understanding workers’ compensation coverage can come in handy should you ever have to file a claim. Key Highlights:…
Florida Workers’ Compensation Insurance: Top Providers, Rules & More
Florida workers’ compensation insurance laws mandate business owners in most industries carry coverage when they have four or more employees. In construction, however, employers must have workers’ comp even if they have only one employee. According to the most recent data, Florida employers pay $1.43 per $100 of payroll annually for workers’ compensation. If you’re…
What Is Property and Casualty Insurance? Costs, Coverage & How to Get
Property and casualty (P&C) insurance is designed to protect against two types of losses. The first type of loss is caused by damage to property you own like your business, home, or vehicles. The second type is loss you cause others, including damaging their property, harming their person or reputation, or causing them to lose…
Workers’ Comp Insurance for Self-employed: Cost & Carriers
Workers’ compensation insurance, while not required, is a good idea for the self-employed. Solopreneurs in high-risk industries like construction can suffer injuries that result in medical bills and lost income. Workers’ compensation insurance for self-employed covers these expenses. Solopreneurs can expect to pay at least $250 per year for self-employed workers’ compensation insurance. Rather than…
HVAC Insurance: Types, Costs & Where to Find
HVAC insurance refers to a group of policies business owners in the heating, ventilation, and air conditioning industry are often required to buy. While most states only require bonds, HVAC companies may also need general liability, workers’ compensation, and commercial auto. HVAC insurance costs start at $350 but can exceed $10,000 for large companies. HVAC…
What Is Commercial Truck Insurance?
Commercial truck insurance refers to a group of policies designed to protect businesses that use trucks. The types of coverage you need and how much they cost is determined by how trucks fit into your operations. Someone using a single box truck for deliveries requires fewer policies than a trucker who drives a semi. Top…
Who Needs Professional Liability Insurance?
The people who need professional liability insurance are usually business owners who make a living by providing advice or services to others. Because these individuals have specialized knowledge and present themselves as authorities, they are exposed to accusations that their mistakes led to financial losses for their clients. Professional liability covers these claims. How Professional…
Garage Liability Insurance: Cost, Coverage & Providers
Garage liability insurance is a policy auto repair shops, dealerships, tow truck drivers, and service stations need. It covers third-party bodily injury and property damage caused by garage operations as well as vehicles in the business’s care, custody, or control. The annual cost of garage liability insurance typically starts between $300 to $1,000 annually. Providers…
Professional Liability Insurance: Cost, Coverage & Providers
Professional liability insurance, also known as errors and omissions insurance, covers claims that a business made mistakes or was negligent when providing expert advice or professional services. The cost of professional liability starts around $400 but can exceed $8,000 annually depending on several factors, such as industry type and coverage limits. Getting the right errors…
Product Liability Insurance Cost, Coverage & Providers
Product liability insurance covers a business’s responsibility for the products they make or sell. If a product causes harm, product liability pays the injured party’s medical or repair bills as well as the business’s legal fees. How much product liability insurance costs depends on your risk. Low-risk businesses pay an average of 26 cents per…
