Small business owners, and even those with microbusinesses who operate their microbusiness as an LLC, need to consider a number of different types of insurance. The most important type of insurance is liability insurance, which covers you in case someone is injured on your property or as the result of your business. You should also have property insurance to protect your business property in case of damage or theft, and business interruption insurance to cover you in case your business is forced to close temporarily due to a disaster.
When you need to purchase commercial insurance, there are numerous companies that provide competitive prices. You can find information about these companies online or in the business section of your local library. There are also private commercial insurance brokers that you can work with to compare different quotes and find the best rates for your money.
Brokers typically charge a flat fee for their services, which includes helping you identify the types of coverage you need, finding multiple company quotes, and negotiating on your behalf so that you receive the best price available. Because they specialize in this area of insurance, commercial brokers often have access to unique exemptions and discounts usually not offered by other insurers.