“I have a small business…so why does my insurance cost so much?”
Why does small business insurance cost so much? Allow us to untangle it for you.
There are few things more exciting than a business startup. Picking your company name, designing a logo, signing a lease, hiring your first employee, selling your first widget…you’re ready to hustle, baby!
Something that’s probably not so exciting? The commercial insurance quote.
“Wait a minute,” you say. “I have a small business. Why does small business insurance cost SO much?”
There are actually a LOT of different ways to answer that question!
In this article, we’ll try to give you a better understanding of why small business insurance is priced the way that it is, why you shouldn’t base your decisions purely on cost, and a simple way that you can make sure you’re getting the most out of every dollar you spend on your insurance.
Don’t let other drivers raise your insurance rates!
With Usage-Based Insurance, you can get a safe driving discount based on your own good driving habits.
Nearly all of the insurance giants have some form of safe driving discount. In the past, your safe driving skills were usually determined by your driving record: fewer tickets and claims translated to bigger savings.
But what about those maniacs that speed through traffic, but somehow never get caught by the police? Or the ones who simply drive around with their busted car and never bother to file a claim? It’s not fair that they should be getting a safe driving discount (and raising your rates in the process).
Hey everyone, and welcome back to Harry Levine Insurance on YouTube.
We’re recording today live from home. We’re in the middle of the COVID-19 pandemic (at least, what we hope is the middle) and we’ve transitioned our entire team to a work from home model.
The great news is we’ve been able to truly adapt, find some great software solutions, and make sure that we can be there for you, just as if it was a month or two ago and we were working full steam ahead at either of our physical office locations. Read more →
It’s one of my favorite things to talk about. So much so that I’ve even been a longtime teacher of Project Invest. That’s a program where we go into local high schools in our immediate office area and actually teach students about auto insurance because it’s perhaps the one line of coverage that there is no doubt they are certainly going to deal with at some point in their adult lives.
So let’s get started!
I want to run through a couple of bullet points that bring you an introduction to an auto insurance policy and what you need to understand.
Your professional insurance needs go way beyond property damage.
Protect your clients, your reputation, and your livelihood with these five professional insurance policies.
Most business owners understand the risk fire poses for a restaurant, or the consequences of a hurricane flooding a retail store. But many people don’t stop to think about the intangible risks that threaten professional services businesses like accounting firms, law firms, or marketing agencies.
Florida’s a pretty odd state in that, presently, we only require property damage and what we call PIP, or Personal Injury Protection, to be legal on the road.
It’s hardly any coverage, and if you’re in an accident, you’re likely going to wind up with a court-ordered requirement to buy a lot more insurance than that moving forward if anybody gets hurt. Or worst case, you’ll have liens and judgments or even wage garnishments that are levied against you by a court because you are underinsured or not insured at all. Read more →
The problem is, your insurance premiums depend a lot on your unique business. But since it doesn’t help to say, “It all depends; contact your agent,” we’ll give you some insight into seven different factors that have an affect on the cost of business insurance. Read more →