Whether you’re launching a new business or expanding an existing one, commercial insurance is essential. It protects your investment, covers liability risks, and ensures compliance with state and federal laws. But how do you actually get the right coverage without overpaying or missing key protections?
Here’s a simple step-by-step guide to help you navigate the process of getting commercial insurance:
Step 1: Understand Your Business Risks
Every business faces unique risks. A retail store has different exposures than a construction company or a tech startup. Before shopping for a policy, assess your business to identify:
- Potential liability issues (e.g., customer injuries, product defects)
- Valuable assets (equipment, inventory, property)
- Employees and work-related injury potential
- Cybersecurity or data breach risks
Understanding your exposures is the first step in finding the right protection.
Step 2: Know What Types of Commercial Insurance You Might Need
Commercial insurance isn’t one-size-fits-all. Common coverages include:
- General Liability Insurance: Covers bodily injury, property damage, and legal fees.
- Commercial Property Insurance: Protects your building, inventory, and equipment.
- Business Owner’s Policy (BOP): A bundle of liability and property coverage—ideal for small to midsize businesses.
- Workers’ Compensation: Required in most states for businesses with employees.
- Professional Liability (E&O): Covers errors and omissions for service-based businesses.
- Commercial Auto Insurance: Covers business vehicles.
- Cyber Liability Insurance: Protects against data breaches and cyber attacks.
Step 3: Gather Your Business Information
Before speaking to an agent or filling out quote forms, collect the following:
- Legal business name and address
- Type of business and services provided
- Years in operation
- Annual revenue
- Number of employees and payroll details
- Equipment or property values
- Any prior insurance and claims history
Having this info ready helps speed up the quoting process.
Step 4: Work With a Trusted Insurance Agent or Broker
The best way to find comprehensive and affordable commercial insurance is by working with an independent insurance agent. Unlike captive agents who work with only one insurer, independent agents can compare coverage and pricing from multiple carriers.
At Eugene C. Yates Insurance Agency, we work with some of the top-rated insurance companies in the nation, allowing us to build custom-tailored coverage that fits your business’s needs and budget.
Step 5: Compare Quotes and Coverage Carefully
Don’t just look at the premium. Review:
- Policy limits and deductibles
- What’s included—and more importantly—what’s excluded
- Optional coverages or endorsements
- Customer support and claims reputation
Cheap insurance that doesn’t cover what you need can cost more in the long run.
Step 6: Finalize Your Policy and Review It Annually
Once you choose the right policy, secure coverage and request a Certificate of Insurance (COI) if needed. Remember, your business can grow and change quickly, so it’s important to:
- Reevaluate your insurance needs yearly
- Update your policy when hiring new staff, moving locations, or adding services
Need Help Getting Started?
Getting commercial insurance doesn’t have to be complicated. At Eugene C. Yates Insurance Agency, we’ve been helping Sacramento businesses protect what matters most for over 75 years. Whether you’re a startup, contractor, or established enterprise, our team is ready to help you find the perfect policy at a price that makes sense.
📞 Call today to speak with a licensed agent or request a free commercial insurance quote.