Five Facts About Small Business Insurance Most Aren’t Aware Of

Five Facts About Small Business Insurance Most Aren’t Aware Of

Most don’t pay much attention to their business insurance unless there is a claim or potential claim. There are some interesting facts about small business insurance, however, that can make it a bit more interesting. Here are five of them.

  1. Small business insurance is very affordable. A recent survey indicates that about 50% of small businesses pay $1,000 or less annually on their business insurance. About 25% spend between $1,000 and $2,000 with the remaining 25% invest over $2,000 annually.
  2. The most frequent small business claim is theft.Burglary and theft are the most common claim under small business insurance policies. Losses from theft and burglary account for about 20% of all insurance claims made. Other common claims include water damage, customer injuries and product liability claims.
  3. Most small businesses carry business insurance. Surveys indicate that about 60% of small business owners say they have business insurance. The problem? That means 40% of small businesses are risking their future unnecessarily. A significant property loss or single liability claim can put a small business in jeopardy. In fact, 35% of small businesses said they experienced a business-related event within the past year that could have led to a claim.
  4. Small business insurance featured “bundling”  before bundling was a thing. The most popular small business insurance program is the Business Owners Policy or BOP. This combines the most common forms of insurance to cost-effectively protect a small business. It is in effect, a “bundled” policy that was available long before bundling became popular for consumers.
  5. Even small businesses are required to carry workers’ compensation insurance. Today, just about every state requires businesses to carry workers’ compensation insurance if they have any employees. Workers’ compensation insurance provides benefits to both the employees and employer in the event of a work-related injury.

If you are one of the approximately 40% of small businesses without any form of small business insurance, it is time to make a change. Small business insurance is affordable and our team of business insurance professionals can help you get started today. Simply call us and let’s discuss your business. Our independent agents will shop a variety of insurance companies that specialize in small business insurance. You can choose the policy and premium to suit you. There’s no cost or obligation when getting a quote. The coverage and peace of mind you deserve. Join the businesses that can operate more fearlessly. Contact us for your small business insurance quote today.

Leave a Comment





Life Insurance: Why Waiting Limits Your Options

December 2, 2020

What You Need to Know About Today’s Driving Schools

December 1, 2020

Hurricanes, High Winds and Homeowners’ Insurance

November 30, 2020

The “Flying Nun” and Other Wild TV Show Premises

November 27, 2020

How to Get Clients to Promote Your Business

November 26, 2020

Five Cents a Week for Life Insurance? Wait…There’s more!

November 25, 2020

The Info You’ll Need to File an Automobile Insurance Claim

November 24, 2020

Buying a Home? See These Five Movies First

November 23, 2020

Six Women Who Made a Big Impact on Modern Music

November 20, 2020

Cutting Costs Without Slashing Your Business

November 19, 2020

The Difference Between Term Life Insurance and Permanent Life Insurance Explained

November 18, 2020

Preparing Your Home for a Natural Disaster

November 16, 2020

Steps to Better Secure Your Bricks and Mortar Business

November 12, 2020

A Closer Look at the Life Insurance Waiver of Premium Benefit

November 11, 2020

Why You Need to Document What Your Own

November 9, 2020

The Allure of the Great Smoky Mountains

November 6, 2020

Can I Buy Life Insurance if I’m Dying?

November 4, 2020

The Growing Problem of Aggressive Driving and Road Rage

November 3, 2020

College Life and Renters’ Insurance

November 2, 2020

Why Coin Collecting Is Still A Terrific and Educational Hobby for Kids

October 30, 2020

Why You Should Have an Annual Business Insurance Review

October 29, 2020

The Two Biggest Factors That Make Life Insurance Rates Increase

October 28, 2020

The Great Recreational Vehicle Revival

October 27, 2020

Want to Add Value to Your Home? Consider Upgrading Your Landscaping

October 26, 2020

Weird Stuff You May Not Know About Grocery Shopping

October 23, 2020

Tapping Into The Genius of Your Staff to Make Your Business Better

October 22, 2020

Life Insurance: Buy What You Can Afford

October 21, 2020

The 10% Rule: Should You Drop Your Comprehensive & Collision Insurance?

October 20, 2020

This Biggest Cause of House Fires May Surprise You

October 19, 2020

The Benefits of Downsizing Your Household

October 16, 2020

Five Cost-Effective Marketing Ideas for a Small Business

October 15, 2020

Why an Independent Agent is Your Best Option for Life Insurance Quotes

October 14, 2020

Six Common Sense Tips to Make Your Home Safer and More Secure

October 12, 2020

Seven Steps You Can Take Today to Gain Control of Your Household Budget

October 9, 2020

Five Facts About Small Business Insurance Most Aren’t Aware Of

October 8, 2020

Getting Married? Now’s a Good Time to Consider Life Insurance

October 7, 2020

Drivers Aside, Our Highways Are Getting Safer

October 6, 2020

The Five Most Common Home Insurance Liability Claims

October 5, 2020

8 Upgrades to Help You Sell Your Home Faster for More $

October 2, 2020

Why You Need Business Insurance Even if You Rent Your Business Space

October 1, 2020

Why Life Insurance Should Be a Fundamental Part of Your Financial Plan

September 30, 2020

The Ten Most Frequent Causes of Automobile Accidents

September 29, 2020

The Good, Bad and Ugly of Renting

September 28, 2020

Whatever Happened to These Rock Stars?

September 25, 2020

Etsy and Ebay and Work From Home Businesses

September 24, 2020

How States Determine If You Have Car Insurance

September 22, 2020

Are You Asking the Right Questions About Homeowners Insurance?

September 21, 2020

Smartphones: How and How Much We Use Them May Surprise You

September 18, 2020

Own a Rental? You May Need Business Insurance

September 17, 2020

What is Decreasing Term Life Insurance?

September 16, 2020

How States Determine If You Have Car Insurance

September 15, 2020

One of the Best Buys in Loss Prevention: Renters Insurance

September 14, 2020

Seven Steps to a Better Night’s Sleep

September 11, 2020

Checking for Financial “Leaks” at Your Business

September 10, 2020

Three Ways Life Insurance May Help Pay For College

September 9, 2020

Is Your Car Insurance Company Aware You are Driving for a Food Delivery or Ride Sharing Service?

September 8, 2020

How Average Are You? Compare With This 12 Point Checklist

September 4, 2020

Think Twice Before Cutting Back on Business Insurance

September 3, 2020

Life Insurance as a Gift

September 2, 2020

What You Should Know About High-Risk Car Insurance

September 1, 2020

Contact Us

-CONTACT US

OUR LOCATION

Have A Question?

We have an answer. Call us at 719-559-2544

719-559-2544

© Copyright 2020 Paramount Insurance Services  |   All Rights Reserved
Site by ICA Agency Alliance

719-559-2544

© Copyright 2020 Paramount Insurance Services  |   All Rights Reserved
Site by ICA Agency Alliance