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If you use a vehicle for business purposes, you’ll need commercial auto insurance. With this type of policy, any costs associated with injuries, fatalities, or property damage caused by your vehicle are covered. Some people confuse commercial auto insurance with rideshare insurance, which is normally necessary if you work as a delivery or rideshare driver, but these are distinct types of policies. It’s also important to note that a standard auto insurance policy will not cover you if your vehicle is being used for business purposes.

What Does Commercial Auto Insurance Cover?

Similar to a personal auto insurance policy, business auto insurance covers things like liability, accidents, medical bills, personal injury protection, and uninsured motorists. However, the eligibility requirements, coverage, exclusions, and limits are different for commercial auto insurance.

A commercial auto policy can typically provide coverage for the following:

Liability – If a motorist causes an accident while at work, commercial auto insurance with bodily injury and property damage liability will cover any resulting injuries, fatalities, or property damage. This coverage may also cover legal fees.
Medical Bills – Regardless of who is at fault, no-fault or personal injury protection will cover the driver’s and any passengers’ medical costs.
Uninsured Motorists – This provision covers medical expenses and occasionally property damage caused by uninsured or hit-and-run drivers. If the at-fault driver doesn’t have enough auto insurance coverage to cover all costs, this policy may also include underinsured motorist coverage.
Comprehensive and Collision – This provision covers vehicle damage resulting from theft, vandalism, flood, fire, as well as damage if a work vehicle is struck by something or another vehicle.

Commercial auto insurance packages may offer additional protections like towing and labor, rental reimbursement, and lease gap insurance. But they typically exclude coverage for tools and other goods you may be transporting in the vehicle. Tools owned by your business can be covered by a business owner’s policy, which also offers safeguards for commercial property, while personal items in the car can be covered by a home or renters insurance policy.

The Difference Between Commercial Auto and Personal Auto

There are several differences between commercial and personal auto insurance. Even though commercial auto includes many of the same policy features as a standard auto insurance policy. A commercial auto insurance policy and a personal auto insurance policy primarily differ in the following ways:

Coverage levels
Cost
Ability to deduct commercial policies from taxes
Who the policies cover

Due to their size, the potential damage they could inflict in an accident, and the value of their cargo, commercial vehicles frequently require more coverage than would a standard car or truck. Because of this, commercial insurance policies typically cost more than standard auto insurance.

With that being said, you might be able to deduct the cost of your commercial auto insurance from your taxes. And you might be able to deduct the cost of your insurance along with car maintenance, garage rental fees, lease payments, new tires, and tolls as required business costs.

Additionally, unlike standard auto insurance, a commercial auto policy can cover a range of drivers. Including your family, employees, and anybody else you specify on your insurance contract. Unless they have non-owners coverage, members of your household and individuals who occasionally drive your car are covered by your regular auto insurance.

Who Needs Commercial Auto Insurance?

If your business owns any vehicles, or if you use your own vehicle for work, you need commercial auto insurance. Personal auto insurance will not cover any accidents that happen while you’re using the vehicle for business. You’ll want to consider a commercial auto policy if you:

Drive for a rideshare – If you drive for a service that transports people or if you deliver food, your personal auto policy will not cover you.
Have high mileage – Driving between work sites or to meet clients can add up quickly, and the more you drive, the more chance for an accident to occur.
Transport goods – If you transport your company’s products from site to site in either your personal or work vehicle, you’ll need commercial auto insurance.
Have employees who drive for you – If your employees operate company vehicles, you need to make sure they’re covered in case of an accident. Even if those employees are driving their own vehicles. You are responsible for their coverage if they are driving for work on your behalf.
Your vehicle is a certain size or type – You might need to purchase commercial insurance if your vehicle’s gross weight exceeds 15,000 pounds. States may also demand that a vehicle be classified as commercial if it has undergone specified modifications. Such as the removal of the seats behind the driver.

For some personal reasons, such as getting to and from work, you might be protected by your personal policy. But unless you’ve bought additional coverage, your personal coverage won’t cover any use of your car for business purposes.

For example, your personal insurance won’t cover any claims if you work for yourself and are in an accident. For example, if you are a painter or carpenter and get into an accident while traveling to a project. In addition, if you drive your own car for deliveries or own a food truck, a commercial vehicle policy may offer the best protection.

When it comes to rideshare drivers, most locations do not require rideshare drivers to have a commercial auto policy. Instead, to have complete protection if you drive for a company like Uber or DoorDash, you might have to add rideshare coverage to your own policy.

The Cost of Commercial Auto Insurance

While prices differ, the typical commercial auto insurance policy usually costs between $142 and $200 a month. Of course, a number of factors. Some of which you can control and others that you cannot, may affect your costs.

Cost Factors

A wide range of factors influence policy pricing for commercial auto insurance. Which is what causes the vast differences in average and median prices. To get a realistic price, you’ll need to take into account a number of factors related to your company and the vehicles you are insuring. Just like you would when choosing any sort of business insurance.

Some elements that impact the cost of commercial auto insurance include:

Location – Given that some states have higher insurance rates than others, where you live will have a big impact on your rates.
Vehicle type – The price of your policy will vary depending on the commercial vehicle’s year, make, and model. In general, the bigger and heavier the vehicle you insure, the higher the premium will be.
Mileage – Your costs will also vary depending on how much the vehicles you insure are driven during the course of the policy. Your premium will increase when you increase your driving, because the likelihood of an accident rises as you drive more.
Driving history – Your premiums will be impacted by both your and your workers’ driving records. Lower rates are an incentive for better driving records.
Industry – The type of business your insured vehicles engage in affects your rates as well. Higher risk industries will mean higher rates.
Amount of vehicles – The more vehicles you insure, the higher your premium will be.

How to Keep Costs Down

Commercial auto insurance can be much more expensive than personal auto insurance. But there are still ways to reduce your rates as much as possible without sacrificing coverage.

Vet drivers – Hire only drivers with a clean driving record. Conduct routine drug tests to ensure that staff aren’t operating a vehicle while intoxicated. Which can result in penalties and accidents and raise your insurance rates.
Driving trackers – Companies that employ driving trackers to monitor speed and erratic driving may be eligible for discounts from some insurance carriers. These devices might also have be GPS, allowing you to monitor whether cars are taking unnecessary detours.
Limit mileage – In general, your insurance costs decrease the less you drive. You can cut down on mileage with GPS route planning and arranging deliveries according to proximity.
Business use policy – You might not require a commercial auto insurance plan; in some circumstances, a personal auto insurance plan with a “business pursuits” exclusion will be sufficient. Your rates will be cheaper if the car is more of a personal vehicle with a few business uses.
Bundle your fleet – If you own more than one company vehicle it is considered a fleet. Bundling insurance for each of the vehicles into one policy can lower your insurance rates. This isn’t always an option. Because certain carriers will have a minimum amount of vehicles required for a fleet of cars.

FAQs

What is the difference between commercial and business auto insurance?

The difference between the two is what vehicles the plans cover. Commercial auto insurance covers cars that are driven for specific jobs such as shipping trucks or oil trucks. Whereas business auto covers vehicles that are just for transportation, such as a contractor’s truck that he drives from job site to job site. Another difference is the price, commercial auto is typically more expensive since the insured vehicles have higher risks.

Is commercial auto insurance required by law?

Every state, except New Hampshire and Virginia, has a law that says commercial auto insurance is mandatory. Even in states where it’s not mandatory drivers can still be responsible for damages.

Do independent contractors need commercial auto insurance?

Commercial auto insurance protects independent contractors if they get into an accident while driving their business vehicle. Regardless if you are self-employed or not almost every state requires for a vehicle owned by a business to have coverage.

What if I buy a policy but then decide I need more coverage?

It’s easy to add on more coverage later. You just ask your agent to extend your coverage to the amount you need. This will give you a higher premium once the changes are made though.

Get Covered Today with EZ.Insure!

Purchasing your commercial auto insurance policy through EZ.Insure is your best option. We focus on each individual customer and create a welcoming environment throughout the shopping experience. You’ll get immediate results in addition to personalized service. There is no hassle, no purchase obligation, no more headaches, and all of our services are completely free. To get a free quote simply enter your ZIP code below or give us a call at (855)-694-0047.

What is Workers’ Compensation Insurance?

Workers’ compensation insurance, also known as “workers’ comp,” is a legally required (all states except Texas) type of insurance policy that pays benefits to your employees in the event that they are injured on the job.

It functions as a disability insurance fund, providing monetary compensation, healthcare benefits, or both, to employees. Workers’ compensation guidelines vary by state, so check out our workers’ compensation state pages to find out how your state handles workers’ comp regulations.

How Workers’ Compensation Works

The majority of workers’ compensation policies are funded by premiums the insurance carrier collects from you as the business owner. When disagreements arise, the Workers’ Compensation Board, the state entity that manages the program, steps in to handle them.

There are different types of workers’ comp, depending on your industry, with some policies administered by the government in special cases. For example, government employees, longshore and harbor workers, and energy workers are all covered by federal workers’ compensation programs. And for coal miners and their families, the Black Lung Program administers death and disability benefits.

Benefits of Workers’ Compensation

Workers’ compensation benefits may include a portion of lost wages for the time your employee was unable to work. Reimbursement for medical services and occupational therapy may also be paid to your injured employee.

Salary Replacement

In most cases, a workers’ compensation applicant will get some replacement for their lost wages. But it will usually be less than their full pay. The majority of policies cover roughly two-thirds of the beneficiary’s gross pay. Although the payout is often not taxable at the state or federal levels, recipients who receive money from the Supplemental Security Income or Social Security Disability programs may have to pay taxes on those benefits.

Medical Expenses

Workers’ compensation insurance also offers coverage for medical costs associated with an illness or accidents sustained at work. This may include trips to the hospital, surgeries, and medication. In the case of workplace-related illnesses or injuries that are so serious that they require multiple treatments, workers’ comp will cover ongoing care. It will also cover repetitive injuries that manifest over time.

It’s important to note that the majority of workers’ compensation policies only cover medical costs for injuries sustained directly as a result of working. A construction worker, for instance, could seek reimbursement for injuries sustained in a fall from scaffolding, but not for those sustained while traveling to the job site.

Disability Coverage

Some workplace accidents could be severe enough to render your employee permanently or temporarily disabled. In this case, your disabled employee may be eligible for benefits under your workers’ compensation policy to assist with paying their medical expenses and to partially make up for lost wages.

Survivor Benefits

Workers’ compensation can help pay for funeral costs, as well as pay survivor benefits to your employee’s dependents if your employee passes away as a result of a work-related incident.

Types of Workers’ Compensation

Each state is responsible for enforcing workers’ comp laws. There are no federal standards for this type of insurance, so depending on your location, the same injuries may result in radically different types of compensation.

But, when it comes to policy types, there are two types of workers’ compensation policies you can buy for your staff:

Coverage A – This type of policy includes all of the basic state-mandated benefits that an injured or ill employee is entitled to. In addition to salary replacement payments, it also includes any necessary medical treatment, rehabilitation, and death benefits. These benefits are available in every state, with the exception of Texas. Although the payouts vary greatly from state-to-state and are not always available to all employees.
Coverage B – This type of policy provides benefits over the basic minimum required, as offered by Coverage A. With coverage B though, employees are typically only compensated following the employee’s successful lawsuit alleging negligence or other wrongdoing.

In most states employees forfeit their right to hold their employer accountable for negligence by agreeing to receive workers’ compensation. The goal of this wage agreement is to safeguard both employees and employers. In exchange for assurance of payment, workers forgo additional recourse, and employers accept some liability in order to avoid the possibly higher costs of a negligence action.

Even though employees who receive workers’ compensation typically consent to a “no-fault” contract by giving up their right to sue their employers, state legislation and court decisions in certain jurisdictions have restored employees’ abilities to file lawsuits in a number of strictly limited situations. So, depending on where your business is located, you may decide to buy insurance that combines Coverage A and Coverage B.

Who Is Covered by Workers’ Compensation Insurance?

Who must be covered by workers’ compensation insurance depends on a number of factors—the size of your company, and the types of employees you have. For example, in some states, a company must have a certain minimum number of workers before it is required to have workers’ compensation insurance. And, while regulations vary by state, in the majority of states, all full-time employees are required to be covered by workers’ compensation insurance. Workers’ compensation regulations for independent contractors, temporary employees, and interns vary by state.

The industry you work in also makes a difference. For example, in certain states, coverage for workers’ compensation is not necessary for:

Farmhands
Insurance agents
Family members under a certain age
Casual workers
Business owners and partners
Real estate agents

Additionally, employees of the federal government are not protected by state-mandated workers’ compensation insurance. They are instead covered by federal workers’ compensation.

You should be familiar with the workers’ compensation regulations in your state, because these exceptions do not apply in every state.

The Cost of Workers’ Compensation

Workers’ comp insurance premiums are generally set based on every $100 of your company’s payroll. Even so, it’s difficult to pinpoint an exact price without evaluating the different factors for your specific company. On average you can expect to pay anywhere from $0.60 to $2.27 per every $100 on your payroll.

To understand how the cost of your workers’ compensation insurance will be determined, you need to understand a few basic components of the equation:

Payroll

Every workers’ compensation insurance rate is calculated by dividing your payroll by $100. That means the more employees you have, the higher your rate will be. It’s important to keep in mind, though, that you’ll need coverage in some states as soon as you have a single employee, while in others you won’t need it unless you have three or more employees.

Depending on the regulations of your state, you might have employees who do not have to have coverage. For instance, you are probably not required to obtain workers’ compensation for yourself as the business owner. The same often holds true for company executives and limited liability company (LLC) members.

Workers’ Compensation Industry Classification

Certain industries pose higher risks than others. For example, someone working on oil rigs have a substantially higher risk of serious injury than an office worker. Workers in some professions, including contracting and building, run an increased risk. Which drives up the cost of insurance for those people.

States provide a class code for each type of industry. And each code is then given a base rate based on its risk for injury. 38 states employ class codes that were created by the NCCI. Others make use of independent rating agencies, while some have developed their own systems.

Employee Modification Rate

The EMR is a multiplier that represents the history of your claims. Your state workers’ compensation board or its ratings bureau compares your prior workers’ compensation claims to those of businesses in your industry to determine your EMR. Businesses with lower EMRs often pay less for their workers’ compensation insurance, with the typical range of EMRs being 0.75 to 1.25.

State Insurance Factors

Workers’ compensation insurance premiums vary from state-to-state because state laws regulate coverage. The cost of workers’ compensation will most certainly be higher in a state that provides higher or more payments to injured workers, or in a state with a lot of high-risk industries.

Several states though, give employers discounts if they take steps to increase safety and decrease claims. For instance, many state governments offer discounts for setting up safety committees, fall prevention programs, and drug-free workplaces.

Insurance Carriers

While most of the above factors are out of your control, you can still find the best price for your business by shopping around among different insurance carriers. Although this isn’t a universal rule, some workers’ compensation insurance carriers charge higher premiums than others.

The Calculations

The basic formula for estimating workers’ compensation costs takes into account your industry, past claims, and total payroll. The basic formula is your annual employee payroll divided by 100. That sum is then multiplied by the workers comp insurance rate. That total is the estimated cost of your workers compensation premiums.

There are many moving parts in the precise formulas that insurers use to compute your workers’ compensation premium, and the methods they use to do so can differ from one insurer to another. Additionally, these formulas are based on your state-specific workers’ compensation regulations.

You should also take into account that there will be an option to pay your premium annually or monthly. This decision can also affect your price.

You should also consider any adjustments that might be made to your payroll during the year, including changes in your number of employees, your business class code, and your workers’ compensation rate, in order to choose the appropriate payment method for your company.

How to Save on Workers’ Compensation Insurance

The best way to make sure you can get affordable workers’ compensation insurance rates is to reduce the number and cost of your workers’ compensation claims.

You won’t have many options for cost-cutting when an employee submits a claim. To avoid having to pay large premiums in the future, you must put your plans in place as soon as possible.

You should think about implementing the following steps, which could be beneficial to both your company and your employees:

Return to Work Programs

Return to work programs help you get your employees back to work as soon as they are healthy enough.

A return-to-work program might help an employee ease back into their old responsibilities gradually, rather than having to wait until they’re fully recover to handle them. Until they are able to return to their regular tasks, the employee may perform light or modified work.

As part of this program, your employee can receive new training in a different skill set in order to earn their regular pay, instead of the lower rate provided as part of their workers’ compensation claim.

The advantage of this program is that you save money on wages given to any temporary workers you would have had to recruit to cover for your injured employee while they were recovering.

Work Safety Initiatives

The easiest way to reduce the price of workers’ compensation insurance is to avoid work-related illnesses and injuries as much as possible.

To motivate your employees to maintain a safe workplace and lower injury risks, be proactive about encouraging workplace safety measures. Here are some actions you can take to encourage a safer workplace:

Conduct regular safety training – Reaffirm best practices for conduct and safety, and keep on top of employee training for things like equipment usage.
Create a welcoming environment with an open door policy – It should be easy for your employees to approach you with questions about their safety. Remind them to visit you if they want to discuss workplace safety. Pay attention to their concerns, then take appropriate steps to reduce the risks and guarantee the safety of your staff.
Be open and honest about workers’ compensation benefits – When you hire new employees, you should tell them about your company’s policies on workers’ compensation. To remind current employees how workers’ compensation works if they are hurt on the job, arrange an employee benefits refresher.

Your team will feel more at ease and valued if you communicate openly and honestly about the policies you have in place to safeguard and promote their safety.

FAQs

Who pays workers’ compensation premiums?

By law, you as the employer pay the workers’ compensation premium. You can not deduct workers’ compensation payments through your employee’s paycheck.

Who is exempt from workers’ compensation?

Most of the time, only your employees can get workers’ compensation. Contractors or freelancers are almost never included in your plan. Aside from that each state makes its own laws. Arkansas, for example, does not require farm workers or real estate agents to have workers’ compensation.

How many employees do I need to get workers’ compensation insurance?

Every state has different requirements for workers’ compensation. Some states have you get coverage with even 1 employee while others require 3 or more.

Get Workers’ Compensation Coverage with EZ.Insure!

Workers’ compensation insurance exists to safeguard both your company and your employees. At EZ.Insure our experienced representatives are here to answer any additional questions you may have about the specifics of workers’ compensation in your state or industry.

To get a free, no-obligation quote simply enter your ZIP code below or give us a call at (855)-694-0047.

If you’re running a business, you know you have to have insurance to protect against a variety of physical threats, like injury and property damage. But if you use any type of technology in your business, you should be aware that you’ll also need to protect against threats related to that tech. These risks range from hacking to data leaks, and they can be devastating for your business.

To guard against these threats, many businesses choose to supplement their business insurance coverage with cyber liability insurance. Broad coverage provided by cyber liability insurance can help protect your business from a variety of dangers associated with the use of technology.

Types of Cyber Liability Insurance

Cyber liability insurance typically comes in the form of first-party or third-party coverage; each of these policies offers protection to businesses under various conditions. But it’s important to note that if you need a lot of cyber coverage, you should think about including technology errors and omissions coverage, especially if your company is in the technology industry.

First-party coverage

This type of cyber liability insurance covers any immediate costs resulting from a cyber attack, including:

Cost of informing workers and clients
Fixing any damaged hardware or software
Preserving your brand’s reputation through marketing and PR measures
Costs of business interruption and lost revenue while operations are disrupted
Extortion funds or ransom money
Other expenses, such as paying for your customer’s credit monitoring

Third-party coverage

This type of cyber liability insurance covers costs associated with lawsuits brought on as a result of a cybersecurity attack. In general this includes:

Lawsuits alleging that you violated the privacy of clients or workers
Media responsibility lawsuits, such as libel or slander or copyright infringement
Contract-breach or negligence claims
Court costs and attorney fees related to legal actions
Court rulings and settlements

If your company retains client data, you should think about purchasing a cyber liability insurance policy, because general liability insurance does not provide coverage for liability claims resulting from data breaches.

Technology errors and omissions

A technology errors and omissions (E&O) policy will cover your business if an error on your part leads to a cybersecurity issue in a customer’s business. If your company develops technology products or offers technology-based services, you should think about purchasing this coverage. Tech E&O typically covers legal fees, court costs, and judgments or settlements, much like cybersecurity liability insurance, but only in specific situations involving goods or services.

First-party or liability insurance, for instance, would offer protection if a customer’s financial information was stolen from your server. But, if you create an accounting software application with a bug in the coding, and your customer’s data is stolen from their server as a result, that would be covered by tech E&O.

What Cyber Liability Insurance Doesn’t Cover

It’s important to read your cyber liability insurance coverage completely and understand any exclusions to your policy.

All of the following are frequently excluded from cyber liability insurance:

Bodily injury or property damage claims – Claims for bodily injury or property damage are not covered by cyber liability insurance. A general liability policy can help in these situations.
Property loss – A cyber policy will not usually provide coverage for the loss of a piece of property, such as a phone or computer.
Criminal activity – Typically, fraud, robbery, employee theft, and other crimes are not covered by a cyber liability policy.
Social Engineering – Cybercriminals can use social engineering to lure their victims into sending company money. Social engineering is not always covered by cyber liability insurance. This might have a lower coverage cap or be an add-on that is optional.

When you buy a cyber liability policy, you consent to keep up the necessary security precautions to avoid a cyber incident in the first place. Coverage could be declined if you don’t observe these security precautions. For instance, if your employee unintentionally clicks on a link in an email, causing malware to damage your business’s computer systems, an insurance provider may refuse coverage if they find that you didn’t install any anti-malware software.

This example demonstrates the significance of understanding what you’re committing to when purchasing cyber liability insurance, and of having appropriate security measures in place. You can implement these security measures yourself, or you can get up to speed with the aid of outside security companies.

The Cost of Cyber Liability Insurance

A year’s worth of cyber liability insurance can cost as little as $500 or as much as $50,000. You should be able to find a cyber liability policy that fits your budget by customizing coverage to your company’s needs.

The following factors affect how much cyber liability insurance will cost:

Coverage limits – Your insurance policy will cost more the more extensive and complex your coverage requirements are. For instance, your insurance will cost more if your business employs several servers or keeps a lot of client data.
Data access – You can cut costs by restricting access to sensitive information. For instance, it might be beneficial if you limit data access to senior staff only. You can also reduce costs by hiring an on-site security specialist.
Security measures – Your rates can be reduced by taking effective security precautions, including setting up network firewalls, antivirus software, and password-updating programs.
Your industry – In comparison to a brick and mortar company with a low-traffic website, an online-only business will face greater cyber dangers and pay more as a result. In addition, companies in specific sectors—such as healthcare and accounting—that hold the most sensitive sorts of data will likewise bear a higher cost.
Claims history – Your insurance carrier may raise your rate if you have a history of filing numerous claims.

Cyber liability insurance is more expensive than other types of business insurance, since the risks it covers often results in higher claims.

How Much Cyber Liability Insurance Is Enough?

A cyber event can cost a lot of money when you add together all the expenses: you would need to manage the crisis, address customer concerns, handle customer service issues, repair harmed hardware or software, recover lost revenue, and pay the expense of any legal claims. Settlements or judgments could easily surpass six figures based on the extent and severity of a cyberattack, as well as the cost of data recovery.

To calculate how much cyber liability insurance you require, evaluate your company’s risk. Different industries need different amounts of coverage. For example, a small IT enterprise would typically purchase a cyber liability insurance policy with a $1 million per event limit, a $1 million aggregate maximum, and a $1,000 deductible. Any company that manages a few thousand records would have full protection with this level of coverage, if a data breach costs roughly $250 per client or customer record.

A greater coverage limit might be a wise choice for high-risk companies like those that specialize in data storage. Most policies have a $5 million maximum coverage limit, but you can talk to your insurance company if you think you need more protection.

You also have to keep in mind how much cyber coverage your clients may need. Even if you have coverage for lawsuits resulting from data breaches under your errors and omissions insurance, the goal is to stay out of court. Make sure your customers have a risk management strategy that accounts for the expense of a data breach.

Your clients will be less likely to sue your tech company in an effort to recover their damages following a data breach if they carry cyber liability insurance. Encourage your clients to buy cyber liability insurance. Or require it before you start on a risky project to safeguard your company against client litigation.

You can change the recommended coverage limit in a work contract if you require clients buy cyber liability insurance.

Why You Need Cyber Liability Insurance

Hackers target personal identifiable information (PII) or protected health information (PHI) that you store on your business’s computers or servers. To react quickly to a data breach or cyberattack, it’s essential to protect your company with cyber liability insurance. So, if your business uses the internet to function or store data in any way, cyber liability is a necessary protection.

The most common cyber liability claims are:

Data breaches – A data breach occurs when a hacker obtains PII from customers. This is the most common type of corporate cyber insurance claim, and also has the highest overall losses.
Cloud hacks – Phishing scams are used by hackers to access cloud-based accounts. Once inside, they switch between different customer accounts using the cloud infrastructure.
E-commerce shutdowns – It’s not just about money for hackers. The goal for certain hackers is to shut down your company. They can entirely shut you down if they can hack into your business.
Account takeovers – Account takeovers are one of the most common cyber insurance claims. These hacks involve criminals attempting to access your bank or credit card accounts in order to carry out fraudulent activities.
Malware – Malware attacks are common cyberattacks in which the victim’s system is compromised by malware, or malicious software. Malicious software, also known as a virus, includes several sorts of attacks, including ransomware, spyware, and command and control.

The market for cyber insurance is expanding, and for good reason. Cyberthreats have increased in number over the years. For instance, the FBI reported that cybercrime increased by 300% in 2020.

So, if you’re running a small business that uses technology in any way, we advise that you purchase cyber insurance. Before you purchase a policy, take into account the expenses and the ways you can save money on your coverage.

FAQs

Will other types of insurance cover cyber liability?

Common business insurance policies like general liability, errors and omissions, property, or crime insurance may offer some coverage but it’s limited. As the internet grows, cyber risks are more detrimental to your business. So to make sure you’re getting properly covered it’s best to get cyber liability instead of hoping your limited coverage on other policies will be enough.

Will my premium go up after a cyber attack?

Typically yes, insurers will raise your premiums after a claim.

What isn’t covered by cyber liability insurance?

There are several things cyber liability won’t cover. It doesn’t cover bodily injury or property damage claims since these things aren’t cyber related. It also doesn’t cover property loss even if the item lost is a phone or a computer with sensitive information on it. Additionally if one of your employees uses protected information to commit fraud or theft then you will also not be covered.

What counts as a cyber attack?

A cyber attack is when someone outside of your business breaks into your private network to shut it down and steal sensitive information about your company, employees, and clients. They usually hold this information hostage for a ransom in exchange for not releasing the information to the public.

Get Cyber Liability Insurance with EZ.Insure

Don’t let your data go unprotected any longer. Instead, get cyber liability insurance with EZ.Insure! Our platform offers free, no-obligation quotes, side-by-side plan comparisons, and 24/7 access to licensed insurance experts. To get started, simply enter your ZIP code below or give us a call at (855)-694-0047.

What is Tools and Equipment Insurance?
What Does Tools and Equipment Insurance Cover?
What Doesn’t Tools and Equipment Insurance Cover?
Who Needs Tools and Equipment Insurance?
How Much Does Tools and Equipment Insurance Cost for Small Businesses?
Why is Tools and Equipment Insurance Important for Small Businesses?
What Does a Typical Tools and Equipment Claims Process Look Like?
FAQs
Get Tools and Equipment Insurance Today!

What is Tools and Equipment Insurance?

Tools and equipment insurance, also known as contractor’s equipment insurance, protects company tools and machinery from damage or loss. This policy extends to a variety of tools such as portable tools, heavy machinery, power equipment, as well as leased or borrowed tools, depending on the specifics of your policy. If your equipment is lost, stolen, damaged or destroyed as a result of an unforeseen event, tools and equipment insurance can assist you in repairing or replacing them, keeping your projects on track.

What Does Tools and Equipment Insurance Cover?

Tools and equipment insurance typically covers the following events:

Theft
Vandalism
Accidental Damage
Vehicle-Related Damage*

*Tools and equipment damaged in vehicle-related events may or may not be covered depending on your specific policy’s details.

It works by covering the losses or damages of the following types of equipment and tools:

Handheld Tools (drills, saws, hammers, etc.)
Power Tools (nail guns, electric saws, cordless drills, etc.)
Heavy Machinery (excavators, bulldozers, forklifts, etc.)*
Measuring Tools (tape measures, levels, etc.)
Construction Equipment (ladders, scaffolding, etc.)
Safety Equipment (hard hats, ear protection, safety glasses etc.)
Electronic Equipment (computers, laptops, GPS devices, etc.)
Rented/Leased Tools*
Borrowed Tools
Storage Equipment (containers, toolboxes, etc.)
Specialized Tools (used for specific trades like plumbing or surveying tools).

*Depending on the specifics of your policy, heavy machinery and rental equipment may or may not be covered.

What Doesn’t Tools and Equipment Insurance Cover?

Tools and Equipment insurance usually does not cover the following:

Rust or Corrosion
Normal Wear and Tear
Intentionally-Caused Damage
Negligent-Related Errors (such as ignoring manufacturer instructions)
Natural Disasters (events like hurricanes, flooding or earthquakes require separate, standalone policies)
Manufacturer Defects
Loss Without Evidence of Theft

Who Needs Tools and Equipment Insurance?

Tools and equipment coverage is essential for any professional that utilizes tools or machinery in their daily operations. This includes:

Contractors
Carpenters
Construction Companies
Landscapers
Electricians
Plumbers
HVAC Technicians
Cleaning Businesses
Concrete and Cement Companies
Janitorial Workers

Even if you are not one of these professionals, but you rely on tools and/or equipment to generate income and run your business, we recommend investing in a comprehensive policy.

How Much Does Tools and Equipment Insurance Cost for Small Businesses?

The average cost of a tools and equipment insurance policy for a small business costs between $14 to $50 per month. Here are some factors that affect the cost of a policy:

Industry: The more risks that are involved in a certain line of work, may increase policy costs.
Policy Limits: Premiums tend to increase, as coverage limits increase.
Equipment Cost/Type: Expensive equipment generally costs more to insure.
Claims History: Prior claims raise rates (the industry as a whole also factors in).
Location: Rates may rise if operating in an area that experiences high rates of theft.
Deductibles: In general, the higher your deductible, the lower your monthly premium will be. Keep in mind that with a high deductible, you’ll have to pay more out of pocket in the event of a claim.

Why is Tools and Equipment Insurance Important for Small Businesses?

While some tools and equipment are easy and cheap to replace, others are quite expensive. In the case of an unfortunate accident where your equipment is damaged or missing, smaller companies in particular oftentimes can’t afford to replace them out of pocket. This is where tools and equipment insurance comes in. By investing in a policy, you’ll be able to:

Avoid costly project delays.
Minimize loss caused by theft or damage.
Protect expensive, specialized equipment or tools.
Build trust with clients, by keeping projects on schedule.

What Does a Typical Tools and Equipment Claims Process Look Like?

If an incident occurs to your tools or equipment and you’re insured, here’s what you can expect for the process to look like:

Notify the Insurer: As soon as the damage, theft or loss is discovered, it’s crucial to notify your insurer as soon possible.

Document Relevant Proof: Photos, videos, receipts proving ownership, invoices for repairs, and police reports are all relevant documents that should be gathered. The more documentation you can gather, the better!

File the Claim: Get in touch with your insurer, whether it’s by calling your agent or filing the claim online. During this step you’ll likely need to provide all of the documentation you’ve gathered as well as other particulars regarding the incident such as the date and supporting details.

Insurer Investigation: Your insurer will review the claim to reveal the extent of the damage or loss and the validity of the matter. This may include an insurance adjuster traveling to the site of the incident.

Approval and Calculation: If the insurer approves your claim, they will then calculate the amount of compensation that you’ll ultimately receive. This figure takes into account the value of the equipment and tools, as well as your policy details like limits, and deductibles.

Payout: Once approved, you’ll receive the funds. Keep in mind that these funds must be used to either repair or replace the damaged or stolen items.

FAQs

Can Tools and Equipment Insurance Be Combined with Other Coverages?

While tools and equipment insurance can be purchased as a standalone policy, many insurers also include the option to bundle it with other coverages. Common insurance bundles include:

Business Owners’ Policy (BOP): While BOP insurance typically includes general liability and property insurance, many insurers offer the option to add on tools and equipment insurance as an endorsement.
Contractor’s Package: An insurance bundle specializing in covering risks associated with contracting work and other similar professions. It usually includes a combination of liability insurance, workers’ compensation, commercial auto insurance, and equipment coverage.

Does Tools and Equipment Insurance Cover Rentals or Borrowed Equipment?

Tools and equipment insurance will oftentimes cover rental, leased and borrowed equipment if it is damaged or stolen, but it depends on your policy’s specific details. In other cases, insurance plans will require you to add endorsements onto your policy, like specialized rental protection, to extend the scope of coverage. To ensure that you understand what your policy includes be sure to read through the coverage details, and speak with your insurance agent if anything remains unclear.

Is Tools and Equipment Insurance and Inland Marine Insurance the Same?

A common misconception about tools and equipment insurance is that it provides the same coverage as inland marine insurance, that’s simply not true. While they do offer some similar protections, here’s how they differ:

Inland Marine Insurance: Similar to tools and equipment coverage, inland marine insurance protects property such as equipment, tools, inventory and materials while they are being transported from one location to another. This includes modes of transportation like trucks, trains and ships. Additionally, this type of coverage often offers higher coverage limits to protect valuable equipment.
Tools and Equipment Insurance: On the other hand, tools and equipment insurance covers tools, equipment and machinery if it is damaged or stolen during daily operations or on the business property.

Get Tools and Equipment Insurance with EZ.Insure

At EZ.Insure we recognize the critical role that your tools and equipment play in your company’s success. That’s why we make it easy for you to find affordable coverage that fits your specific needs.

Our user-friendly platforms offer free quotes, side-by-side plan comparisons and live expert assistance to answer any questions you may have. Don’t go unprotected any longer. Instead, get the coverage you deserve so your business can prosper for years to come.

To get started, just enter your ZIP code below or call us directly at (855)-694-0047.

What is Directors and Officers (D&O) Insurance?
What Does Directors and Officers Insurance Cover?
What Doesn’t Directors and Officers Insurance Cover?
Who Needs Directors and Officers Insurance?
How Much Does Directors and Officers Insurance Cost for Small Businesses?
How Does Directors and Officers Insurance Work?
Tips For Small Businesses When Purchasing Directors and Officers Insurance
FAQs
Get Directors and Officers Insurance Today

What is Directors and Officers (D&O) Insurance?

Directors and Officers insurance (D&O insurance) protects executives along with board members and officers, who make major decisions in a company. This specialized liability policy safeguards leaders against claims when others accuse them of mistakes or poor judgment in their roles.

Accusations stemming from mismanagement or negligence leads to high costs, potentially having major negative impacts on businesses. This is especially true for small businesses, nonprofits, and start-ups. Directors and Officers insurance combats these expensive claims by covering the cost of legal defense, settlements plus any damages.

What Does Directors and Officers Insurance Cover?

D&O insurance coverage for a broad range of occurrence such as:

Breach of Fiduciary Duties: Failure to act in the best interests of shareholders, investors or the company in general.
Mismanagement of Business Assets: Includes claims regarding the misuse or poor management of company funds.
Errors in Reporting: Misleading or inaccurate financial reports
Compliance Issues: If the member did not follow laws and/or regulations.
Employee Lawsuits: If an employee sues over an issue involving directors or officers.
Misinformation or Misrepresentation: Providing inaccurate or misleading information affecting investors or stakeholders.
Claims by Creditors: If a business is unable to pay its debts.

What Doesn’t Directors and Officers Insurance Cover?

While D&O insurance covers a broad number of claims, policies generally exclude the following:

Criminal Activity
Fraud
Acts of Personal Gain or Profit
Property Damage or Personal Injury (usually covered by commercial property or general liability insurance)
Claims Filed Prior to the Policy’s Start Date

Who Needs Directors and Officers Insurance?

D&O insurance isn’t limited to big businesses. Nonprofits, startups, and small enterprises can all benefit largely from this coverage. Consider purchasing D&O insurance if:

You have an executive leadership team, a board of directors or an advisory committee.
You draw in investors who demand liability protection in exchange for their capital.
Your company is listed on a public exchange or intends to do so.
You regularly look for outside funding or participate in fundraising tactics.

D&O insurance is commonly purchased by businesses in the following industries:

Technology Startups
Non-profits Organizations
Financial Services
Manufacturing Businesses
Healthcare Companies

It’s easy to make the mistake of thinking that huge corporations are the only ones that need D&O insurance, but that’s simply not true. The fact of the matter is that if company assets or affairs are mismanaged, small businesses suffer more than anyone else without the proper coverage. This is due to the fact that small businesses tend to have less capital on hand to fight accusations out-of-pocket.

How Much Does Directors and Officers Insurance Cost for Small Businesses?

The average cost of D&O insurance for small businesses is about $138 per month, or $1,653 per year. With that being said, the cost of your policy may vary from the average amount based on the following factors:

Employee Size: The more employees you have, the more likely it is that someone might sue the management team.
Revenue: Higher revenues tend to increase the cost of premiums.
Industry: Industries with higher risk attached to them like finance or technology may face higher premiums.
Ownership Structure: Insurance providers usually consider publicly traded companies as high risk compared to privately owned companies.
Financial Security: Companies that are financially unstable are more likely to pay more in premiums
Prior Claims: Whether or not your company has already been sued factors into the cost.
Limits and Deductibles: The amount of coverage and the deductibles you choose will affect the overall cost.

To get a more accurate estimation of how much D&O insurance will cost for you, just click the button below!

How Does Directors and Officers Insurance Work?

Claims Process

Here is the typical process of a D&O insurance policy in action:

Claim Filing: The company, or the accused person submits a claim to their insurance provider.
Investigation Period: An insurance adjuster investigates the extent and legitimacy of the claim.
Defense Costs: The insurer generally covers the cost of defending the sued executive or business.
Judgment/Settlement: The insurer pays for the costs of the settlement or damages, up to the policy limit, as long as the claim is valid.

Policy Structure

D&O insurance policies are split into three parts—Side A, B and C. Each side offers different protections:

Side A: Covers the sued individuals involved such as directors, officers, and executives if the company cannot or will not pay for their legal costs.
Side B: Commonly referred to as “company reimbursement” coverage, this portion reimburses the company for legal costs, judgments and settlements,if they’ve already covered the executive’s expenses.
Side C: Protects the company as a whole if it is named in a lawsuit.

D&O policies are usually offered in two forms—a policy containing all 3 parts called an ABC combination policy, or a standalone A policy.

Tips For Small Businesses When Purchasing Directors and Officers Insurance

When purchasing a D&O insurance policy, here are some tips to keep in mind to ensure that you’re sufficiently protected:

Policy Limits: It’s crucial to select a policy limit that accurately reflects your company’s risk factors. Typical D&O policies options offer between $1 million and $5 million in protection.
Depth of Coverage: Policies including Side A, B and C coverage ensures the most comprehensive protection, covering you and your business from all angles.
Exclusions: It’s crucial that you read through your policy’s list of exclusions to ensure you know what’s covered and what isn’t

FAQs

Does a business owners’ policy (BOP) include D&O insurance?

No, business owners’ policies (BOP) typically combine general liability, commercial property and business interruption insurance. D&O insurance is a standalone policy that must be purchased separately in order to gain protection against executive-related claims.

What’s the difference between D&O insurance and general liability?

General liability insurance works by protecting businesses against claims relating to personal injury, property damage, and reputational damage.

Directors and Officers insurance protects executives and decision-makers when they are sued by other company members over decisions resulting in a negative impact.

Why do nonprofits need directors and officers insurance?

Without D&O insurance, board members and executives could be personally held liable if sued over mismanagement, financial decisions or other employment practices. D&O coverage helps these company members by covering the costs of settlements, damages and other legal fees, so they can operate confidently without the fear of financial loss.

When can directors be personally liable?

Directors can be personally held liable when they don’t uphold their fiduciary duties. Examples include intentionally acting in bad faith of the company as a whole, engaging in fraudulent activities, or making negligent decisions causing harm to the company. Financial mismanagement, employee disputes, and other workplace violations all could cause directors to be held personally liable.

Get Directors and Officers Insurance with EZ.Insure

To ensure company success for years to come, it’s crucial to protect the leaders of your company against costly lawsuits. While court cases can take months or even years to resolve, getting a D&O insurance plan is quick and simple with the help of EZ.Insure!

Our user-friendly platform provides free, instant access to quotes, lets you compare competing plans side-by-side and if you need help along the way, we have licensed insurance agents on call 24/7.

Don’t wait for the unexpected to become a reality, instead get covered today. Enter your ZIP code below or call at (855)-694-0047 to receive your no-obligation quote!

If you’re a small business owner, you’ll need multiple types of commercial insurance to protect your business. But there are ways to simplify things: for example, you can purchase a business owner’s policy. A business owner’s policy (BOP) is an insurance package that combines two (or more) essential types of insurance, commercial property and general liability.

A BOP is a great choice for small business owners. Purchasing these two types of policies separately typically costs more than purchasing a business owner’s policy. And beyond the financial security that a BOP will give you, you’ll also get more leverage with landlords and important clients, since they’ll know that a lawsuit won’t force you out of business. They’ll have more faith in your longevity if you can produce proof of insurance.

How Does a Business Owner’s Policy Work?

As pointed out above, a business owner’s policy is basically a bundle of two types of commercial insurance: general liability and commercial property insurance. A BOP will cover you for any claims that would fall under those two types of policies and protect your business from losses. This type of policy covers a number of significant legal hazards your small business might experience in one easy package.

General Liability

The first line of protection for a small business owner is general liability insurance, which business owner’s policies always include. General liability covers things such as:

Third-party bodily injuries – If the public frequently visits your business, you’ll need to be protected against claims of bodily injury, since you are responsible if someone slips and falls or is hurt while on your property. A business owner’s policy will cover the legal fees and other costs associated with the claims made against you if any accidents occur at your place of business.
Third-party property damage – You are liable for the expense of repairing or replacing any damage If you or one of your employees causes damage to another person’s property. These expenses will also be covered by your business owner’s policy.
Product liability claims – Your business can be held legally responsible for any harm that your products cause to other people or their property. A business owner’s policy will offer a financial safety net if your business sells or manufactures physical products.
Advertising injuries – You could face legal repercussions if you or a member of your staff slanders a third party, violates a company’s copyright, or engages in other types of libel. Your legal representation, as well as any court settlements or awards, will be covered by your business owner’s policy.

Any small business owner who doesn’t have general liability insurance is taking a chance: any lawsuit you face could make a huge dent in your profits, or even bankrupt you. You might even need to have this type of insurance: when you sign a contract or apply for a small business loan, you could be required to provide evidence of liability insurance.

Commercial Property Insurance

The other major type of policy bundled into a BOP is commercial property insurance. This coverage offers financial assistance in the event that your facility or commercial property sustains damage or loss. Typically, this policy covers fire, theft, vandalism, and various weather-related incidents.

You would be responsible for paying for these damages out-of-pocket without commercial property insurance, or a business owner’s policy. Your insurance policy will cover the costs of repairs, the replacement of any broken equipment, and assist in the recovery of your business.

Commercial property insurance is a necessity for any company that owns or rents commercial real estate. Typically, landlords anticipate that their tenants will be covered by their own commercial property insurance. This insurance is also a must if you produce goods, hold stock, or keep equipment.

Business Interruption Insurance

You can also add business interruption insurance to your BOP bundle. This type of policy covers losses that arise as a result of your company temporarily slowing down or ceasing operations due to theft, vandalism, or another insured event.

Every business with recurring expenses like payroll should consider purchasing a BOP that includes business interruption insurance. Business interruption insurance will assist you in keeping up with your obligations if your company is unable to generate revenue for a period of time.

Additional Coverages

In addition to the major types of coverage described above, there are numerous extra coverages that can be added to a BOP that might be right for your specific business. For instance, a small business will frequently benefit from the following endorsements:

Employee Dishonesty – Hopefully all of your employees will be trustworthy and honest, but this isn’t always the case. Employee dishonesty coverage will cover claims made by a customer if your employee steals from them.
Money and Securities – There is a chance that cash will be stolen, either on or off the premises, from your business. With this endorsement, your business will be compensated up to the insured amount.
Business Expense Income and Extra Expense – This add-on covers the loss of revenue and additional expenses that arise if a small business relocates due to structural damage brought on by a covered hazard.
Equipment Breakdown – Most businesses rely on equipment like pricey HVAC systems to maintain a comfortable environment for clients and staff. Your equipment breakdown insurance will cover the pricey repairs or replacement if these systems malfunction.

Each of the above endorsement’s prices are determined by your insurance company. And will either be a flat rate premium or a percentage of the policy premium. Additionally, the cost of these endorsements is determined by the limitations of coverage for each individual policy. It’s also important to remember that an endorsement normally cannot cover things like vehicle insurance, workers’ compensation, or floods, which are covered by other policies.

What Isn’t Covered by a Business Owner’s Policy?

Depending on your business, you may need to purchase other insurance policies that BOPs generally don’t include. This can include:

Workers’ compensation insurance – Workers’ compensation insurance will cover medical bills and lost wages for employees who get injured or fall ill on the job.
Professional liability insurance – Professional liability insurance, often called errors and omissions insurance, will protect you from accusations of negligent behavior or mistakes made by you or your employees when rendering your professional services.
Commercial auto insurance – Commercial auto insurance is yet another important policy for companies that use cars and trucks in their everyday dealings. This policy will cover you if an employee is held accountable for a car accident.
Data breach coverage – Data breach insurance, also known as cyber liability insurance, can assist in covering costs incurred as a result of a data breach. These costs can include alerting impacted parties, engaging credit monitoring services where necessary, and public relations. If your company handles or stores confidential patient, employee, or customer information, this type of coverage is crucial.
Liquor liability – Businesses that sell, serve, or distribute alcohol are protected by liquor liability insurance. This kind of commercial insurance might assist in paying for claims of physical harm or property damage done by someone who has been served alcohol by your business.
Flood/earthquake coverage – This coverage will cover losses associated with natural disasters such as floods or earthquakes. These policies are generally sold separately. This is because not all areas need both.

Which Types of Businesses Should Consider BOPs?

Businesses must typically meet requirements for both annual income and total number of employees in order to be eligible for a BOP. Here are a few examples of the types of companies that typically purchase a business owner’s policy:

Self-storage facilities (storages facilities that offer outdoor vehicle storage are not eligible)
Retail, grocery, and convenience stores
Apartment buildings
Gas stations
Small office buildings (typically with less than 6 stories)
Small motels (typically with less than 3 stories)
Wholesalers
Contractors (though there are many restrictions, like yearly payroll caps and building size)

Additionally, very small businesses, typically those with less than 4 employees, may qualify for what’s known as a micro-BOP. These policies are severely limited and usually only cover property loss. These policies are also not available through every carrier.

Eligibility Requirements

Not everyone needs a business owner’s policy. Many insurers disqualify larger organizations from being eligible for a BOP plan. This is because they are more likely to find more comprehensive protection for their needs through other policy types. Additionally, BOP eligibility and the underwriting process may differ between insurance carriers. The majority of qualified businesses generally:

Operate in a low-risk industry
Do business anywhere besides the business owner’s home
Have less than 100 employees
Generate less than $1million dollars in annual revenue
Operate out of a smaller space
Conduct business primarily on-site

How Much Does a Business Owner’s Policy Cost?

The cost of a BOP generally varies depending on your business’s underwriting factors and any additional coverages needed. With that being said, the typical annual premium for a business owner’s policy is $1200. But the cost can range from $500 to $3500. Your specific coverage limits, industry, claim history, amount of employees, total annual revenue, and building, contents, and equipment replacement costs are all factors that determine the cost of your BOP.

Coverage Limits

Your BOP’s coverage limits have a direct effect on the price of your premiums. Many small businesses buy a BOP with a coverage limit of $1,000,000/$2,000,000. Meaning that over the course of the policy, the insurer will offer $2 million in total coverage and $1 million in coverage per claim per year. But there are BOPs available that come with limits starting at $300,000/$600,000 and going all the way up to $2 million/$4 million. Depending on your insurer, larger limits might also be available.

Industry

Industries with higher risk factors will have to pay a higher premium.

Property value and type

The price of the commercial property insurance element of your BOP will vary based on the type and value of the assets you’re covering. The cost will increase in direct proportion to the value and difficulty of replacing your property.

Location, size, and age of your business

Costs will also vary depending on your business’s location and length of operation. In general, premiums for newer enterprises are higher. In addition, you are more exposed to risk and more likely to spend more for a BOP the more employees you have.

Claims history

When providing you with a quote for a premium, insurers pay close attention to your claims history. If you have previously made a lot of claims related to your business operations, you will likely pay higher premiums.

FAQs

Is a Business Owners Policy required by law?

A BOP is made up of two types of insurance: general liability and business property insurance. There is no law requiring either one. However, a lot of commercial landlords will require you to buy commercial property insurance aka business renter’s insurance. Before you’re allowed to sign a lease your landlord might need to see proof of this coverage. Additionally most of your client’s contracts might also require you to have general liability insurance. So to meet either of those needs you still need to have both of these plans and the easiest way to get both in one go is with a BOP.

Does a Business Owners Policy cover independent contractors?

A BOP usually only covers you and your employees, independent contractors are typically not considered your employees. You can add contractors as temporary additional insured on your policy, or you can even require them to buy their own general liability insurance in their contract.

Is a Business Owners Policy right for me?

If you own a small business that makes less than $1million a year, you might benefit from a BOP. A BOP is a great way to protect your business with the basic insurance coverage. It helps keep your business running and protects you from potential financial disaster in case of an emergency.

How to Buy a Business Owner’s Policy

Ask your current insurer if they offer a business owner’s policy if you currently have general liability insurance, property insurance, or another type of commercial policy through them. You could end up paying less by bundling your policies with them.

Various insurance companies offer business owner’s policies, so it might feel overwhelming to do all the research. That’s where EZ.Insure comes in. We can help you compare policies from the top insurers in the nation. Our highly trained agents can save you hundreds of dollars a year by working with your budget to get you the policy your business needs. To get started, simply enter your ZIP code below, or give one of our agents a call at (855)-694-0047.

Jump To:

What Does Commercial Auto Insurance Cover?

The Difference Between Commercial Auto and Personal Auto

Who Needs Commercial Auto Insurance?

Compare Commercial Insurance Plans

The Cost of Commercial Auto Insurance

Cost Factors

How to Keep Costs Down

FAQs

What is the difference between commercial and business auto insurance?

Is commercial auto insurance required by law?

Do independent contractors need commercial auto insurance?

What if I buy a policy but then decide I need more coverage?

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What is Workers’ Compensation Insurance?

How Workers’ Compensation Works

Compare Commercial Insurance Plans

Benefits of Workers’ Compensation

Salary Replacement

Medical Expenses

Disability Coverage

Survivor Benefits

Types of Workers’ Compensation

Who Is Covered by Workers’ Compensation Insurance?

Compare Commercial Insurance Plans

The Cost of Workers’ Compensation

Payroll

Workers’ Compensation Industry Classification

Employee Modification Rate

Insurance Carriers

The Calculations

How to Save on Workers’ Compensation Insurance

Return to Work Programs

Work Safety Initiatives

FAQs

Who pays workers’ compensation premiums?

Who is exempt from workers’ compensation?

How many employees do I need to get workers’ compensation insurance?

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Jump To:

Types of Cyber Liability Insurance

First-party coverage

Third-party coverage

Technology errors and omissions

What Cyber Liability Insurance Doesn’t Cover

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The Cost of Cyber Liability Insurance

How Much Cyber Liability Insurance Is Enough?

Why You Need Cyber Liability Insurance

FAQs

Will other types of insurance cover cyber liability?

Will my premium go up after a cyber attack?

What isn’t covered by cyber liability insurance?

What counts as a cyber attack?

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Jump To:

What is Tools and Equipment Insurance?

What Does Tools and Equipment Insurance Cover?

What Doesn’t Tools and Equipment Insurance Cover?

Who Needs Tools and Equipment Insurance?

How Much Does Tools and Equipment Insurance Cost for Small Businesses?

Compare Business Insurance Plans

Why is Tools and Equipment Insurance Important for Small Businesses?

What Does a Typical Tools and Equipment Claims Process Look Like?

FAQs

Get Tools and Equipment Insurance with EZ.Insure

Compare Business Insurance Plans

Jump to:

What is Directors and Officers (D&O) Insurance?

What Does Directors and Officers Insurance Cover?

What Doesn’t Directors and Officers Insurance Cover?

Who Needs Directors and Officers Insurance?

How Much Does Directors and Officers Insurance Cost for Small Businesses?

Compare Business Insurance Plans

How Does Directors and Officers Insurance Work?

Claims Process