Small Business Insurance Requirements

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Is Small Business Insurance Required by Law?

small business insurance requirementsAlthough most types of business insurance are optional, many states do have some small business insurance requirements. For example, most states require businesses with employees to carry workers’ compensation insurance. To learn more about seguro para pequeñas empresas in your area, obtener una cotización  hoy mismo.

What Type of Insurance Is Required for a Small Business?

Many small business owners wonder what type of coverage they need. We can help if you’ve been trying to figure out these common questions:
While the answers vary depending on where you live and what you do, most states require businesses to carry certain coverages. See how each one can help your business:

Seguro de compensación para trabajadores

Who it's for: Businesses with at least one employee
What it does: Provides benefits to employees to help them recover from a work-related injury or illness

Seguro comercial para automóviles

Who it's for: Businesses with employees who drive a company-owned vehicle for business.
What it does: Helps cover property damage and medical expenses due to a car accident involving a company-owned vehicle. Additional coverage is available for vehicles with a lienholder.

Seguro de responsabilidad profesional or Errors and Omissions Insurance

Who it's for: Businesses that provide a professional service to customers or clients
What it does: Helps cover claims that your business made a mistake or error in the professional services given

Liquor Liability Insurance

Who it's for: Businesses that sell, serve or distribute alcohol
What it does: Helps cover claims of bodily injury or property damage that an intoxicated person causes after a business served them alcohol

Optional Small Business Insurance Coverage

You can also add optional coverage that can provide more coverage, like:

Business Owner’s Policy (BOP)

Who it's for: Businesses that have physical or digital assets, such as products, inventory or equipment.
What it does: Includes three essential coverages to help prevent financial losses from claims that can come up during normal operation. Combines general liability insurance, commercial property insurance and business income insurance.

Commercial Flood insurance

Who it's for: Businesses in an area at risk of flooding.
What it does: Covers property damage due to flooding from snow melt, rain or hurricane.

Seguro de propiedades comerciales

Who it's for: Companies with business property and physical assets.
What it does: Helps protect the owned or rented building, equipment and tools you use to operate your business.

Seguro general contra terceros

Who it's for: Businesses that are open to the public or have employees that work at customers’ or clients’ homes.
What it does: Helps cover claims that your business caused bodily injury or property damage to others.

Seguro para la pérdida de datos

Who it's for: Businesses that store PII, such as:
  • Social Security Numbers
  • Banking or payment information
  • Names and addresses
What it does: Helps your business respond to a breach if personally identifiable information (PII) gets lost or stolen. Some insurers call this coverage cyber liability insurance.

Seguro para ingresos comerciales

Who it's for: Businesses that need to be able to pay expenses if covered property damage prevents them from operating.
What it does: Helps replace lost income if you can’t operate because of covered property damage. This coverage can help pay ongoing costs, like payroll, taxes or rent. This is also known as business interruption insurance.

Additional Coverage for Small Business 

Because every business faces unique risks, you may need to get additional types of business insurance coverage for more protection. This may include:

How Much Is Small Business Insurance?

Insurance costs vary and depend on various factors. You can use the table to see the average cost business owners paid with The Hartford:1
  • Business Owner's Policy (BOP): Average Annual Premium: $1,019; Average Monthly Premium: $85
  • General Liability Insurance (GLI): Average Annual Premium: $805; Average Monthly Premium: $67
  • Workers’ Compensation Insurance: Average Annual Premium: $1,028; Average Monthly Premium: $86

What Happens If You Don’t Have Small Business Insurance?

If you don’t have the right insurance for your business, you’ll have to pay for claims filed against you out of pocket. For example, if a customer slips in your company and needs medical attention, you’ll be responsible for the treatment costs if you don’t have general liability insurance.
Be aware that there may be state laws for insurance requirements for small business. If you don’t have a required coverage, you also face fines, penalties or criminal charges.

Follow the Small Business Insurance Requirements and Get a Quote Today

is small business insurance requiredGetting small business insurance shouldn’t be complicated. We’re ranked a top digital small business insurance company, and we make it easy for you to get the right coverage for your business. Our specialists can work with you to make sure you get the small business insurance coverage that fits your needs and budget. And if you need help with a claim, we’ve got your back. Obtenga una small business insurance quote.
Last Updated: November 20, 2023
1 Premium amounts presented are based on monthly premium paid by The Hartford’s Small Business customers between 1/1/22 and 9/14/23 for 12-month policies. Premium is derived from a number of factors specific to your business and may vary.
Divulgaciones adicionales a continuación.
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* Los comentarios de los clientes son recolectados y tabulados por The Hartford y no representan a todos los clientes.