Insurance Quote
What Is an Insurance Quote?
An insurance quote is the estimated premium you will pay for insurance coverage.
Think of a business liability insurance quote as a price preview. After you share a few details about your business, the insurance company tells you how much your policy will cost.
For example, if you own a small cleaning business, you might receive a quote of $39/month for general liability insurance. This helpful number allows you to compare your options and make an informed decision when you buy.
How Do Insurance Quotes Work?
When you request a quote, you’ll answer questions about your business — like what you do, where you work, and how big your operation is. The insurer uses this information to calculate your estimated premium.
You may be asked for details like:
- Your industry and services
- Business location
- Size or annual revenue
- Desired coverage and limits
With Insurance Canopy, once you submit this information, you receive an instant insurance quote in your inbox showing your expected cost. For many of our ready-to-buy policies, our premium and coverage add-on costs are set and readily available to view online (no surprises!).
How to Get a Business Insurance Quote
Getting a business insurance quote is quick and simple:
- Start your online application and share your business details
- Choose the coverage types that fit your needs
- Get your instant quote showing your expected premium
- Review and purchase your policy when you’re ready
Need a little help? Our licensed, non-commissioned insurance agents are on standby to walk you through the quote process in English or Spanish. Learn how to contact Insurance Canopy to get your business insurance quote.
Continue reading to learn more, or get covered today by selecting your industry below.
Why Do Insurance Quotes Vary Between Companies?
Insurance quotes vary because each company calculates risk differently. Factors like your industry, claims history, coverage limits, and even your location can affect the price.
That’s why it’s smart to compare your small business insurance options carefully, so you feel confident you’re getting the coverage you need at a cost that works for your business.
What Affects the Cost of an Insurance Quote for a Business?
Several factors affect your insurance quote cost:
- The type of work you do
- Location and size of your business
- Coverage limits and add-ons
- Claims history
Your business may have unique risks, which can increase your quote, but ultimately, this means you’re getting more protection tailored to your exact services.
What Is an Insurance Quote vs a Premium?
An insurance quote is an estimate of what your policy will cost before you buy it. The premium is the actual amount you pay for coverage once you purchase the policy.
| Insurance Quote | Insurance Premium | |
|---|---|---|
|
Definition |
Estimated cost of coverage before you buy |
Actual price you pay for coverage |
|
Timing |
Given before purchase |
Paid when the policy is issued |
|
Purpose |
Helps you compare coverage options |
Keeps your policy active |
|
Based On |
Business details, risks, and coverage limits |
Final underwriting by the insurer |
|
Changes? |
Can change before you buy |
Usually fixed for the policy term |
|
Commitment |
No payment required |
Payment required |
|
Example |
You’re a consultant and get an instant online quote for $21/month for general and professional liability coverage |
You pay $21/month once you accept the policy (or save by paying upfront annually) |
Definition
Insurance Quote: Estimated cost of coverage before you buy
Insurance Premium: Actual price you pay for coverage
Timing
Insurance Quote: Given before purchase
Insurance Premium: Paid when the policy is issued
Purpose
Insurance Quote: Helps you compare coverage options
Insurance Premium: Keeps your policy active
Based On
Insurance Quote: Business details, risks, and coverage limits
Insurance Premium: Final underwriting by the insurer
Changes?
Insurance Quote: Can change before you buy
Insurance Premium: Usually fixed for the policy term
Commitment
Insurance Quote: No payment required
Insurance Premium: Payment required
Example
Insurance Quote: You’re a consultant and get an instant online quote for $21/month for general and professional liability coverage
Insurance Premium: You pay $21/month once you accept the policy (or save by paying upfront annually)
Get tailored coverage by selecting your industry below.