Small business owners with employees need workers’ compensation insurance to cover employees’ on-the-job injuries and work-related illnesses. Every state but Texas requires employers to buy this coverage to pay medical bills and lost wages for employees hurt in workplace accidents. Without workers’ comp, employers may have to pay these costs out of pocket. provides expert…
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What Is Third-party Insurance?
Third-party insurance is liability coverage purchased by you (first party) from an insurance carrier to protect against claims from other people (third party) for damage or injuries you cause. This coverage typically comes packaged in auto, homeowners, renters, and business insurance policies to protect against common risk exposures. How Third-party Insurance Works Third-party liability insurance…
Vacation Rental Insurance: Cost, Coverage & Quotes
Vacation rental insurance covers your risks associated with short-term vacation properties you rent out. Your policy should include coverage for the structure and contents of your vacation rental property and loss of income as well as your liability for other people’s damages. Typical policies cost around $2,000 to $3,000 per year. Vacation Rental Insurance Providers…
The Difference Between Personal and Commercial Auto Insurance
The main difference between personal and commercial auto insurance is the type of driving they cover. While both policies pay for property damage and medical bills after a car accident, personal auto insurance does not typically cover business-related driving, making it the ideal option if your day-to-day operations don’t require a vehicle. Consider for your…
15 Craziest Things You Can Insure in 2019
Chances are you have car insurance. Probably health insurance, too. But do you have space debris insurance? What about alien abduction insurance? And how will you ever be protected against cyber extortion unless you have cyber extortion insurance? It turns out our increasingly risk-averse society is going bonkers with insurance policies. These days, almost anything…
Home-based Business Insurance: Costs, Coverage & Companies
Home-based business insurance protects business owners working out of their homes for claims arising from third-party liability, property damage, and more. The most common types of home office insurance are general liability and commercial property insurance. When getting both types, the typical cost of home business insurance ranges from $750 to $1,500 per year. Home-based…
Builder’s Risk Insurance: Definition, Cost & Providers
Builder’s risk insurance provides financial protection for building projects while they are under construction or renovation. Policies cover fire, theft, vandalism, and weather. Builder’s risk insurance costs typically range between 1% and 4% of the total construction costs, or around $1,000 to $4,000 per $100,000 of construction costs depending on the project details. How Builder’s…
General Liability Insurance vs Business Owner’s Policy
General liability insurance and a business owner’s policy (BOP) both cover the costs associated with third-party claims of physical injuries, property damage, and advertising injuries. However, a BOP includes added protection of commercial property insurance for your business’ physical assets. BOPs are a good option for small businesses looking to bundle their insurance for savings….
Public Liability Insurance: Cost, Coverage & Quotes
Public liability insurance is the term used in the United Kingdom for what United States agents call general liability insurance. U.K. policies cover claims your business caused another party’s injury or property damage. There is a U.S. public liability policy that costs approximately 10% less than general liability insurance but offers limited coverage. To protect…
Business Insurance for Startups: Cost, Coverage & Providers
Business insurance for startups refers to several potential insurance policies that protect a startup’s assets, investors’ interests, and employees. At a minimum, startups need general liability and business property but may also need policies such as workers’ compensation, professional liability, and key man insurance. A business owner’s policy (BOP) combines these with prices starting at…
6 Best Errors and Omissions Insurance Providers
Errors and omissions insurance is specialized liability insurance covering allegations that professional services were not rendered correctly or to contract terms. Claims may include the costs to complete contracts, redo work, or other damages resulting in loss. After reviewing over 25 of the top small business insurance providers, we’ve narrowed it down to our six…
How Much Does General Liability Insurance Cost
General liability insurance costs range from $400 to $1,300 depending on the industry you work in and how big your company is. It pays for third-party injuries or property damage claims that could become financially devastating to an uninsured company. Defending liability claims average $75,000, making one claim’s value worth the premium. What General Liability…