Insurance Needs for Small Businesses

Aug. 2, 2019
BusinessQuote Explorer® from Progressive helps take the hassle out of getting insurance quotes

Insurance is a major budget item for a commercial locksmith shop, but many small business owners may not be aware of the importance of reviewing and updating coverage as their businesses grow. Even though it may seem time consuming, lockshop owners should review and update coverage with their insurance company annually. And they might achieve substantial savings by getting quotes from multiple sources.

“Having the right types and amounts of insurance can make the difference between a business’s success and failure. In fact, nearly 40 percent of businesses fail after disaster strikes, and that figure grows dramatically for small businesses,” said Sean Kevelighan, CEO of the Insurance Information Institute ( “Effective risk management is just as important as productivity. Understanding your business’s risks and taking proper precautions means a small business can spend more time charting its progress than responding to unforeseen emergencies.”

Depending on the carrier, type of business, and insurance needs, it’s not unheard of for the small business insurance purchasing experience to span a few days and several phone calls, as an agent checks with various companies to explore underwriting acceptability and rates.

Progressive Insurance offers BusinessQuote Explorer® (BQX), a new, easy-to-use online quoting platform established to help small business owners get accurate insurance quotes tailored to their unique business needs. By simply entering information through the online platform, users will gain access to multiple business insurance quotes in an average of 11 minutes or less, lowering the time and stress associated with determining coverage needs, a typically time-consuming task.

"We understand the number of demands today's small business owners are faced with and are constantly looking at ways we can innovate the process of quoting business insurance to save them time and alleviate their questions and concerns," added John Barbagallo, Progressive's Commercial Lines President. "With BusinessQuote Explorer®, we help make the process of selecting an insurer and getting an accurate quote fast and easy so small business owners can get back to what matters most – running their business."

Currently, BQX offers quotes for business owner, professional liability, workers' compensation, and general liability policies.

According to Bill Kampf, general manager at Progressive Insurance, the minimum coverage a typical commercial lockshop would need would be general liability coverage for any injury or property damage to the public, property coverage for any damage to their building and tools/ equipment they use to run their business, workers compensation coverage for any injuries their employees suffer on the job, and an auto policy for their vehicles.  A standard Businessowners Policy will satisfy the property and general liability coverages, while workers compensation and commercial auto policies are typically written on a standalone basis. 

There are several endorsements to the various insurance policies that the locksmith should also consider, Kampf added.  A few examples:

  • Cyber coverage, which provides the locksmith with peace of mind should they fall victim to a hacking incident
  • Employment practices liability, which provides coverage if the owners of the business are sued by an employee for wrongful termination/hiring, harassment, and other employment related laws
  • Hired and non-owned auto coverage, which provides coverage if an employee of the insured uses their personal vehicle for business purposes and causes damage to a 3rd party.

The most common mistake people make when selecting/buying small business insurance is focusing solely on price and not purchasing coverage(s) that meet their business needs, according to Kampf.“The old adage, ‘you get what you pay for’ is just as true in insurance as it is with other products.  Having a trusted advisor that understands risk management will help make sure your business has the right balance of coverage and price.”

When locksmiths sit down to get a quote at, they should be prepared to answer some questions about their business and its prior claims history. Depending on which insurance coverages your business needs, the types of questions asked in Business Quote Explorer® (BQX) range from simple information about your business (location, years of experience in the industry, payroll) to the need for any additional insureds, and prior insurance claims history.

The website is mobile friendly, so locksmiths can get a quote via smartphone, tablet or computer. Then certain businesses with certain coverages can purchase online easily.  The plan for BQX is to continue to expand that capability, Kampf says.

“Early market response to Business Quote Explorer® (BQX) has been encouraging, and we expect it to continue to grow. Progressive’s goal is to become small business customers’ number one choice and destination for commercial auto and other business insurance products. Ee believe that starts with helping make the process of selecting an insurer and getting an accurate quote fast and easy so small business owners can get back to what matters most – running their business. We will continue to focus on that goal and are using analytics and user experience testing to continue to improve future iterations of BQX,” added Kampf. 

To learn more about Progressive's business insurance coverages, visit, call 888-806-9598, or speak with an agent.

About the Author

Emily Pike | Managing Editor

Emily Pike is managing editor of Locksmith Ledger International.