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Insurance is the cost of doing business – a relatively small cost if you consider that a fire, lawsuit or employee accident could put you out of business if you don’t have adequate coverage. Even if your business is incorporated, your personal assets could be at risk if you are sued and found personally liable.1

Is business insurance required?

If you have employees, most states require you to have workers’ compensation and unemployment insurance. And depending on where your business is located, you may also be required to have disability insurance.2 Even if you don’t have any employees, having certain other coverages, such as a businessowners policy (BOP), is a good idea. A core BOP includes coverage for general liability, property damage and business income.

How much is business insurance?

As with any insurance, the cost for business insurance depends on a number of factors, such as business type, location, size, annual revenue and years in business. Cost is also determined by which small business coverage options are suitable for your business, as well as coverage limits and deductibles.

Shopping for small business insurance

When it comes to finding the right insurance for your small business, the Insurance Information Institute lists these recommendations:3

  • Assess your risk, including all business property, inventory and equipment.
  • Talk to an insurance professional who knows your industry.
  • Compare rates, using comparable coverages, exclusions, limits and deductibles.
  • Evaluate insurers, making sure they are reputable, licensed and in good enough financial condition to pay claims.
  • Keep rates low by implementing a risk management program that minimizes losses from fires, theft and injuries.
  • Review your risks and insurance needs at least annually.

To find out how much business insurance will cost you, get a customized small business quote from Nationwide. Along with the right price, Nationwide has strong financial rankings, superior claims services, personal customer service and flexible payment options. To get started, visit the small business insurance section of and enter your zip code.


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Product, coverage, discounts, insurance terms, definitions, and other descriptions are intended for informational purposes only and do not in any way replace or modify the definitions and information contained in your individual insurance contracts, policies, and/or declaration pages from Nationwide-affiliated underwriting companies, which are controlling. Such products, coverages, terms, and discounts may vary by state and exclusions may apply.

The information included here is designed for informational purposes only. It is not legal, tax, financial or any other sort of advice, nor is it a substitute for such advice. The information may not apply to your specific situation. We have tried to make sure the information is accurate, but it could be outdated or even inaccurate in parts. It is the reader’s responsibility to comply with any applicable local, state or federal regulations. Nationwide Mutual Insurance Company, its affiliates and their employees make no warranties about the information nor guarantee of results, and they assume no liability in connection with the information provided. Nationwide and the Nationwide N and Eagle are service marks of Nationwide Mutual Insurance Company. © 2024 Nationwide