Have a question about small business insurance?
Explore our frequently asked questions below to find answers to common business insurance questions.
What type of small business insurance do I need?
Business insurance can provide vital protection for any small business, but figuring out which type of insurance you may need can be challenging. The type of business you own, where your business operates from, and how many employees you have can help determine the type of business insurance you may need.
PolicySweet® offers Workers’ Compensation, Business Owners Policy (BOP), and HomeHQ coverage. Each of these coverages are designed to safeguard your business against different risks it could face. To learn more about these types of coverages visit our small business insurance page.
Our insurance experts are also available to answer any business insurance questions you may have and can help assist with finding the coverage your business may need. Contact our experts today >
How do I update my policy?
How Do I File a Claim?
A representative from our claims department will be happy to guide you through the process and answer any questions you may have related to your claim.
Is business insurance required by law?
Depending on where your business is located, how many employees you have, and the type of business you own you may be required to obtain certain policies for your business. Legal requirements vary by state, so it is recommended to check with your local and state governments to determine if insurance is required for your business.
Does PolicySweet provide business insurance in my state?
How quickly can I get insured?
In order to insure your business, you will first need to request a quote using our online quote tool or by talking to an agent on the phone. We’ll ask you a few questions about your business and operations. In most cases, a business will receive a quote as soon as it completes the application. However, depending on the complexity of your business we may need additional time to review your application in order to create a customized insurance quote tailored to the needs of your business. If this happens, we typically can provide you with a quote within the same or next business day.
How much does business insurance cost?
Business insurance costs are different for every business as each business is unique. There are several factors that can influence the cost of your insurance policy. Some factors that can determine your costs are:
- The type of business you own or services you provide
- Where your business is located
- Your estimated annual revenue
- The number of employees you have
There are other factors that can influence how much your insurance costs such as the type of coverage you purchase and your coverage limits. If you select higher coverage limits, you will likely pay more for your insurance policy. To get an estimate of
what insurance could cost you, request a quote using our online quote tool.
Is the quote my actual price?
If the information you provided during the quote process is complete and accurate, the insurance quote presented to you is the actual price you could pay for your policy. If you are looking to purchase insurance, you can request a quote online using our online quote tool or by calling us at 1-800-625-8257.
What options are available for payment?
PolicySweet provides three different payment options to our customers for a one-year policy. You can choose to pay for your policy in one full payment, semi-annual payments, or 10 payments over the course of your policy.
What is Workers’ Compensation insurance?
Workers’ Compensation or Workers’ Comp insurance is a policy purchased by a business to help protect its employees in the event they are injured or contracts an illness at work. It can help pay for medical expenses and lost wages associated with employee work-related injuries.
Do sole proprietors need Workers’ Comp insurance?
If you are the sole owner of a business with no employees, you typically are not required by law to acquire Workers’ Compensation insurance. However, in some cases if you own a business that is part of a highly regulated industry like construction you could be required to obtain Workers’ Compensation. It is recommended to review and check your local and state laws for insurance requirements as requirements can vary by location.
What is a (Business Owners Policy) BOP?
A Business Owners Policy, also known as a BOP, is a bundle of the most common types of business coverages sold together as one policy. A BOP from PolicySweet includes general liability, property, and cyber insurance. It can be considered a convenient and cost-effective way to protect your business against several liabilities instead of purchasing each type of coverage separately.
What is the difference between a Business Owners Policy and General Liability Coverage?
A BOP provides general liability, property insurance, and cyber insurance into one policy to provide your business with broad protection while making it easier to manage. A BOP typically costs less than if you were to purchase each coverage separately. Whereas general liability is a standalone policy. The coverages property and cyber insurance could provide your business would not be included in a standalone general liability policy.
Is general liability insurance required by law?
General liability insurance typically is not legally required unless your business is in a highly regulated industry. Even if it is not required by law, there are several reasons why you may still want to consider purchasing general liability coverage or a BOP which includes general liability insurance. Your landlord, mortgage company, or clients may require your business to show proof of general liability coverage before they work with you. It could also protect your business from expenses associated with a third-party injury or property damage claim.
Is general liability insurance from PolicySweet available in my state?
Should you get general liability insurance for your LLC?
While an LLC can help to protect its owners from being personally pursued for the repayment of a company’s debts or liabilities, an LLC does not provide absolute protection and your business could still be held liable in the event of an unexpected event. General liability could help protect your business in the event of third-party injuries or property damage claims.
Who is covered under my general liability insurance policy?
General liability coverage can help protect a wide range of people. It could cover yourself, your employees, and others that have ownership in your business or perform work on its behalf from litigation and other high-cost claims covered by your policy.
Is business property insurance required by law?
Legally your business is not required to have property coverage. However, if your business has property that you can’t easily afford to replace, you may want to consider purchasing property insurance. Property insurance can help minimize the financial impact on a business for unexpected events like a fire or break-in to cover the damage or loss of your property. If your business has assets that it relies on to run smoothly, you should consider protecting them. Property insurance is included in our BOP coverage. Learn more about BOP coverage >
What’s the difference between property and liability insurance?
Property insurance is designed to cover the physical assets owned by a company and general liability insurance is designed to help protect a business in the event of third-party claims. Since both insurance types provide coverage for different events, businesses will often carry both types of coverages. Luckily for you, a BOP from PolicySweet® includes both types of coverages in addition to cyber insurance. It can make it easier for your business to manage these coverages in one policy instead of handling separate policies. Learn more about BOP coverage >
Are discounts for BOP coverage available?
There are a few ways you can reduce the cost of Business Owners Policy (BOP) coverage from PolicySweet. If your business has an alarm, newer construction, or is located in a shopping mall, you may be able to reduce the amount you will pay for coverage. Also, having multiple locations and a sprinkler system could help. View our BOP page to learn more >
What is HomeHQ coverage?
HomeHQ coverage is insurance specifically for home-based businesses. It can help protect a business located in a home from common risks it could encounter. It combines general liability, business property, and stock insurance into one policy allowing you to save time from purchasing separate coverages. Learn more about HomeHQ >
How do I qualify for HomeHQ coverage?
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