Get Quote
Shop for business insurance in our marketplace
Business insurance, also known as commercial insurance, helps protect business owners from unexpected losses.
Why do I need business insurance?
Business insurance can help protect business owners and independent professionals against everyday risks, such as mistakes, stock or premises damage, and legal costs (known as Liability insurance). Some policies can even protect against business interruption and supply chain breakdown.
This protection means that, should your business suffer an unforeseen knockback, you can feel confident that you and your employees are protected. Meanwhile, your insurer can help to get your business back up and running again quickly.
Business insurance can also offer credibility to your business, demonstrating to prospective customers and potential employees that you are trustworthy to do business with.
Four steps to buy business insurance
- Assess your risks. Think about what kind of accidents, natural disasters, or lawsuits could damage your business. For example, if your business is located in a commercial area that is at risk from seasonal events such as fire or hail storms, commercial property insurance will help protect against loss.
- Find a reputable licensed agent. Commercial insurance agents can help you find policies that match your business needs. They receive commissions from insurance companies when they sell policies, so it's important to find a licensed agent that’s interested in your needs as much as his or her own.
- Shop around. Prices and benefits can vary significantly. You should compare rates, terms, and benefits for insurance offers from several different agents.
- Re-assess every year. As your business grows, so do your liabilities. If you have purchased or replaced equipment or expanded operations, you should contact your insurance agent to discuss changes in your business and how they affect your coverage.
Business insurance cost
In 2022, the national median cost of business insurance for new Progressive customers ranged from $42 per month for professional liability to $70 per month for a business owners policy (BOP). Your cost is based on various factors, including the industry you’re in and the specific types of jobs you do. For example, one landscaping company might only mow lawns, while another offers additional services, such as tree trimming. They’re both landscapers, but their risk exposure is different and will be reflected in their rates.