10 Benefits of Geico Business Insurance for Your Small Business

Starting and running your own business can be one of the most rewarding things you’ll ever do, but it also comes with some scary risks that come from dealing with other businesses and individuals who have their own interests in mind. 

Business insurance will protect you from all sorts of dangers, including theft, lawsuits, property damage, and much more. 

10 benefits of Geico business insurance for your small business and why it’s so important to protect yourself as soon as possible.

1) Get coverage when you need it

Whether you’re a sole proprietor, run a corporation or are incorporated with partners, business insurance can help protect your business in several different ways. 

The right policy is not one-size-fits-all and should be customized to meet your specific needs. It’s also important to have enough coverage to cover all potential losses. 

At Geico, we can help you evaluate your risks, select the right insurance options and find competitive rates through our network of preferred agents. Get in touch with us today so we can find a package that works best for you.

2) Get more than just liability

You should consider all types of insurance protection. If you run a small business and depend on your equipment, vehicles, or building, you need to look at insurance options that will keep you protected from everything from theft to natural disasters. 

The most common coverage that goes hand-in-hand with standard business liability insurance is physical damage insurance. This can help if your property is damaged or destroyed due to events like a fire or burglary. 

Other coverages you might want to look into include business interruption and extra expense policies. For example, if your business shuts down because of an accident at a nearby factory, you could be out tens or hundreds of thousands of dollars while waiting for things to return to normal.

3) Protect employees in the event of a car accident while they are working

If your company uses company cars or personal vehicles, it’s important to have commercial auto insurance. While many companies offer personal insurance policies, those are not always sufficient if an employee has a car accident while on a business trip or driving to/from work. 

This is particularly true if an employee does not live in a state where he/she owns property and needs to drive across state lines. 

Commercial auto insurance can also protect your business from liability if one of your employees has an accident at home before work or after work hours—and you would be responsible for damages incurred during those times.

4) Get help finding a reputable vendor

Just because you’re not a business owner doesn’t mean you can’t take advantage of business benefits. Big companies often receive substantial discounts on products and services thanks to their corporate status, so it only makes sense that they pass these savings along to their employees. 

Take advantage of your employer-sponsored benefits and perks by getting an extra discount on anything from home security systems to cleaning services to car insurance. Just ask!

5) Choose additional services based on your needs

By choosing additional services based on your needs, you can save time, money and energy in other areas of your business. 

This makes sense: there is no point in spending your valuable time and money trying to market services or products that aren’t core to your business. 

This can be a perfect opportunity to compare quotes from multiple insurers and find great deals on top-quality coverage for all of your insurance needs!

6) Save time with an online application

If you’re a small business owner, running your own company can be time-consuming, and you may be so busy with other tasks that finding time to visit an insurance agent isn’t feasible. 

Geico understands your needs as a small business owner and allows you to apply for business insurance online, at any time—day or night. Instead of making multiple trips to a storefront location or jumping through hoops on the phone, let Geico make it easier by allowing you to get coverage without ever leaving your office or home. 

You can save time by completing an application in less than five minutes; upon approval, we will send over policy details so that you can review them before purchasing commercial insurance from us.

7) Receive support from an agent

Agents are licensed and trained professionals that know how to help you find affordable insurance coverage. Whether you’re shopping for business, home or auto insurance, an agent can provide tips on saving money as well as assist with questions about how coverage works. 

Plus, agents can give you advice based on your specific needs. A lot of people go directly to insurance companies without seeking advice from a professional—which is a mistake because not all policies are created equal. 

For example, if you’re a business owner concerned about identity theft and computer security risks (or a freelancer working with sensitive data), contact an agent that specializes in small-business protection or one who understands online transactions—like GEICO’s own e-commerce experts.

8) Talk to someone who knows your needs

As you’re making your decision about a business insurance policy, it can be tempting to simply pick one that’s highly rated on paper. While it’s helpful to do your research and ask around, there is no substitute for speaking with someone who knows what it takes to insure your type of business. 

By taking some time to really get to know an agent or underwriter at one of these companies, you can find a policy that fits all your needs—and you won’t be surprised down the road by any major details. 

The easiest way to accomplish that is by talking over your options in person or by phone; many companies also offer online quoting services if face-to-face isn’t an option.

9) Work with local agents who know you

Local agents are committed to helping you succeed and will guide you through every step of your business insurance buying process. In addition, many local agents host workshops and seminars to help their clients learn more about specific types of coverage. 

If you’re not sure how much coverage you need, an agent can help you figure out exactly what your business needs—and how much it’ll cost—based on industry-specific stats, surveys and trends in your area. 

Local agents are also a great source for all kinds of insurance information: rates and changes, legislation updates and even advice when disaster strikes! This kind of hands-on approach is part of what makes local agents such a valuable resource.

10) Get special discounts and offers

Geico business insurance also provides special discounts and deals on a number of things related to your business. For example, they’ll help you save money on auto repair costs with their discount program, which is offered through selected providers across North America. 

You can also benefit from exclusive offers on big-ticket items like replacement vehicles or cash to cover lost wages during an emergency. 

And, if you need to hire new employees for your small business, Geico helps with that too—you’ll receive a 10% employee discount when you use one of their preferred staffing agencies to fill open positions. 

There are lots more benefits available as well; take some time to read through all available features to see how they can save you money in areas related to your own business!

Everything You Need to Know About Business Insurance from Progressive

Progressive offers business insurance from Progressive that helps protect you from the unexpected. Whether it’s property damage or liability, we’ve got what you need to help you manage your risk—and keep your business thriving. Not sure how to get started? 

This guide will walk you through everything you need to know about Business Insurance from Progressive and how it can help your business succeed, no matter what challenges arise.

What business insurance covers

If your company experiences a business interruption—and can’t operate for at least two weeks—because of an unexpected event, such as a fire or major storm, business insurance will protect against losses incurred. These losses may include inventory loss, repair costs, and replacement equipment.

Whether you own a franchise or run a mom-and-pop store, you’ll want business insurance so that your livelihood doesn’t come to a halt if one of these disasters hits. 

Plus, if an employee gets hurt on your property and must miss work because of his or her injuries, workers’ compensation provides coverage for their lost wages during recovery and reimburses medical expenses related to the injury. 

Business insurance is also important if you hire independent contractors, freelancers, or other outside help. Depending on what type of business you have, there are many different types of coverages available. 

It’s important to know what is covered by each policy before purchasing it, so talk with your agent about any questions you have about your specific situation.

The types of policies available

All businesses are different, so there's no universal best type of insurance policy for every firm. At a bare minimum, you'll want general liability coverage (which protects your business in case of an accident that causes damage) and property coverage (to protect your building and equipment in case of a disaster). 

If you sell products or provide services, you should consider additional types of insurance policies as well. 

For example, if you work with food or potentially hazardous materials, you should get some form of the commercial auto insurance policy. On top of all that, most business owners will also want employee benefits like disability and life insurance. 

And when it comes time to expand your company, you might need contractors' insurance to cover people working on-site at your location. But it's important not to over-insure yourself; keep in mind that many types of small business insurance have deductibles and limits that could put a serious dent in your wallet if something happens. 

While buying more insurance may seem like a good idea on paper, it can sometimes be cheaper—and safer—to accept responsibility for damages yourself instead of paying premiums month after month.

How much coverage do you need?

Coverage varies, but generally speaking, business insurance coverage consists of three types: commercial property and liability; general liability; and commercial auto. 

At a minimum, you’ll need enough property insurance to cover all your equipment, furniture, and fixtures. Liability coverage will protect you if someone is injured or sues for damages because of an accident that happens on your business premises. 

Commercial auto insurance protects you in case one of your vehicles is damaged in an accident or stolen from a business location. If you have employees (and most small businesses do), they’ll also need workers' compensation coverage.

Who needs business insurance?

Most small business owners feel secure and protected knowing that their house and car are insured. With all of your other assets covered, you probably don’t think about insurance for your business. 

But just like it’s important to protect your personal property, it’s equally as important to protect what you own in a business sense. One of the biggest reasons that many businesses fail is because they are underinsured. 

This can easily be avoided by having an experienced agent at a well-respected insurance company take a look at what type of coverage you need to protect yourself financially. An experienced agent will assess your risk levels based on factors such as industry, location, gross revenue, and the number of employees; then they will come up with an insurance package that fits those needs specifically. 

It’s also important to note that there are different types of insurance policies, including liability, workers' compensation, and commercial auto insurance. Each one serves a specific purpose and should be considered when creating an overall strategy for protecting your business. 

Having quality coverage is crucial if you want to avoid unnecessary losses or potential lawsuits down the road. 

It doesn’t matter how big or small your operation is – every business owner deserves protection against unexpected events that could cost them time, money, or even worse – their livelihood. If you would like more information on how we can help protect your business please contact us today!

Can I get my business’s policy in one place?

While you need to seek out general liability, property damage, and business auto insurance—the most basic forms of coverage for small businesses—you should also look at bundles. 

Bundles offer a one-stop-shop solution where you can get multiple types of insurance policies in one place. For example, if your business has equipment and property on-site that are worth thousands or even millions of dollars, bundling your coverage may be a smart way to save money. 

If your policy ends up costing $1,000 per year and all three coverages are included in a bundle that costs $1,200 per year, getting all three together would end up saving you about $100 per year over simply purchasing them separately.

Make sure you have the right protection

Buying insurance for your business is an important step. A business owner needs to consider how much protection they need and how much coverage their company can afford, as well as what type of insurance would be best. 

If a business faces any risks or hazards, it should buy appropriate liability insurance and work with its agent to address any gaps in its coverage. If a business provides goods or services that may result in personal injury, disability, or death, then it also needs employee benefits such as workers' compensation and unemployment insurance.

Without these crucial coverages, a company’s assets could be vulnerable, and getting back on track after an unforeseen event can become very difficult.