Every state has its own way of running its workers’ compensation insurance system. Four in particular―North Dakota, Ohio, Washington, and Wyoming―are monopolistic workers’ compensation states because they do not allow business owners to purchase coverage from private carriers. Instead, employers must get workers’ compensation insurance from the state. What Is a Monopolistic State? A monopolistic…
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8 Best Business Insurance Brokers 2020
Business insurance brokers can help you find the right coverage because they have access to multiple carriers. We researched popular online options to find the best insurance brokers for small business owners. The final eight come out on top based on multiple criteria, including available carriers, coverage, and customer service. 8 Top Insurance Brokers for…
Product Liability Insurance: Cost, Coverage & Providers
Product liability insurance covers a business’s responsibility for the products it makes or sells. If a product causes harm, product liability pays the injured party’s medical or repair bills as well as the business’s legal fees. The cost of product liability insurance depends on your risk, but premiums generally run between 15 cents and $1.50…
Contractors Insurance: Coverage, Costs & Providers
Contractors insurance refers to a group of policies that cover risks contractors typically face. For example, most contractors need general liability to cover claims that caused other people injury or property damage. Contractors can usually combine this coverage with property insurance in a business owner’s policy (BOP) for about $1,300 to $6,000 per year. Applying…
What Is a Workers’ Compensation Assigned Risk Plan?
Assigned risk plans are a way for business owners to get workers’ compensation insurance when private carriers refuse to offer coverage. States created these plans, sometimes called “markets of last resort,” because businesses are legally required to carry workers’ comp but may not be able to get it if carriers think they are too risky…
Garage Liability Insurance: Cost, Coverage & Providers
Garage liability insurance is a policy that 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 $1,000 to $2,000 annually….
What Is an Insurance Endorsement?
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…
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…