business insurance for dba

Aaron Hall Attorney

Business Insurance Under DBA Name?

Doing Business As (DBA) is a common practice among businesses, allowing them to operate under a different name than their legal entity. DBA names provide flexibility, branding opportunities, and a way to distinguish different lines of business within a company. When operating under a DBA name, it is important to ensure that your business is adequately protected by insurance. In this article, we will explore the key considerations and benefits of securing business insurance under a DBA name.

Table of Contents

1. Understanding DBA Insurance Needs

When operating under a DBA name, it is crucial to assess the unique insurance needs of your business. Consider the specific risks associated with the products or services offered under the DBA, as well as the potential liability exposures. A thorough evaluation will help determine the appropriate insurance coverage required to safeguard your business interests.

2. General Liability Insurance

General liability insurance is a fundamental coverage for businesses operating under a DBA name. It provides protection against third-party claims for bodily injury, property damage, and personal injury. This coverage helps cover legal expenses, settlements, or judgments arising from accidents, negligence, or other liabilities that may occur during your business operations. General liability insurance provides financial security and safeguards your business reputation.

3. Professional Liability Insurance

Professional liability insurance, also known as errors and omissions (E&O) insurance, is particularly relevant for businesses providing professional services under a DBA name. This coverage protects against claims of professional negligence, errors, or omissions that may result in financial losses for clients. Professional liability insurance covers legal defense costs and damages awarded in such claims, providing essential protection for service-based businesses.

4. Product Liability Insurance

If your business operates under a DBA name and manufactures, distributes, or sells products, it is important to consider product liability insurance. This coverage protects against claims related to bodily injury or property damage caused by a product you create or sell. Product liability insurance can cover legal expenses, settlements, and judgments resulting from product-related claims, ensuring your business is protected from potential financial losses.

5. Property Insurance

Regardless of the DBA name, your business needs proper property insurance to protect your physical assets, such as buildings, equipment, inventory, and supplies. Property insurance provides coverage against damage or loss due to events like fire, theft, vandalism, or natural disasters. Ensure that the coverage is sufficient to protect the assets associated with the DBA operations.

6. Cyber Liability Insurance

In today’s digital landscape, businesses are increasingly vulnerable to cyber threats. If your DBA name is associated with online activities, e-commerce, or the storage of sensitive customer data, consider cyber liability insurance. This coverage helps protect against data breaches, cyberattacks, and other cyber risks. It can cover costs related to data recovery, legal expenses, notification requirements, and potential liability arising from a cyber incident.

Operating a business under a DBA name offers flexibility and branding opportunities, but it is important to ensure that your business is adequately protected by insurance. Assess the unique insurance needs of your DBA operations, including general liability, professional liability, product liability, property insurance, and cyber liability insurance. Working with an experienced insurance professional can help you navigate the complexities and select the right coverage for your DBA name. By securing comprehensive insurance, you can protect your business, mitigate risks, and operate with confidence under your chosen DBA name.

Video Transcript

Can insurance be under your DBA name? In other words, let’s say you have a business and you also have a DBA, and you want to set up an insurance policy under the DBA.

Is that possible, and how does that work? That is the topic I am discussing today. I am Aaron Hall, an attorney for business owners and entrepreneurial companies, and this channel is general educational information to help business owners avoid legal problems and have great companies.

Can You Set Up an Insurance Policy for the Dba?

All right. So imagine you have an LLC, and you set up a separate DBA. Can you set up an insurance policy for the DBA? Well, you can have an insurance policy for the LLC, but a DBA is just a name. So it doesn’t need a separate insurance policy. A DBA is simply a name for an LLC. It is an alias. It is a nickname. It is a shortcut. So a DBA is not a separate entity.

It doesn’t keep its own accounting books. It doesn’t have its own bank account. It doesn’t file separate taxes. A DBA is not a separate business entity. It is merely a nickname for your business entity. So what is kind of cool about this with a DBA is you could have a business called Jenny’s Tractor Company and then Jenny could also create a DBA called Jenny’s Car Repair Company. That could be a DBA for Jenny’s Tractor Company. In other words, it is still the same company, but more for marketing or branding purposes. The original name didn’t quite work, so she just added a new name.

So when you have a business entity, you can either change its name or just add DBAs, which are adding nicknames essentially. So back to the original question. Can insurance be under the DBA name? The answer is no. Insurance companies want to know what is the entity that they are ensuring. Now you can tell them all the nicknames or all the DBAs that the company has, and that is fine.

Insurance companies like to know that. But there is only one entity. There is only one LLC. So a nickname doesn’t need a separate insurance policy if the original LLC is insured. So to answer your question, you really can’t have insurance under a DBA Name and insurance for the LLC or the business entity, and then you can have as many DBAs as you want.

I am Aaron Hall, an attorney for business owners. If you have other questions like this, you are welcome to put them in the comment section below. You can subscribe if you want to see the questions I am answering for other business owners on the channel. And then if you are interested in avoiding common legal problems encountered by new business owners so you don’t go through the same problems that other business owners have.

You can get a free handout from me. It is available at aaronhall.com/free . It is a free PDF, and then there are some attached videos that will be sent to you. Again, no charge for this. It is all educational to help business owners avoid common legal problems so that they can grow a successful company and experience a successful life.

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General Liability Insurance: What It Is, Best Options for Small Businesses

Rosalie Murphy

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Table of Contents

Best general liability insurance providers

How general liability insurance works, what businesses need general liability insurance, general liability insurance costs, general liability insurance policy limits, other business liability insurance coverage you might need.

General liability insurance is a kind of business insurance that helps protect a business financially if it harms or is accused of harming a person or their property.

Businesses of all sizes, from sole proprietors to corporations, typically need commercial general liability insurance coverage. All major commercial insurance companies sell business liability insurance, either on its own or as part of a business owner’s policy .

Here are some of the best options for small-business owners to get general liability insurance, as well as how it works and additional details on coverage.

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All business insurance providers typically sell general liability insurance. The best providers let you get a quote and purchase a policy online so you can get the coverage you need fast. NerdWallet recommends getting quotes from several different providers so you can find the best coverage at the best price.

Best for: Buying a business owner’s policy.

Chubb’s BOP is available online to businesses with less than $1 million in revenue. In addition to business interruption insurance, Chubb’s policy includes extra expense coverage, which could help buoy your business as you recover from an accident or disaster. Chubb also had fewer complaints about general liability insurance filed with state regulators than expected given its market share, according to NerdWallet's analysis. Read NerdWallet’s review of Chubb small-business insurance .

Next Insurance

Best for: Buying general liability insurance online.

If you need general liability insurance quickly, you can get a quote and buy a policy online in minutes from Next. The company says its general liability insurance policies start at $11 per month, and product liability coverage is included. Read NerdWallet’s review of Next business insurance .

Best for: Liability coverage for a specific event or temporary period.

Thimble offers general liability insurance by the month or for individual events, making it a good option for businesses who want coverage mainly to comply with contractual requirements. The company says it sells policies starting at $17 per month. Read NerdWallet’s review of Thimble business insurance .

Best for: Industry-specific business insurance.

Nationwide earned top marks for customer satisfaction in J.D. Power’s 2023 Small Commercial Insurance Study. [0] J.D. Power . 2023 U.S. Small Commercial Insurance Study . View all sources In addition to general liability insurance, Nationwide offers specialty coverages like surety and fidelity bonds, which may be important for construction companies, cleaning businesses and other specialty firms. You can get a quote online, but you’ll have to work with an agent to buy a policy. Read NerdWallet’s review of Nationwide business insurance .

The Hartford

Best for: Working with a business insurance agent.

Business insurance agents get to know your company and can shop around for the coverage you need. If you’d rather work with a professional than buy insurance on your own, start by getting a quote from The Hartford. You can get a quote for general liability insurance and other types of coverage online, then connect with a business insurance agent near you . Read NerdWallet’s review of The Hartford business insurance .

Best for: Businesses that need professional liability insurance, too.

Hiscox offers general liability insurance, like all business insurance companies. But if you give advice to clients for a fee, you should have professional liability insurance, too. Hiscox’s policies cover work done anywhere in the world. You can get a quote for and buy both types of liability insurance online. Read NerdWallet’s review of Hiscox business insurance .

Commercial general liability insurance policies can pay out in cases of:

Third-party bodily injuries that occur on your property or as a result of an interaction with your business or employees. (This does not include injuries sustained by employees.)

Third-party property damage, or damage to someone else’s property caused by your business or its employees.

Personal and advertising injury. If your business says something publicly that prompts someone else to sue you for copyright infringement, libel or slander, general liability coverage can pay for your legal expenses and damages.

Specifically, general liability insurance covers your legal costs if someone accuses your business of causing these kinds of harm. It can also cover medical payments for injuries that happen on your property, regardless of whose fault the injury was or whether a legal claim is filed.

General liability insurance policies also typically include some product liability insurance coverage, which provides protection against claims that a product your business manufactured, delivered or sold caused harm to a person or property.

NerdWallet recommends that all businesses carry general liability insurance. It provides a baseline level of protection that can keep your business afloat if you’re sued.

General liability insurance is not required usually by law. But your landlord, client or contractor may insist on it before they’ll work with you. That’s because if you’re responsible for an accident or injury but don’t have insurance coverage of your own, your landlord or client’s insurance policy may have to cover the costs — driving up their future premiums.

In order for general liability insurance to cover you, you’ll need to have a policy in place at the time an accident happens. Some policies provide retroactive coverage even after you stop paying premiums, though.

» MORE: Does your business need insurance?

When to consider a business owner’s policy

General liability insurance is often packaged with business property insurance and business income insurance in a business owner’s policy. You may need those other types of coverage if:

You rent space or own a building.

You’ve invested in inventory or costly equipment.

A disaster or accident would force your business to close, cutting off revenue.

If you need business property and business income insurance, a BOP is a good choice that may help you save money.

General liability insurance has a median premium of $42 per month, according to insurance marketplace Insureon.

But general liability insurance costs can vary widely depending on what your company does, where you’re located, how many employees you have and whether you have prior claims. For instance, Next says a yoga teacher pays a median monthly premium of $15, whereas general liability insurance for contractors comes with a monthly bill of $88.

General liability insurance policies typically include two numbers: the per-occurrence limit and the aggregate limit. The higher your limits, the more expensive your premiums will typically be.

The per-occurrence limit is the maximum amount the insurance company will pay out for a single claim. A typical general liability policy includes a per-occurrence limit of $1 million, which includes both legal and settlement costs.

The aggregate limit is the total amount the insurer will pay out in a single year. A typical general liability policy includes an aggregate limit of $2 million. The aggregate limit refreshes every year if you have an occurrence-based policy.

Businesses often need several types of business insurance . Typically, general liability insurance does not protect business owners in cases of:

Harm that results from inadequate performance. Instead you’ll need professional liability insurance , also called errors and omissions insurance . This coverage can protect a business that performs a service — think accountants, lawyers, doctors and architects — if they’re sued by a client who thinks they were negligent or made a mistake that resulted in harm.

» MORE: General liability insurance vs. professional liability insurance

Injuries your employees suffer on the job. The part of a general liability policy that covers bodily injury liability only applies to third parties, not to employees. Instead, workers’ compensation insurance pays for medical costs, physical therapy and lost wages while an employee recovers from a workplace injury.

» MORE: General liability insurance vs. workers’ compensation insurance

General liability insurance is coverage that protects your business if you or your employees are accused of injuring a third party, damaging their property or harming their reputation.

General liability insurance covers legal and settlement costs if a third party sues you for bodily injury, property damage, copyright infringement, libel or slander. It can also cover medical expenses for third parties injured on your property or in the course of operating your business.

General liability insurance has a median cost of $42 per month, according to insurance marketplace Insureon. But coverage may be cheaper for low-risk businesses: Next’s policies start at $11 per month, and Thimble sells policies starting at $17 per month, according to those companies.

In general, all businesses should have general liability insurance. It’s not typically required by law, but the business that hired you as a contractor, your clients or your landlord may insist that you carry it.

Business insurance ratings methodology

NerdWallet’s business insurance ratings reward companies that offer small-business owners reliability and ease of use. Ratings are based on weighted averages of scores in several categories, including financial strength, customer complaint data, shopping experience and customer service. Learn more about how we rate small-business insurance companies .

These ratings are a guide, but insurance policy details and prices can vary widely from business to business and provider to provider. We encourage you to shop around and compare several insurance quotes.

NerdWallet does not receive compensation for any reviews. Read our editorial guidelines .

Insurer complaints methodology

NerdWallet examined complaints received by state insurance regulators and reported to the National Association of Insurance Commissioners in 2018-2021.

To assess how insurers compare to one another, the NAIC calculates a complaint index each year for each subsidiary, measuring its share of total complaints relative to its size, or share of total premiums in the industry. To evaluate a company’s complaint history, NerdWallet calculated a similar index for each insurer, weighted by market shares of each subsidiary, over the three-year period.

Our star ratings consider ratios for both general liability insurance and commercial property insurance. When an insurer sells policies that are underwritten by several different insurance companies, we consider the NAIC complaint ratios of all the underwriters.

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General Liability Insurance

I want to get a general liability quote:

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What is general liability insurance coverage?

A general liability insurance policy — also known as business liability insurance — protects businesses from claims that result from normal business operations. Get a business liability insurance policy for protection from bodily injuries, medical payments, advertising injuries, and more.

GEICO can help small business owners and contractors get the coverage they need with a general liability insurance quote.

What does general liability insurance cover?

This liability insurance protects your small business from claims that occur during your normal business operations, such as:

  • Property damage
  • Physical injury
  • Defense costs
  • Personal and advertising injury

How much is general liability insurance?

The cost of general liability insurance is based on your specific business needs. Your business is unique, and so are the risks. Factors that influence the cost include:

  • Type of work
  • Number of employees

GEICO can help you get an insurance policy with the right coverage at a great price. Start your general liability insurance quote now .

Common terms to know when shopping for liability insurance.

Property Damage

Protects you from claims costs if you damage someone else's property.

Medical Payments

Payments for accidents that occur on your premises or because of your operations, such as a customer slipping on a wet floor. This is regardless of who is at fault.

Personal & Advertising Injury

If you're sued for libel and slander, this could provide coverage for those claims.

Who needs general liability insurance coverage?

Each business is different, so make sure you're covered with liability insurance for your needs. Examples of businesses that use general liability insurance are:

  • Artisan contractors
  • Small business owners
  • Landscaping companies
  • IT contractors
  • Real estate agents
  • Janitorial services

Check out our insurance for small business page to learn about small business coverages . If you still need guidance on whether general liability insurance is right for you, we're here to help. Contact our licensed agents with any of your concerns or questions.

Should you get general liability insurance for your LLC?

While an LLC provides some protection from personal liability for members, the protection is not absolute and your business can still be sued. General liability insurance for your LLC helps protect your small business from the consequences of third-party claims for injury or property damage.

Does your company need a different type of liability insurance coverage?

Being properly insured with business liability insurance is the best way to protect your company. We're here to help. Here are a few examples of companies that may be better suited to our other business insurance products

  • Your company provides professional services (e.g., education and training)
  • You rent or own a storefront
  • You use vehicles to transport goods, yourself, or employees

Additional Coverages to consider with your BOP Insurance? GEICO can help.

This 2-in-1 policy includes general liability plus protection for your property. It can cover:

  • Business location, merchandise, store contents, and equipment
  • Business interruption expenses and loss of income
  • Cases where someone is hurt on your premises

Example: A fire damages your office. A BOP could cover repairs to your office and help pay your employees' wages while business is interrupted.

Get a Quote

We often recommend professional liability coverage to go with general liability or a BOP.

  • This covers certain professional and personal services, in case you're sued for negligence or for the advice you give clients
  • It's often known as Errors and Omissions Insurance

Example: A client sues a hair stylist for allegedly giving them the wrong cut and color. Professional liability insurance could cover legal defense costs.

A personal auto policy is not enough to cover vehicles used for business. Commercial auto insurance can:

  • Cover business uses that personal auto policies don't include
  • Offer more liability coverage to protect you
  • Includes cars, pickup trucks, box trucks, and more

Example: On a job site, a carpenter accidentally backs into the homeowner's car. Commercial auto insurance could cover the damage.

Protects businesses from losses from computer-related attacks, such as malware, phishing, ransomware, or stolen personal data.

This helps provide financial protection for job-related:

Protection against claims of negligence of mistakes which cause bodily harm to another and is usually carried by:

  • Physical Therapists
  • Other medical professional

Protects healthcare professionals against claims of injury and medical negligence.

Need to speak with us about liability insurance coverage?

You can reach us at (800) 841-1621 .

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General Liability Insurance: Frequently Asked Questions

  • How can I manage my liability insurance policy? The Geico Insurance Agency makes it easy to talk directly with an insurance professional who can help you manage your general liability insurance policy.
  • Do you sell other business insurance products? Yes! Whether you're a small business just getting started or looking for better insurance rates, GEICO can help. Answer a few short questions about your business so we can help narrow down the search with you.
  • Do you have any information about starting a new business? Sure, we do! Here are 6 smart tips about starting a new business.
  • Is my small business properly covered? For most small businesses, general liability insurance is recommended. Beyond that, it depends on your unique situation. Common types of business insurance include workers' compensation, commercial auto, and/or professional liability insurance as well. Learn more about what insurance your business needs .

Please note:

The above is meant as general information and as general policy descriptions to help you understand the different types of coverages. These descriptions do not refer to any specific contract of insurance and they do not modify any definitions, exclusions or any other provision expressly stated in any contracts of insurance. We encourage you to speak to your insurance representative and to read your policy contract to fully understand your coverages.

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GEICO has no control over the privacy practices of these insurance companies and assumes no responsibility in connection with your use of their websites. Any information that you directly provide to one of these insurance companies is subject to the privacy policy posted on that insurer’s website. All business products offered are written on an admitted basis.

General Liability coverages are written through non-GEICO insurance companies and are secured through the GEICO Insurance Agency, LLC . The information you provide will be shared with our business partners so that they can return a quote. We can help you secure business insurance in all states except Hawaii.

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Assumed Names (DBA): Insurance Compliance

Assumed Names (DBA): Insurance Compliance

02 aug, 2021 published date, by isa hastings, 5 minutes read time, company type, making producer management a growth opportunity.

business insurance for dba

When it comes to insurance compliance, keeping state requirements straight can feel a bit like herding cats. Sure, maybe you’ve got your producer licensing requirements under control, but have you been keeping track of your “Doing Business As” (DBA) requirements? Do you even know if the states you operate in have DBA requirements?

What’s DBA, anyway? 

We know, we know. The insurance industry is filled with so many acronyms that sometimes it’s tricky to keep track of what’s what. In fact, sometimes the insurance industry uses the same acronym for different things. It’s confusing but we’re here to help. 

DBA is a great example of a dual-use acronym. Sometimes it refers to the Defense Base Act , which extends the worker’s compensation program to cover claims for defense-related employment overseas. Other times it refers to “doing business as” (DBA), which describes when a business chooses to operate under a name different from its legal name. 

For the purposes of this article, we’re going to be talking about the second use of DBA – “doing business as,” which is sometimes referred to as the “use of fictitious names” or “also known as” (AKA).

Why would a business want to operate under a different name? 

At face value it sounds a bit sketchy. But actually, tons of businesses choose to use a DBA – both in insurance and other less exciting industries – and some states even require it. 

Reg and White mug

For reference, there are currently 261,113 DBAs registered in the state of Colorado. 

That’s a lot of businesses choosing to operate under an alias. And while we’d like to think all these companies are espionage agencies trying to protect their good-hearted secret agents as they defend the world from all that’s big and bad, the reality of why DBAs exist is admittedly a tad more mundane. 

We’d hate to say it’s all about taxes and marketing, but it is – largely – about taxes and marketing. 

If an insurance agency uses a DBA, then commissions paid out by carriers can go to the DBA. That means part of the commission goes to shareholder distributions and part of it goes into DBA branch expenses, thus opening up different tax strategies for the agency.  

While tax breaks are a nice perk, DBAs are also great for marketing purposes. DBAs have the power to make an agency look local. For instance: A principal company in Georgia might want to set up an agency branch in Hawaii. That Georgia company could – theoretically – register a DBA with the Hawaii Secretary of State as “Best Hawaii Insurance Agency” to add a little local flair. 

What does this have to do with regulatory requirements? 

With all things insurance, states have the ability to place requirements on the companies that operate within them. That includes when it comes to the names they use when they conduct insurance-related activities. 

For instance, if an insurance agency wants to create a DBA in Hawaii called “Best Hawaii Insurance Agency,” they may run into trouble. 

While Hawaii allows the use of DBAs, it’s discouraged. Additionally, DBAs must be approved by the Hawaii Insurance Division and there’s a good chance they won’t like the name “Best Hawaii Insurance Agency.” It could, for instance, be perceived as deceptive, in which case the Hawaii Insurance Division won’t let it fly.

Alternatively, some states, like New Mexico, require a DBA for agencies with the same name or too similar of a name to an existing registered agency. 

And still more have restrictions about using specific words in names. For instance, if an agency is formed in Georgia and called “Super Cool Annuities and Insurance,” and then they branch out to Arizona who has restrictions on using “annuities” or “insurance” in names, then they’ll want a DBA. Arizona requires advertising to have a massive disclosure statement if a company uses particular words in their names. Super Cool Annuities and Insurance might want to create a DBA in Arizona to avoid needing to add disclosures under their logo on business cards and marketing material. 

But the key here is that all states are different . So it’s important to check in on the requirements for each state within which you operate. If you’re ever unsure, the National Association of Insurance Commissioners has this lovely table that’ll give you the most up-to-date information on whether or not a DBA is an option for your company in the state within which you’d like to have it established. 

How do I file a DBA? 

Unfortunately, there just isn’t a consolidated system. Each state has its own process and forms that, in some instances, you have to fax – yes, fax – to the Secretary of State. We don’t like the sound of that either but, c’est la vie. 

For more information on the ins and outs of the insurance industry, check out our Insurance 101 series where we detangle some of the core principles in insurance regulation.

And, for help keeping up with state-by-state regulatory differences, see how AgentSync is transforming the producer management cycle .

Assumed Name/DBA FAQs

Is an assumed name and dba the same thing.

An assumed name is also called a DBA (doing business as) name.

What is an assumed name certificate?

An assumed business name certificate — also known as  a fictitious business name statement  — is pretty much what it sounds like. Similar to how a certificate of good standing works, This document serves as proof your company does, in fact, have the legal right to use that name.

How do I file a DBA?

Unfortunately, there just isn’t a consolidated system for filing a DBA. Each state has its own process and forms that, in some instances, you have to fax – yes, fax – to the Secretary of State.

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DBA insurance icon.

Defense Base Act (DBA) Insurance

International Workers’ Compensation Coverage

What is DBA Insurance?

Defense Base Act insurance, or DBA insurance, is a law that requires insurance coverage for employees working on a US Government contract outside of the United States. Benefits workers can get from DBA include:

  • Disability compensation
  • Coverage for medical expenses
  • Death benefits

Contractor truck driver reviews work route with manager..

Who is Covered Under DBA Insurance?

Is a subcontractor (Prime Contractor is responsible for ensuring that the subcontractor has required DBA insurance)

Works on public work contracts with any US government agency, including construction and service contracts in connection with national defense or with war outside the US

Works for the private sector on US military bases or overseas on lands or in territories used by the US for military purposes

Works on overseas contracts approved and funded by the US under the USAID Foreign Assistance Act

Works for American employers providing welfare or similar services outside of the United States for the Armed Forces

Get the Best Price for Your DBA Insurance

Clements works as an independent international broker and has access to all leading workers’ compensation insurers to find the best Defense Base Act policy for your organization.

Get Quotes from All the Top DBA Insurance Providers

Defense base act insurance benefits.

Statutory workers’ comp benefits paid to employees, their dependents or medical providers in case of job-related fatalities or injuries

Benefits are paid regardless of employer’s responsibility for the injury

Employer’s liability coverage for suits arising from work-related injury or illness, including negligence claims

Types of DBA Coverage Provided

Medical: Any government contractor who gets injured on the job is entitled to medical treatment by a physician of their choice or as the injury requires.

Burial Benefits

Indemnity for Loss of Wages and Income: Whether you were severely injured or killed while on the job, you can recover a portion of your wages.

  • Disability Benefits: Compensation for total disability is 2/3rds of the employee’s average weekly earnings. In some cases, disability compensation can be paid out for life. Employees can get up to 2/3rds of their weekly earnings, up to a current maximum of $1,726.98 per week. Compensation is also available for partial loss of earnings.
  • Death Benefits: Allows surviving spouses and/or children to collect partial earnings from the deceased employee. In some cases, beneficiaries can receive payments for life under DBA permanent total disability and death benefits coverage. These payments can also be subject to annual cost of living adjustments. Half of an employee’s weekly earnings are payable to the surviving spouse or to one child. Some may be eligible for 2/3rds of a deceased spouse’s earnings if there are two or more surviving family members.

No Benefit: If a contractor is killed on the job and they don’t have qualifying dependents like a spouse or children, they do not qualify for death benefits.

Additional Coverage to Consider

General Liability: Covers employees liable for bodily injury or property damage. It also reimburses medical expenses for injured parties. It also covers lawsuits alleging property damage or injury due to a contractor’s services.

Travel Accident Coverage: Provides 24/7 coverage for your employees outside of their home country, even if they go on vacation. Coverage can include everything from disability insurance to emergency medical evacuations.

Kidnap/Ransom : Covers employees in the event they are kidnapped. It can also cover the cost of crisis negotiations, extortion, ransom and illegal detention.

Life : Pays out an employee’s spouse or other designated beneficiary if they die. Qualifying events can vary between contracts. Speak with a Clements advisor to get more details.

Health : Covers in-patient, out-patient and emergency expenses for incidents that occur off the job.

Examples of Employees Covered Under DBA

Consultants

Project Managers

Facilities Maintenance Services

Educational Institutions

IT Providers/Professionals

Logistics Professionals/Support Services

Media Personnel

Healthcare/Medical Professionals

Security Guards

DBA Quote Checklist

Choose a qualified broker that has access to major carriers

Review the DBA application with your broker and provide supporting documents such as:

  • – Scope of work proposals
  • – Contract number/solicitation number
  • – Estimated payrolls

Give brokers these documents so they can present them to the insurance market

Have broker present quote options to you

Work with your broker to finalize the terms and choose your initial coverage carrier

Submit Your DBA Application

Defense base act insurance faqs, what does a defense base act insurance policy cover.

In general, Defense Base Act insurance coverage provides disability, medical, and death benefits to covered employees injured or killed in the course of employment.

What is the Difference Between DBA and Workers’ Comp Insurance?

Workers’ Compensation provides coverage for employees who get injured on the job. DBA acts as an extension of workers’ compensation insurance covering civilian employees working on US Government contracts overseas. DBA has special rules that govern its coverage policies. For instance, government contractors can only purchase DBA coverage from an insurer approved by the US Department of Labor.

While workers’ compensation laws can vary from country to country, DBA applies to US Federal Law, as all independent government contractors and government contracting agencies must obtain DBA coverage, including for locals and foreign nationals.

When is DBA Insurance Required?

You need Defense Base Act insurance for any public works contract you carry out overseas, unless you are operating in a waiver country and have obtained the local workers compensation scheme for your local national employees, or you have a waiver from the Secretary of the Department of Labor.

What Happens if I Don’t Obtain DBA Insurance?

Employers who don’t obtain DBA insurance could face steep penalties, including misdemeanor convictions, fines and possible jail time. For corporations, officers can be held responsible for not obtaining DBA benefits as stated under the law.

How Does a DBA Claim Work?

Notify your insurance carrier (or your claims administrator, if you’re self-insured) as soon as you become aware of an injury or death. Medical treatment should be authorized immediately if it is needed.

An Employer’s First Report of Injury, Form LS-202, must be filed with the OWCP within 10 days of the injury, if it causes loss of one or more work shifts. The Form LS- 202 may be filed electronically. Notice should be sent to DLHWC’s Central Case Create site below. This site creates cases for all new injuries, regardless of the location of injury or claimant’s home address. After the case is created, it is viewable electronically by the District Office with jurisdiction for the case.

U. S. Department of Labor Office of Workers’ Compensation Programs Division of Longshore and Harbor Workers’ Compensation 201 Varick Street, Room 740 Post Office Box 249 New York, NY 10014-0249

How Much Does DBA Insurance Cost?

The cost of your workers’ comp insurance depends on several factors, including but not limited to:

  • the location of your contract
  • the scope of the work involved
  • the size of your payroll
  • your DBA insurance loss history
  • the US government agency associated with your contract

Once the underwriter determines an effective DBA insurance rate, that rate equals the total cost of the payroll. To calculate your totals, use the equation below:

DBA Rate x Total Payroll = Annual DBA Cost

If you have a minimum cost or minimum premium due to small payroll exposure, this may not apply.

How Much Compensation Can Workers Collect on DBA?

DBA insurance lets government contract workers collect up to two-thirds of their weekly pay if they get injured on the job. While DBA doesn’t have a minimum compensation rate, the current maximum payout employees can receive is $1,030.78 per week. Weekly payouts are also available for partial loss of earnings. Additionally, DBA entitles injured employees to choose their own doctor when seeking medical treatment.

Is DBA Insurance an Allowable Cost?

Yes, DBA insurance is an allowable cost, but your reimbursement level may vary. Some contracts only allow for the most inexpensive plan technically acceptable, which generally only allow partial reimbursement. Other contracts list DBA coverage as a fully reimbursable expense. Clements has direct access to multiple carriers, so you can be certain you’re getting the lowest pricing.

Is DBA Insurance Required for Foreign Nationals?

Yes, foreign nationals are required to have Defense Base Act insurance. The exception would be if you are operating in a waiver country, and you have the local state scheme workers compensation. Individuals of any nationality may claim DBA benefits.

Can Workers Receive DBA Coverage in Hazardous Areas?

DBA coverage can also extends to government contractors stationed in hazardous areas internationally under the Special Dangers Doctrine. For instance, your DBA policy would cover your employees if you sent them base in Sierra Leone and they got injured in the building they were staying in due to poor housing conditions.

What is a DBA Waiver?

While government contractors must carry Defense Base Act (DBA) insurance, waivers allow both contracting agencies and independent contractors to purchase alternative workers’ compensation.

Who Can Qualify for a DBA Waiver?

Waivers must be approved by the Secretary of Labor. Waivers do not apply to US citizens, legal residents or any employees hired in the US. Check out the US Department of Labor’s website to learn more.

Those who can get approved for waivers include:

  • Local Country Nationals (as long as they’re not US citizens)
  • Third-Party Nationals (Non-US expats)

Additional Policies for All Your Needs

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Business Interruption Coverage

Keep your business financially stable during a crisis with a robust safety net. Find out how Business Interruption Insurance can allow your business to continue operations.

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Cyber Liability Coverage

Insure your business against cybersecurity threats. Discover how Cyber Insurance can keep your organization functioning, even amid a cybersecurity breach.

Helpful Resources

Find tips, trends, and perspectives to help you confidently make decisions and navigate challenges internationally with peace of mind. Read how you can live, operate, and manage risks abroad.

Minimizing Risk, Maximizing Impact: Critical Insurance Coverages for NGOs

When you’re running an international nonprofit or NGO of any size, the nonprofit

International Group Personal Accident Insurance: When DBA Coverage is Not Enough

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We are Here to Help

Still have questions? Fill out the form below and get in contact with a Clements Business Insurance Advisor today.

From quote to claim, our licensed account executives can service all your commercial insurance needs.

business insurance for dba

Business insurance: When you need it and when you don't

Business insurance can help your company survive unexpected challenges. Here is a breakdown of the types of business insurance and what you need for your business.

Business Insurance solutions for your small business

business insurance for dba

by   LegalZoom staff

Read more...

Updated on: February 6, 2024 · 11min read

What is business insurance?

When do you need business insurance, types of business insurance, what type of business insurance do i need, how much does insurance for a business cost, how to get business insurance, faqs about business insurance.

  • Insuring your small business' success

Every company faces some kind of risk—even the most careful ones. But owners can protect themselves with business insurance.

The right coverage can make or break a business. Theft or fire, for example, can cause devastating losses to businesses without insurance, and a personal injury lawsuit could leave you struggling to pay legal fees. Good insurance provides peace of mind.

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In this guide, we'll explain the ins and outs of insuring your business.

Business insurance protects companies from financial losses and liability after:

  • Employee illness and injury
  • Income losses
  • Property damage

Business insurance works like medical insurance and other types of coverage. First, businesses take out a policy based on their risks and potential losses. Then, after an incident, the business can submit a claim for coverage. Business insurance can also reduce legal liability.

What is business liability?

Business liabilities refer to debts and legal obligations your business owes now or in the future. More often than not, they refer to financial debts. Insurance can protect a business against these liabilities.

What's the difference between limited liability and insurance?

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Limited liability companies (LLCs) protect owners from lawsuits and financial debts. The “limited liability" in the name refers to this protection. Liability insurance coverage refers to a policy you take out on your business. Here is more on the distinction:

  • Limited liability  protects owners from a business' debts and fines. For example, if an LLC goes bankrupt, owners won't have to use personal assets to pay the debts.
  • Insurance  protects businesses from liabilities and debts they incur. It also offers businesses financial protection from natural disasters, data theft, and some lawsuits.

To decide whether you need business insurance, ask yourself two questions:

  • Does your business have property—including inventory, computers, and other equipment—that you could not easily afford to replace? If your only business property is a laptop, you may not need to insure it. But insurance is a must if you have tens of thousands of dollars of store inventory.
  • Is there a reasonable chance your business could get sued for a substantial amount of money? For example, you might face a lawsuit if someone has an accident on your premises, if you suffer a data breach, or if an item you make or sell is defective and injures someone.

If you answered yes to either of these questions, commercial and legal business insurance would help you minimize risk.

The best type of business insurance depends on your business model. "Business insurance refers to a broad set of insurance coverages that protect businesses against loss or damage from different types of risks," says Chris Rhodes, chief insurance officer at  NEXT Insurance .

“Depending on your business activities and operations, your business insurance package might include a combination of a few different insurance products, such as general liability, workers' compensation, and property insurance," he says.

To narrow down your options, we'll explain the different types of business insurance.

business insurance for dba

Types of liability insurance

Limited liability insurance covers legal or medical fees when you're held responsible for damages. The main types include:

  • General liability insurance  covers your obligations and legal defense for accidents, injuries, and negligence. Contrary to popular belief, home-based businesses need liability insurance because homeowners' policies do not protect against business liability risks.
  • Professional liability insurance , also known as errors and omissions insurance, protects people in service occupations from liability for negligence or malpractice in performing their professional duties.
  • Product liability insurance  coverage protects manufacturers, wholesalers, distributors, and retailers. People who make and sell products may face liability if a product is unsafe and injures someone.
  • Employment practices liability insurance  protects companies from employment-related claims such as wrongful termination or discrimination.

Types of commercial property insurance

Commercial property insurance protects your physical assets and offers financial support after they face damage. You can purchase different policies like:

  • Property insurance  reimburses you if your property gets damaged or destroyed due to fire, storm, or theft. If your business is home-based, find out if your homeowners' policy will cover your business property.
  • Vehicle insurance  covers damage to—or caused by—vehicles used for business purposes.

Types of business income insurance

You can compensate for lost income with insurance such as:

  • Business interruption insurance  can help cover the cost of relocating, paying employees, and paying rent if you have to move or shut down because of a fire or other event. Some insurers refer to it as business income insurance.
  • Extra expense insurance  pays for unusual expenses after a disruptive event affects your workplace. The funds typically go toward repairs and property replacement.

Other types of business insurance

Other common types of business insurance include:

  • Workers' compensation insurance  pays for lost wages and medical care for injured employees. Almost all states require workers' compensation for employers with more than a certain number of employees.
  • Identity theft insurance , also called data breach insurance, provides liability coverage to businesses that suffer a data breach. It may also cover the cost of notifying and providing services to customers who are victims of identity theft.
  • Umbrella insurance  extends your coverage to losses exceeding other policies' limits.
  • Business Owner's Policy (BOP)  is a broad policy that includes general liability, commercial property, and business interruption insurance. This is a popular option among the types of insurance for small businesses.
  • Home-based business insurance  covers property damage and business liability for companies that run out of an owner's home.

The insurance your business needs depends on its structure, industry, and stage of development.

What insurance do I need to start a business?

Assuming your business will go on to hire employees and grow, you need:

  • General liability insurance
  • Professional liability insurance
  • Workers' compensation insurance

These policies cover the most common expenses growing businesses encounter. Many blanket policies include these types of insurance, which can lower your overall bill.

What insurance do I need to sell a business?

If you want to sell your business, the right insurance can lower investors' risk. This boosts the value of your company and helps seal the deal. When selling, you need:

  • Representations and warranties insurance:  Protects against losses caused by sellers breaching an acquisition or merger agreement.
  • Tail coverage:  Protects your business from claims reported after your insurance expires.

These policies help ensure a smooth transition and give buyers the most protection during an acquisition.

Do I need business insurance for an LLC?

Even though LLCs give owners liability protection, you still need insurance. Additionally, great coverage can protect your business in high-risk fields like construction and agriculture. Even low-risk industries run the risk of:

  • Workers' compensation payments
  • Equipment damage
  • Legal liability

Running your LLC without company insurance is like going without health care. You may not expect an illness or injury, but the insurance can save much more money in the long term. Even simple, low-cost business insurance for an LLC beats no coverage at all.

Do I need business insurance for a sole proprietorship or partnership?

Government entities treat sole proprietorships and partnerships as disregarded entities, meaning the business and the owner are the same for legal purposes. As such, owners are personally liable for all business activities. In these cases, you need liability insurance to protect your personal assets.

Do I need business insurance for a corporation?

Because C and S corporations operate on a larger scale than other business types, you have extra liabilities to consider. Instead of investing in one blanket policy, take out insurance designed to cover your most important activities. While this costs more upfront, it can save substantially more than you invest.

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While small business insurance costs $500–$1,000 a year, larger businesses spend 1%–3% of their income on insurance. Small businesses may also invest in fewer broad policies like a BOP. Meanwhile, enterprises take out several more specific policies. The amount you pay may increase based on your:

  • Business size
  • Number of employees
  • Past claims
  • Types of coverage
  • Deductibles
  • Coverage and deductibles
  • Your business property
  • Sales revenue

By evaluating your risks, choosing appropriate coverage, and staying on top of the claims process, you can give your business the protection it needs. You can break this process into four steps:

business insurance for dba

1. Contact an insurance agent

Contact an insurance agent specializing in businesses that share your structure or field. While owners can conduct their own research, an agent will offer valuable insight and expertise. In addition, insurance agents can route you to the best policy options much faster.

2. Narrow your options

As with most things, it pays to shop around. However, beware of choosing the cheapest insurance or eliminating certain types of coverage to save money. Policies at different price points offer varying degrees of coverage.  Ask yourself :

  • What coverage does your business need?
  • How much are you willing to spend?
  • Are there additional terms you want in your policy?

By deciding on your nonnegotiables, you can narrow down your policy options.

Since we know this is a need for many of the business owners we work with,  we partner with trusted insurance providers  so you can easily review tailored and affordable options for your business.

You can also shop online for business insurance. Many insurance carriers offer 100% digital options for you to quickly get the coverage you need.

Note:  A bare-bones policy may not protect you if you have to make a claim. Worse, many policies have "coinsurance" clauses that may lead to only a partial payment if the insurance company determines you were underinsured.

3. Assess your risk

Research the kinds of accidents and legal liabilities companies in your field face. Construction teams should invest in workers' compensation due to the risk of injury. On the other hand, financial firms need to protect against legal liability if they mismanage funds.

You should also choose a policy that protects against natural disasters common in your area. For example, businesses in California should invest in wildfire insurance. Conversely, Florida businesses need hurricane protection.

By anticipating these risks, you can find liability insurance coverage suited to your needs.

4. Buy insurance

Once you've found the right policy, you're ready to buy. Be sure you know what your insurance covers, and ask your agent for clarification as you need it. To purchase insurance, bring relevant information like:

  • Your business' tax ID number
  • Business registration or incorporation forms
  • A list of assets and liabilities
  • Employee information
  • Deeds, licenses, and other documents you need to operate

Finally, when your policies come up for renewal, check out the competition to make sure you're getting the best deal.

Still not clear on where to start with insuring your company? We've answered some of the most common questions about business insurance.

What are the most common types of business insurance?

While different businesses prioritize unique types of coverage, the most popular options include:

  • General liability
  • Professional liability
  • Product liability
  • Workers' compensation
  • Data breach or cyber liability
  • Commercial property
  • Business income
  • Business owner's policy

What is the best time to buy business insurance?

Businesses should switch policies or invest in new insurance after changing their structure or operations. This can occur when a company:

  • Introduces a new product or service
  • Switches to using new equipment
  • Transfers to another state
  • Conducts a hiring surge
  • Lays off a large portion of their staff
  • Experiences a dramatic change in cash flow

Do all businesses have insurance?

Almost all businesses have some insurance. Depending on state law,  sole proprietors  with no employees or contractors may not need insurance. However, most of these businesses still invest in coverage. Additionally, federal law requires that all companies with employees pay for:

  • Unemployment insurance
  • Disability insurance

How much would $1,000,000 liability insurance cost?

You can get liability coverage of $1 million for a few hundred dollars a year. This cost may go as high as $1,000 a year if you:

  • Retain a large staff on payroll
  • Work in industries with high exposure to risk
  • Have a long history of insurance claims

Do I need LLC insurance in every state I operate?

Most business insurance policies offer coverage over state lines. So any liability insurance for an LLC you get in one state will apply in others.

Insuring your small business' success

Business insurance and liability protection can make or break startups or large enterprises. While owners should always plan for success, investing in or reevaluating your business insurance can provide the coverage you didn't expect to need. In short, insurance gives you the resources needed to bounce back from any hurdle.

If you do have to make a claim, be sure to provide complete and accurate information, file your claim right away, and consider seeking  legal advice  if your claim is denied.

By evaluating your risks, choosing appropriate coverage, and staying on top of the claims process, you will help ensure that your business has the protection it needs when it needs it.

Unlock the potential of your business with special offers from LegalZoom’s trusted partners . Discover a wide range of services, from business banking and insurance to websites and payment systems. Let LegalZoom’s partners help you turn your big idea into a big business.

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The 10 best insurance companies for small businesses

Running your own business can be satisfying with the perks of being your own boss, higher potential of success, and independence. But it also has its own challenges and stresses. One of the most significant challenges is protecting your business from liabilities or losses, which is why small business insurance is so important. Whether you’re the victim of a data breach or a customer is injured on your premises, the right insurance policy provides peace of mind and keeps your business operational.

To help you find the best insurance for your company, we evaluated 22 insurance companies based on their available coverages, customer service and financial stability ( view our full methodology ) and identified the top 10 small business insurers.

The 10 best small business insurers of February2024

  • Best overall: State Farm
  • Best for customer service: Nationwide
  • Best for financial stability: Chubb
  • Best for commercial auto coverage: Allstate
  • Best for coverage add-ons: The Hartford
  • Best for landlord coverage: American Family
  • Best for data breach or cyber insurance: Travelers
  • Best for policy discounts: Farmers
  • Best for home-based businesses: The Hanover
  • Best insurance marketplace: CoverHound

Whether you’re a solopreneur or you manage a growing team, running your own small businesses is a booming trend. The Economic Innovation Group reported that Americans submitted 5.5 million new business applications in 2023, an increase of 8% from the prior year. 

For new business owners and those who have been managing a company for years, it’s a good idea to shop around periodically and review your business insurance needs to ensure you have adequate coverage. To help you get started, here are our picks for the best small business insurers of 2024.

1. Best overall: State Farm

About: Founded in 1922, State Farm has been providing insurance coverage for over 100 years, and it has an outstanding reputation in the insurance industry. It has the highest-possible AM Best Financial Strength Rating of A++, signaling its financial stability and reliability, but it also stands out due to its innovative products, award-winning mobile app, online platform, and other tools. And it also has high scores for customer support. 

  • Am Best Rating: A++ (Superior) 
  • J.D. Power Customer Satisfaction Index Ranking: 2nd out of 13 issuers
  • Number of Small Business Products: 14 small business insurance products and add-ons
  • Customer support:  State Farm’s customer support is available via chat or phone, or you can contact a local agent; State Farm has over 19,000 agents in the U.S. 

Our verdict

State Farm is best for companies in a broad range of industries, from bakeries to plumbing. It is particularly useful for newer companies or business owners who are unsure of what kind of coverage they need; State Farm has several tools— including a simple online quiz— that can help you identify what insurance products and add-ons are right for your business. State Farm has comprehensive solutions, including coverage for liabilities, property, employees and even life insurance for the business owner. 

2. Best for Customer Service: Nationwide

About: Nationwide has been in operation since 1925, and it provides customers with a variety of insurance products, including both personal and business coverage options. For small business owners, Nationwide offers a broader-than-usual range of insurance solutions, including business liability coverage, workers’ compensation insurance and commercial umbrella policies. 

  • Am Best Rating:   A (Excellent) 
  • J.D. Power Customer Satisfaction Index Ranking: 1st out of 13 issuers
  • Number of Small Business Insurance Products: 14 
  • Customer support:  Nationwide allows business owners to get quotes online, or you can connect with an agent over the phone or in person. 

Our verdict 

Nationwide is best for small business owners with fewer than 100 employees and under $5 million in revenue because that’s the company’s requirements for its business owners policies (BOPs).  BOPs are packages of coverage that combine business liability, commercial property, business income and equipment breakdown insurance into one policy. 

Nationwide has an outstanding reputation for customer service, and you can reach customer support in several different ways. Additionally, the company has many optional add-ons you can use to customize your policy for added protection. 

3. Best for Financial Stability: Chubb

About: Chubb is a major insurer for both small and large businesses. It has a separate website and division for small businesses, with products specifically designed for small business owners, such as BOP and general liability coverage. 

  • AM Best rating: A++ (Superior) 
  • J.D. Power Customer Satisfaction Index Ranking: 9th out of 13 issuers
  • Number of small business insurance products: 7
  • Customer support:  You can contact Chubb customer support through a local agent or by phone.

As a business owner, you hope your business will be in operation for years to come, so you want to know your insurer will be able to protect you for the long-term. Chubb has the highest-possible AM Best rating of A++ (Superior), indicating that it should be able to honor any claims today and in the future.

4. Best for Commercial Auto: Allstate

About: Allstate is known for both its personal and business insurance, but it may be an especially appropriate choice for those who need commercial auto coverage. Allstate insures a wide variety of vehicles, including box trucks and service utility trucks. 

  • AM Best rating:   A+ (Superior)
  • J.D. Power Customer Satisfaction Index Ranking: 5th out of 13 issuers
  • Number of small business insurance products: 6
  • Customer support: Customer service is available through a local agent, phone or online chat. 

If you have a fleet of commercial vehicles for deliveries, moving inventory or shipping supplies, Allstate can provide necessary protection. Through Allstate, your vehicles will be protected with liability, collision, comprehensive and uninsured/underinsured motorist protection. Plus, you can also get rental car coverage to keep your business in operation if one of your vehicles is damaged in an accident 

5. Best Coverage Add-Ons: The Hartford  

About: The Hartford is a leading commercial insurance provider, offering both commercial business insurance and employee benefits. The Hartford has robust coverage options, including specialized insurance policies for a broad range of industries and optional add-ons you can use to customize your coverage. 

  • AM Best rating: A+ (Superior)
  • J.D. Power Customer Satisfaction Index Ranking: 10th out of 13 issuers
  • Number of small business insurance products: 17
  • Customer support:  The Hartford’s customer support is available through phone or local agent.

The Hartford is an insurance company best-suited for business owners in specialty industries, such as shipping companies that send goods overseas or those that operate in areas prone to flooding; the Hartford has commercial flood insurance and inland marine insurance options, which aren’t commonly found from all insurers. 

6. Best Landlord Coverage: American Family

About: American Family has been in operation since 1927, and it sells personal, business and farm and ranch policies. For landlords that rent out houses, condos or apartment buildings, American Family has unique options to protect your building structures, and offer liability coverage. 

  • J.D. Power Customer Satisfaction Index Ranking: 7th out of 13 issuers
  • Customer support:  You can reach American Family’s customer support through an agent or by phone. 

Getting adequate coverage as a landlord can be challenging, so American Family may be a valuable resource. Its complete coverage option for landlords provides comprehensive insurance, and includes an extensive loss control program to reduce potential losses in the future. 

7. Best for Data Breach or Cyber Insurance: Travelers

About: Travelers has a longstanding history and presence globally; it operates offices and has agents in the U.S., Canada, the United Kingdom and Ireland. Besides essential business insurance products like business owner’s policies and general liability, it also has specialized options for a range of industries, including companies who do most of their business online and need cyber insurance. 

  • AM Best rating: A++ (Superior)
  • J.D. Power Customer Satisfaction Index Ranking: 12th out of 13 issuers
  • Number of small business insurance products: 14 
  • Customer support:  Travelers insurance policies are sold through independent agents, and the agent is who you can go to with any questions about coverage.

If you’re part of the 29% of businesses that conduct business online, Travelers provides cyber insurance coverage and added features for digital businesses.  In addition to cyber insurance, it also provides customers with cyber security training modules, risk assessment tools and other resources to help you protect your business. 

8. Best for Policy Discounts: Farmers

About: Farmers Insurance can trace its history to 1928, and it offers a variety of business insurance products for small businesses. And it has a larger-than-usual number of discount options which can make your small business insurance policy more affordable, including: 

Corporation discount: If your business is a corporation, you can save 15% on your premiums. 

Vehicle safety discount: If you have commercial vehicles with safety features like lane departure notifications, you may qualify for added savings. 

Multi-policy discounts:  If you purchase multiple insurance products, such as BOPs, worker’s compensation or personal auto or homeowners insurance, you may qualify for a reduction in your premiums. 

  • AM Best rating: A (Excellent)
  • J.D. Power Customer Satisfaction Index Ranking: 4th out of 13 issuers
  • Customer support: Farmers’ customer support is available via chat, phone or agent. You can reach customer service Monday through Friday, from 7:00 a.m. through 11:00 p.m. CST, and Saturday and Sunday from 8:00 a.m. through 8:00 p.m. CST. 

Small business owners looking to save money may benefit from Farmers’ small business insurance. Particularly if you have a corporation, need to purchase a BOP or have commercial auto vehicles, Farmers’ discounts can be especially valuable. 

9. Best for Home-Based Businesses: The Hanover

About: Founded in 1852, The Hanover is one of the oldest insurance companies on our list. It has coverage options for both personal and business insurance. The company has several specialized small business insurance products, including four separate packages for those who run home-based businesses. 

  • AM Best Rating: A (Excellent)
  • J.D. Power Customer Satisfaction Index Ranking: Not rated 
  • Number of small business products: 12
  • Customer support:  Customer support is available via phone or agent. 

If you have a home-based business, such as listing your property on homeshare sites, tutoring or graphic design, The Hanover could be a good match. It has several packages designed for the unique needs of home-based businesses of different sizes, ensuring you have protection for your business, inventory, equipment and any clients. 

10. Best Insurance Marketplace: CoverHound

About: CoverHound is an insurance marketplace that connects users to personal and business insurance policies. It sells policies to residents of all 50 states, and it partners with major insurers like Chubb, Liberty Mutual and Nationwide. 

  • Number of small business products: 13
  • Number of partner carriers: 7
  • Customer support: You can reach CoverHound’s customer service team via email, phone or secure message. Customer support is available Monday through Friday, from 10:00 a.m. through 8:00 p.m. EST. 

CoverHound is a good match for people looking to purchase coverage quickly and streamline their research efforts; you can get quotes from several major insurer carriers at once. Once you find a match you like, you can buy a policy online, and it will go into effect in as little as 24 hours.

What to know about Small Business Insurance  

As a business owner, you likely need some kind of small business insurance. But what kind of coverage depends on the type of business you run, its size and its revenue. 

The most common small business insurance products include: 

  • Business owner’s policy (BOP): A BOP is a basic package of business insurance products combined into one policy. It combines essentials like property insurance, liability coverage and business interruption insurance. 
  • Commercial auto: If you make deliveries, transport clients or use vehicles for other business operations, you’ll likely need a commercial car insurance policy. 
  • Liability insurance: Liability insurance protects you against lawsuits resulting from bodily or personal injuries or property damage incurred by clients or vendors in dealing with your business.  
  • Property insurance: Property insurance is a must if you have valuable equipment, supplies or a physical business space; it protects you from losses that may occur due to storm damage, fires or theft. 
  • Workers compensation : If you have employees, you’ll likely need to get workers’ compensation coverage to protect your employees in cases of work-related injuries or illnesses. 
  • Errors and omissions (professional liability) insurance: Businesses that give advice, such as financial planners, or provide physical care need professional liability insurance. It covers your legal expenses and other fees if you’re sued due to negligence or a failure to provide services. 

Besides those basic coverage options, you can often customize your policy by adding additional coverages to your policy. Common add-ons include: 

  • Cyber liability: If you do most of your business online, handle sensitive information or store customer data like email dresses or payment information, you’ll need a cyber liability policy. These policies provide protection in cases of hacks or data breaches that compromise sensitive information. 
  • Business interruption insurance: If your business operations are interrupted and you lose revenue for a covered reason, such as building damage after a fire, business interruption coverage provides you with some compensation. 

How to choose a small business insurance company

To choose a small business insurer, consider the following factors: 

  • Company size: Some insurers specialize in policies for freelancers or solopreneurs, while others may offer policies to businesses with 20 to 100 employees. Your company size — and how much you expect it to grow — will affect which insurer is a good fit. 
  • Equipment and buildings: If your business operations involve a brick-and-mortar store or warehouse, equipment, vehicles and several employees, you’ll need a much more robust policy than someone operating a small, online business from their home office. Depending on your company’s operations, you may even need specialized coverage add-ons, such as cyber insurance or commercial auto coverage. 
  • Risks: Businesses vary in risk based on their industry and business model. For example, an academic tutoring business will likely have less of a liability risk than a roofing company. Think about what risks your company faces, such as what kind of equipment you work with, how often clients or customers will come onto your property and if you handle sensitive information. 
  • Cost: Small business insurance can vary significantly in cost between companies, so it’s a good idea to get quotes from several leading small business insurers to find the best deal. 

If you’re still unsure about which types of insurance products are right for you, take a look at our comprehensive guide to small business insurance .

Frequently asked questions

What does business insurance cover.

Business insurance coverages and exclusions vary by policy; a basic BOP covers the following: 

  • Property insurance for the business’ buildings and equipment
  • Business interruption insurance for the loss of earnings that may occur from fires, storm damage or other major disasters
  • General liability protection that covers your legal responsibility if another party is injured or experiences damages from your business

What is general liability insurance? 

General liability protects you from losses related to injuries, property damage or misleading advertising. If you have clients who visit your business premises — and therefore are at risk of becoming hurt in an accident on your property — general liability coverage is a necessity. 

How much does business insurance cost? 

The cost of coverage depends on a wide range of factors, including your company size, industry and location. In general, you should expect to pay anywhere from $500 to $5,000 per year for a basic business owners policy (BOP). 

Our methodology  

We reviewed 22 insurance providers and insurance comparison marketplaces to help you find the best small business insurer for your unique needs. To evaluate the companies and come down with our final list, we ranked the companies based on the following factors: 

  • Financial stability: We looked for companies with AM Best Financial Strength Ratings of A (Excellent) or better. 
  • Availability and eligibility: Preference was given to companies that issue policies in the majority of the U.S. states., and that insured companies with one to 100 employees. 
  • Product options: We looked for companies that offered at least 10 small business insurance products, including essentials like BOPs, commercial liability and business property coverage. 
  • J.D. Power ranking: Companies with scores above the study average were given extra weight. 
  • Online quote availability: Companies that allow customers to get small business insurance quotes were given additional consideration. 
  • Complaint index: We reviewed the complaint index, number of commercial liability complaints and types of complaints submitted about each company to the National Association of Insurance Commissioners (NAIC). 
  • Potential discounts: We looked for companies that offered at least one discount option for small business insurance customers. 

Follow Fortune Recommends on  Facebook  and  Twitter .

EDITORIAL DISCLOSURE : The advice, opinions, or rankings contained in this article are solely those of the Fortune Recommends ™ editorial team. This content has not been reviewed or endorsed by any of our affiliate partners or other third parties.

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Infinity Commercial Insurance Incorporated dba Infinity Insurance Partners /Kotten & Associates PO BOX 80130 PHOENIX, AZ 85060 MARICOPA-AZ Tax ID / EIN: xx-xxx6461

CHRISTOPHER C. SIMPSON Osborn Maledon, P.A. 2929 N. Central Ave., 21st Fl. PHOENIX, AZ 85012 602-640-9349 Fax : 602-640-9050 Email: [email protected]

ZCHAPTER 11 FMC TERMINATED: 02/14/2024

MICHAEL WARREN CARMEL MICHAEL W. CARMEL, LTD 80 E COLUMBUS AVENUE PHOENIX, AZ 85012 602-264-4965

MICHAEL W. CARMEL MICHAEL W. CARMEL, LTD. 80 E. COLUMBUS AVE PHOENIX, AZ 85012-4965 602-264-4965 Fax : 602-277-0144 Email: [email protected]

U.S. TRUSTEE OFFICE OF THE U.S. TRUSTEE 230 NORTH FIRST AVENUE SUITE 204 PHOENIX, AZ 85003

RENEE SANDLER SHAMBLIN OFFICE OF THE U.S. TRUSTEE 230 North First Avenue, Suite 204 PHOENIX, AZ 85003-1706 602-682-2616 Fax : 602-514-7270 Email: [email protected]

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