December 19, 2020

How Much Does Business Insurance Cost?

By 1ntr0duct10n

The type of business insurance you purchase dictates your monthly costs judi online. According to Progressive, the average cost of business insurance is $53 per month for general liability and $85 for workers’ compensation. Some business owners purchase a business owner’s policy, which combines liability and property coverage in one policy. The average cost for a business owner’s policy is $80 per month.

Another factor that impacts how much you pay each month is your business type. For instance, builders pay a lot more for business insurance than accountants. The reason for the increase is related to the hazards associated with the job – there is a greater inherent risk of injury and potential damage if you operate a construction firm versus if you run a small accounting firm.

Business size, or the number of employees your company has, is also a cost consideration. Each employee poses a potential risk for your business, which raises your monthly premium.

Finally, coverage amounts influence cost. The higher the coverage, the more you will pay. One way to offset the cost if you choose a higher coverage is to have a higher deductible (which is the amount of money you pay out of pocket before the insurer will pay for a covered loss). Assuming greater risk can lower your monthly premiums. Many insurance companies offer you a choice of the deductible. The amounts can range from a few hundred dollars ($250) to thousands of dollars ($2,500).