Maximum Commercial Insurance Savings

Commercial Insurance (also called Business Insurance), helps companies protect their intellectual and physical property and their financial assets. This includes losses that could result from lawsuits, property damage, workers' compensation, loss of income, cyber and privacy issues, and more.

Commercial Auto Insurance coverage protects commercial vehicles along with the company employees who operate the vehicles when other individual car policies do not offer that type of auto insurance coverage.

Businesses with employees are required by law in most states to provide Workers’ Compensation, Unemployment Insurance, and Disability Insurance in some states. Also, consider getting an Employment Practices Liability (EPL) policy that protects your business against allegations of discrimination, harassment, and wrongful termination of employees. Finally, keep Auto Insurance in mind if you or your employees are driving for work purposes. It can help cover the costs of possible accidents.

A good rule of thumb for budgeting for Commercial/Business Insurance is about 20 to 30 percent of your business’s gross income. These costs may vary depending on the coverage you need and the risks of certain industries.

Commercial insurance (also called business insurance) helps protect your business’s physical and intellectual property, as well as its financial assets. It can cover losses arising from lawsuits, property damage, business interruption, liability, workers’ compensation, cyber incidents, and more.

Common commercial insurance coverages include General Liability, Commercial Property, Workers’ Compensation, Commercial Auto, Professional Liability (Errors & Omissions), Umbrella Liability, Directors & Officers (D&O), and Business Interruption insurance.

The amount of insurance depends on your business size, industry risk, location, number of employees, and asset value. A rough guideline sometimes suggested is budgeting ~ 20–30% of your gross revenue for insurance, but the precise coverage should be tailored to your business’s unique exposures.

While requirements vary by jurisdiction, many states mandate Workers’ Compensation if you have employees, and require minimum liability coverage for commercial vehicles. Even where not legally required, commercial insurance is strongly recommended to protect your business against major financial loss.

Insurance premiums are based on multiple factors, including your business’s industry, revenue, claims history, location, payroll, the value of assets you need to insure, and the coverage limits and deductibles you choose. Risk mitigation measures (e.g. safety programs, security systems) can help reduce your premium.

Look for an independent insurance agency that works with multiple carriers (so you get competitive quotes), has expertise in your industry, offers tailored coverage, and helps you manage claims. At Alchemy Insurance, our agents compare top carriers and build custom policies to help secure the best coverage at the lowest rate.