Business Insurance Madison, WI
There are numerous options to find coverage for business insurance in Madison, WI. You absolutely need insurance to protect your business from liability and accidents. This guide will help you choose the right coverage at an affordable price.
According to data on the insurance industry, 75% of US businesses are underinsured, and 40% of small business owners have no protection whatsoever.
A study conducted by Advisor Smith found that 75% of small businesses faced an insurable event in 2020. Use an online insurance provider to get a quote, find personalized insurance products, and easily file claims.
Recommended: Estimate your premiums and coverage options in Wisconsin. Get a quote from a dedicated small business insurer.
What Insurance Do I Need for My Madison Small Business?
With average premiums for general liability insurance in the United States at about $800/year, protecting your business can be affordable and a smart decision.
Your premiums in Madison, WI will depend upon your industry, revenue, and risk. A brick-and-mortar business providing any kind of general product, services, or consulting could use a host of coverage options, such as general liability insurance for onsite accidents, commercial property insurance to protect against theft, or workers’ compensation to offer support in the event of workplace injuries.
Ecommerce businesses have unique needs and may be more concerned with data breaches or cybersecurity coverages. You can bundle most of these into a business owner’s policy (BOP).
Find the Right Coverage for Your Madison Business
Next Insurance is a fully online provider dedicated to low-cost, high-protection coverage for small businesses. Get an accurate quote instantly.
What Are the Different Types of Business Insurance?
Below are the most popular types of coverage that a small business in Madison, WI may need:
General Liability Insurance Madison
General liability insurance is the most common type of business insurance, as it covers the most basic needs that are shared among all types of companies. Things like bodily injury on your business's property and physical damage caused by employees or employers are covered by this policy.
Read our review on the best small business insurance providers to find suitable business insurance in Madison, WI.
Workers' Compensation Insurance Madison
Workers' compensation insurance is meant to protect the interests of your employees if they are injured on the job. It can also protect your business from a lawsuit if that employee needs compensation for their injuries. Workers' comp is mandated for any company with employees in every state except Texas and South Dakota.
Recommended: Estimate your premiums and coverage options in Wisconsin. We recommend getting a quote from a dedicated online business insurance provider like Next Insurance.
Business Owner’s Policy Madison
A business owner's policy is a bundle of insurance policies usually consisting of general liability, commercial property, and business interruption insurance. Since they are packaged and sold as one policy, this makes the administration of your protection simpler, and it may even come at a discounted rate.
How Much Is Business Insurance in Madison, WI?
Making an informed decision to protect your business starts with estimating the cost of coverage, it takes less than five minutes to get a quote from our partner.
Online Business Insurance vs. Traditional Insurance Agency in Madison
Online insurance agencies generally provide comparable coverage to a traditional insurer at a lower price. As a result, a growing number of small businesses prefer to use online business providers to find personalized insurance products and save on costs. They offer other benefits as well:
We highly recommend using an online provider like Next Insurance for a number of reasons:
- Mobile App: Easily access all your coverage provided and Certificate of Insurance (COI) through an app.
- Personalized Coverage: Online insurance providers use AI and predictive data to provide customized insurance options tailored to the unique risks to your business.
- Lower Premiums: Online insurance providers save on expenses by not having brick-and-mortar locations or full-time agents and pass on these savings to their customers through lower premiums.
- Quick Turnaround on Claims: You can file a claim online and receive a resolution, usually within 48 hours
- Convenience: Save time by avoiding speaking to an agent on the phone, get a quote instantly and insure your business within 24 hours.
Two Ways To Start Coverage
Compare Quotes Online
Use our dedicated small business insurance provider to generate a quick and accurate online quote, specifically for your small business.
Speak With an Insurance Representative
Representatives are online from 8:00 a.m.–8:00 p.m. ET, Monday–Saturday, to answer your questions and help you discover the best coverage.
Frequently Asked Questions
Do I really need business insurance?
A study conducted by Advisor Smith found that 75% of small businesses faced an insurable event in 2020. Because of this, it’s in your best interest to get insured.
How much should business insurance cost?
The cost of business insurance for a small business is typically between $700 and $3,800 a year, but this depends greatly on what types of insurance your business needs, your industry and the risk associated with your state.
How do I get business insurance in Madison?
An insurer like Next Insurance offers convenience and can get you an instant, online quote with your specific needs in mind or we recommend calling a local insurance agency as listed below in Madison to discuss your unique needs.
What happens if I don’t have business insurance?
- In the event of any liability, such as property damage, client injury, data breaches, etc., you can be held responsible to pay in full any court-appointed charges, with no benefit payout to help cover the cost.
- Businesses may choose not to work with you, as they do not want to assume all of your risk on their own insurance policy.
- Depending on your business and jurisdiction, your state or local government may shut down your business if you do not satisfy their insurance requirements. In addition to this, you may be forced to pay a penalty.
Do I need business insurance if I’m a sole proprietorship?
Yes. Sole proprietorships, like other businesses, should get business insurance.
Small Business Resources in Madison, WI
Redevelopment Resources
Redevelopment Resources specializes in helping entrepreneurs and businesses reach their highest potential by providing insights, market-data analysis, business resources, and implementation support. They also help entrepreneurs connect with capital funding to help them complete their projects.
- 305 S. Paterson St., Madison, WI 53703
- 608-729-1802
UW-Madison SBDC
The Wisconsin Small Business Development Center (SBDC) chapter located at the University of Wisconsin-Madison will help you in any stage of your business, helping connect you to the right people and the right resources in order to make your business thrive. They have local networks as well as branches nationwide as well as specialized training in business development.
- 975 University Ave. Ste. #1290, Madison, WI 53706
- 608-263-2221
Wisconsin Women’s Business Initiative Corporation
The Wisconsin Women’s Business Initiative Corporation (WWBIC) accommodates individuals who are interested in starting, strengthening, or scaling businesses by offering direct lending, quality business, financial capability education, and one-on-one technical business assistance. WWBIC services are open to anyone, but they focus on serving women, people of color, and people of lower income in the local community.
- 2300 S. Park St., Madison, WI 53713
- 608-257-5450
Brix Coworking
Brix Coworking is a lively space in the heart of downtown Madison, offering private offices as well as individual desks. Whether you’re a solopreneur or a small company, Brix scales up with businesses in terms of pricing, size, and material needs.
- 30 W. Mifflin St. 8th Fl., Madison, WI 53703
- 608-509-4171
Local Insurance Agents in Madison, WI
We have compiled a list of local insurance agencies in Madison, WI if you prefer to discuss your specific needs by speaking to an independent insurance agency or representative.
Prairie Land Insurance
- Google Rating: 4.9/5
- 2045 Atwood Ave. Ste. 113A, Madison, WI 53704
- Monday–Friday, 8:00 a.m.–5:00 p.m. CT
- 608-251-3009
McClone Insurance
- Google Rating: 4.9/5
- 6200 Mineral Point Rd., Madison, WI 53705
- Monday–Friday, 8:00 a.m.–5:00 p.m. CT
- 608-238-2686
Greater Insurance Service
- Google Rating: 5/5
- 414 Atlas Ave., Madison, WI 53714
- Monday–Friday, 8:00 a.m.–4:30 p.m. CT
- 608-221-3996
Kevin Lease - State Farm Insurance Agent
- Google Rating: 4.9/5
- 402 Gammon Pl. Ste. 304, Madison, WI 53719
- Monday–Friday, 8:00 a.m.–5:00 p.m. CT
- 608-824-9950
C4 Insurance
- Google Rating: 5/5
- 8446 Excelsior Dr. Ste. 2, Madison, WI 53717
- Monday–Friday, 8:30 a.m.–5:00 p.m. CT
- 608-824-7267
Ace Insurance Group
- Google Rating: 4.9/5
- 5944 Seminole Centre Ct. Ste. 200, Madison, WI 53711
- Monday–Friday, 8:00 a.m.–5:00 p.m. CT
- 608-467-5604
Homewood Insurance Agency
- Google Rating: 4.9/5
- 583 D'onofrio Dr. #1012, Madison, WI 53719
- Monday–Friday, 8:00 a.m.–5:00 p.m. CT
- 608-442-6666