How Much Does Business Insurance Cost?
The type of business and its risks will play a big part in the cost of business insurance. You may need multiple types of coverage. For example, a pizza delivery company needs commercial auto coverage while a tiny shoe repair cobbler will need property, liability, and workers’ compensation insurance. In addition, a policy may require a certain amount of excess cash, but this is usually the only cost to consider. There are several factors that influence the price of business insurance.
The type of coverage you need is also a factor in the cost of business insurance. For example, a comprehensive policy will cost more than a basic liability policy. For general liability, a $2 million aggregate limit will cost more than a $1 million limit. Another important consideration is deductibles. A high deductible will lower the premium, but it’s important to choose the right deductible to cover costs. Each policy has its pros and cons, and some insurers offer average prices for their policies.
Business insurance prices depend on several factors, including the type of business and its risks. The average monthly premium for a general liability policy is $46. However, it can be as low as $21 for a short-term policy. For a dance instructor, the cost of a professional liability policy ranges from $44 per month to $1,366 annually. The price of E&O insurance depends on the type of studio you have and your industry.
Small businesses are especially vulnerable to the financial risks associated with their products and services. While general liability insurance can protect you from many common situations, you may want to consider purchasing more specific policies. A general liability policy typically costs between $250 and $2,000 per year and covers a variety of situations. The cost of an E&O policy varies depending on the industry, the number of employees, the revenue, and the history of claims.
For a small business, the cost of general liability insurance is usually low. A policy that provides liability protection can cost $250 per month and up to $2,300 a year. Check with Apollo Insurance Company to get the best deal online. Some policies cover specific risks, while others cover a broad range of risks. For example, a professional liability policy will cover a lawyer’s negligence. A professional liability policy will cover a dentist if someone falls into his or her office.
A general liability policy will cover your assets and liabilities. Insurers vary the premium for a general liability policy. The cost for a food service business is $161 per month, whereas a consulting and accounting business will pay $500. The cost of errors and omissions insurance is $70 per month. It will depend on the type of insurance you choose. Some types of coverage include: professional liability, employer’s compensation, and errors and omissions.