Where can I get cheap business insurance in CA?

Question

I only need the insurance to qualify for a business line of credit, so the amount to insure only needs to be $35,000.00 (as opposed to 1 million that I keep getting quoted for a premium of at least $500.00

Answer 1

I don't know about minimums, but I am pretty certain that here in California it's less than a million.  Check out http://www.teagueins.com .  Kim is helping me with my quote, perhaps she can help you too?

Answer 2

There's no such line of business as "business insurance".  It's liability, or property, or some such.  You're looking for a business line of credit, so maybe the bank wants $35,000 of PROPERTY coverage?    Liability coverage - likely that million dollar bit - isn't going to satisfy the line of credit.  And it's darned hard to buy ONLY $35,000 of liability coverage - and if you do, it will cost the same as  the million, so a GOOD  agent will only give you the mil.

AND, for business insurance, if you've got a quote for $500, that's pretty much what it starts at.  No one is going to give you a $50 policy - they cost more than that to just issue, and the agent's commission (usually 10% or so) wouldn't even cover the cost to mail the policy to you, let alone the time involved.

Answer 3

I'm not sure about CA but in my state the minimum coverage written for business insurance is $1M. You should check with a local independent agent that works with business insurance. If one is available in CA for less I'm sure the agent could find out.

Business insurance does not cover lines of credit, they cover you in case you are found liable. The lending company is requesting coverage not to pay back the loan but to keep you from losing all your money and declaring bankruptcy.