How to apply for business insurance

You’ve made the decision to get insurance for your business – good for you! It’s important to protect the business you’ve worked so hard to build with insurance that can cover the costs of claims and lawsuits. 

Buying business insurance might seem complicated, but it doesn’t have to be. You can apply online and get a quote in a few minutes. Then you just choose your payment method, make your first payment, and you’re covered. You’ll get your policy documents by email. 

Related: Why you need insurance coverage for your small business

Here is everything you need to know about applying for business insurance 

What kind of business insurance do I need?

The kind of business insurance you need depends on the type of business you have. Here’s a breakdown of the main types, but if you’re not sure what you need, don’t worry. We can guide you when you apply. 

1. General liability insurance covers third-party claims (claims made by others –  not by you or your employees) of bodily injury or property damage. If someone gets hurt or their property is damaged or stolen and it’s your fault, general liability will cover the cost. Every business should have this basic coverage. 
2. Business owner’s policy, or BOP, includes general liability coverage plus insurance for your business property. If you have tools, equipment (like computers), or office furnishings, you should consider BOP instead of general liability. You don’t need both. 
3. Professional liability insurance is also called errors and omissions or E&O insurance. It covers you if you’re sued for something you did that you shouldn’t have (an error) or something you didn’t do that you should have (an omission). If you provide advice to clients, you should have professional liability coverage.
4. Cyber security insurance can protect you from the costs associated with a cyber incident, like a ransomware attack or a data breach. If you use computers (and who doesn’t?), accept credit cards or other electronic forms of payment, or collect customer data, you should have cyber security coverage. 
5. Workers compensation insurance is usually mandated if you have employees, but you can also get it for yourself if you’re a sole proprietor. It covers medical costs and lost wages if an employee is injured or becomes ill on the job. 

Related: A cybersecurity expert answers your ransomware questions

What information do I need to provide?

To get a quote for the proper coverage for your business, you’ll need to have some basic information available. Here’s what you’ll need

• Basic identifying information, including your business name, address, phone number, email address, and website.
• Whether you rent or own your location, its square footage, and whether it’s in your home.
• The industry you are in, and the primary type of product or service you provide.
• The type of business entity, such as a sole proprietorship, partnership, corporation, etc. 
• The date you started your business.
• The number of employees you have now, and the number you anticipate over the next year. Include full-time, part-time, and temporary staff.
• Your estimated payroll expense for the next 12 months.
• Your estimated gross sales for the next 12 months and estimated gross sales from your largest single customer.

If you have all this information handy when you start your quote, you can probably finish up in just a few minutes. If not, you can always save your quote and come back to it later. 

Once you’ve input your information, you’ll get a quote for your coverage. This is not an estimate – it’s the actual price you’ll pay. Then all you have to do is choose a payment frequency (monthly, quarterly, semi-annually or annually) and enter your credit card information. That’s it! We’ll email your policy documents and you’ll be covered that day.

If you have questions about coverage or want to talk with someone about your options, we have a team of licensed agents standing by to help. Call us at 1-866-283-7545 Monday – Friday, 7am – 10pm ET and we’ll be happy to answer your questions.