Assess Business Risks
2-4 hoursInventory liability, professional advice, vehicles, cyber, and property exposure.
Intermediate1-2 weeks
Business Insurance Planning Guide
Free step-by-step business insurance planning for small business owners. Plan business insurance with calculators and checklists covering assess business.
small business ownerscontractorsretail operators
Workflow
Select Coverage Types
1-2 daysMatch GL, BOP, E&O, workers comp, and cyber based on operations.
Get Quotes and Compare
3-5 daysObtain 3 quotes, compare exclusions and deductibles not just premium.
Budget and Annual Review
1-2 hoursAllocate annual premium, calendar renewal, review when business changes.
Tools Used
Checklist
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Assessment
Compliance
Procurement
Coverage
Admin
Maintenance
Reference Materials
Common Business PoliciesTable
Coverage guide for US small businesses.
| Policy | Covers | Typical Need |
|---|---|---|
| GL | Bodily injury, property damage | All customer-facing |
| BOP | GL + property | Retail, office |
| E&O | Professional mistakes | Consultants |
| Workers comp | Employee injury | Required with employees |
Premium Budget FormulaFormula
Annual insurance budget = (Revenue × 0.5-2%) + per-employee workers comp rate × headcount. Review when revenue doubles.
Certificate of InsuranceStandard
COI proves coverage to clients — request from agent same day.
Bundle with BOP
Business owner policy bundles GL and property cheaper than separate.
Read Exclusions
Cyber and flood often excluded — add riders if needed.
Raise Deductible Carefully
Higher deductible saves premium but needs cash reserve.
Safety Notes
- Underinsurance leaves personal assets exposed even with LLC.
- Workers comp fraud and lapses trigger state penalties.