How to Navigate the Wild World of Business Insurance Costs and Find the Right Solution For You
Depending on the type you buy, small business insurance typically costs $14 to $124 monthly. This article will help you learn everything about business insurance costs. Learn how to analyze your responsibilities, assets, and liabilities and choose the best coverage for you.
What is Business Insurance?
Business insurance covers your firm from loss during accidents, crises, and other unpredictable circumstances. However, a single insurance can’t cover everything. It would help if you chose the correct combination of policies according to your needs.
For example, insurance can protect your business in case the building encounters fire. It can also protect your workers from accidents and injuries. Learn more about why your business needs insurance.
How Much Does Small Business Insurance Cost?
Here’s a quick guide on the average cost of different types of insurance.
General Liability Insurance
This type of insurance shields you from claims or lawsuits in case someone experiences an injury in your office or if you damage someone’s property. The monthly cost is approximately $30, and almost all business owners pay less than $50 monthly. The precise cost will depend on your location, building size, and claims history.
Commercial Property Insurance
Commercial property insurance costs around $63 annually, depending on your location, building age, size, and type of fire protection. This insurance type protects the company from losses caused by natural disasters, fire, theft, and more.
Business Interruption Insurance
Business interruption insurance only requires you to pay $40-$130 per month to protect the business if it temporarily closes. The cost varies according to your revenue, industry, and company property value.
Workers Compensation Insurance
Getting insurance for your workers is one of the few ways to keep your morale high through business lows. The average cost is about $70 per month, depending on the payroll size and employee duties.
Evaluate Your Responsibilities and Assets
Finding the right insurance solution will require you to check your business assets and responsibilities. What do you need to insure legally? Where do your extra liabilities lie?
For example, if you own a jewelry business, you might want to focus more on protecting your business against theft. But if you own a machine business, you should invest more in accident insurance.
Analyze Your Risk
Analyzing your risk will allow you to identify which insurance provides the appropriate protection for your business. For instance, if your business is in the forest, you might want insurance to cover the risk of wildfires. But if your firm is at the bottom of a building, you should get flood insurance.
Pick a Provider
Not all insurance providers offer the same prices and coverage. You need to consider the policies, coverage, and premium that fit your needs. It’s also essential to choose an insurance company with an exceptional reputation, reliability, and customer service when it comes to handling claims.
SavingsPlay can help you decide on the right insurance provider. Contact us now to get the proper counseling and resources for your business’ needs.
