Insurance Costs For Small Business

The riskier and larger the operation the more the business will pay. Similarly businesses with heavy machinery have a higher risk profile than those in office buildings. According to trusted choice independent insurance agents a sole proprietor can expect to pay around 500 annually for general liability insurance while a small consulting business will most likely pay over.

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How Much Does Small Business Insurance Cost Insureon

How Much Does General Liability Insurance Cost Insureon

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How Much Does Small Business Insurance Cost Insureon

This leads to higher small business insurance costs.

Insurance costs for small business. Other factors include your industry number of employees revenue and location. The average cost of insurance for a small business depends on the size of the business and the nature of operations. Many of insureon s customers have fewer than five employees and generate less than 100 000 in annual revenue. Small low risk businesses especially those that qualify for a business owner s policy pay less for insurance than larger companies.

Business insurance costs vary based on the policies you purchase and your coverage limits. Typically more hazardous industries need risk management. Small business owners can use this data to estimate their cost of insurance. The first policy that most business owners need and also the least expensive one is general liability insurance in an analysis of 28 000 small business owners who purchased commercial insurance through insureon the median cost of general liability insurance was 42 per month or 500 per year the median cost of a business owner s policy which bundles general liability with property.

Learn what factors affect your cost and get a free quote today. If you employ more workers or generate significantly higher revenue you may pay more than the median indicated. In 2019 the average monthly cost of a new 12 month business insurance policy through the progressive advantage business program ranged from 46 for professional liability to 85 for workers compensation.