General Business Liability Insurance Online Quote – The cost of general liability insurance depends, among other things, on the business activity and policy limits. Small businesses pay about $42 per month for this policy.
Customers pay an average of $42 per month, or about $500 per year, for general liability coverage, regardless of policy limits.
General Business Liability Insurance Online Quote
Our figures come from the average cost of policies purchased by customers. The median gives a better estimate of what your business is likely to pay because it eliminates atypical high and low premiums.
California General Liability As Low As $33/month
Welcome! A general liability insurance policy is important if you open your business to the public, manage client properties, or rent or own commercial real estate.
While small business customers pay an average of $42 per month for general liability insurance, 29% pay less than $30 and 41% pay between $30 and $60 per month. Costs vary for small businesses depending on their risks and the coverage they choose.
If you want car insurance that covers a wide range of damages, you will have to pay more for it. The same rule applies to business liability insurance. If you want a policy that covers more expensive accidents and lawsuits, expect to pay more than basic coverage.
General liability coverage with limits of $1 million/$2 million is the most popular option for small businesses. It contains:
General Liability Insurance Cost: 2023 Customer Prices
Most customers (91%) choose a policy with a limit of $1 million/$2 million. Five percent of our customers choose a policy with a $2 million/$4 million limit, the next most popular option.
When shopping for a policy, it’s a good idea to make sure the deductible is something you can easily pay. If you can’t pay it in a crisis, your insurance won’t cover your liability claim. On average, customers opt for a deductible of $500.
The right amount of coverage depends on the needs of your business. You want coverage that will cover a possible claim without having to buy more than you need. Talk to a licensed insurance agent if you’re not sure what limits are right for your business.
The location of your business can play a big role in the premium you pay. For example, businesses located in areas with higher crime rates or higher pedestrian traffic will have to pay higher premiums than those located in areas with lower levels of these factors.
Small Business Insurance Quotes
Additional fees may also vary slightly depending on your state. For example, small business owners in Virginia pay an average of $36 per month for general liability insurance, while the average premium for Colorado businesses is $49 per month.
Although general liability is recommended for many small businesses, most states require by law that small business owners carry workers’ compensation and auto insurance if they own vehicles.
Our analysis of general liability insurance costs shows that for small businesses, your insurance premiums are most affected by your industry. In general, insurance companies charge higher premiums for high-risk industries, while low-risk industries have lower rates.
For example, traditional retailers open to the public face more risks than IT consultants who work from a home office. The table below illustrates how the type of business affects what you pay for a general liability insurance policy.
Hendrith Vanlon Smith Jr Quote: “every Business Should Own, At Minimum, A General Liability Insurance Policy. The Business Needs To Protect Itself And Mi…”
Depending on the industry you work in, such as construction or cannabis, your state may require you to have general liability insurance. For other businesses, such as real estate, insurance, or healthcare, you may need professional liability insurance (also called errors and omissions insurance) before you can get a license.
Construction, cleaning and landscaping companies have the highest general liability costs because they often do work that involves other people’s property. General liability policies can pay for damage to someone’s property caused by you or your employees.
A general liability insurance policy is essential to protect yourself from the potentially devastating costs of personal injury or property damage litigation. In any business, a visitor can trip and get injured. If a visitor sues, the legal costs can add up to the point of sinking your business.
Even if someone outside of your company doesn’t visit your office, someone can still hold your company liable for damages. For example, companies that run advertising campaigns or post on social media can be sued if they post content they don’t own or make false claims about a competitor.
The Difference Between General And Auto Liability Insurance Coverage
If someone sues your company, even if it’s a frivolous lawsuit, you’ll have to pay legal defense costs, such as the cost of hiring a lawyer. If you lose your case, you could end up paying a fortune in a judgment or settlement.
Commercial general liability insurance covers all these costs that can save your business from bankruptcy. Because the premium is based on your level of risk, small businesses and contractors typically only pay a small monthly premium for this coverage.
Complete your insurance policies. Companies can sometimes find discounts by purchasing multiple insurance policies from the same provider. For example, if your business is considered a low-risk business, you may be able to get a business owner’s policy. BOP combines general liability insurance and commercial property insurance at a reduced rate.
Pay your entire premium up front. Your general liability insurance premium can generally be paid in monthly or annual installments. It may seem tempting to opt for a lower monthly payment, but consider paying the full premium. Many insurers offer discounts on premiums paid each year.
General Liability Insurance In Maine, Nh And Ma
Proactively manage your risks. If your small business has a clean history of claims, you can expect lower insurance rates. An effective way to do this is to create a comprehensive risk management plan. For example, you can do the following:
Is the number one independent marketplace for online small business insurance. We help business owners compare quotes from top-rated providers, purchase policies and manage coverage online. You can compare free quotes on general liability insurance and other policies from the best companies in the US by filling out a simple online application today.
When you find the right policies for your small business, you can begin coverage in less than 24 hours and get your small business certificate of insurance.
Insurance premiums vary depending on which policy the company buys. See our overview of small business insurance costs or research the cost of a specific policy. General liability insurance covers common business risks such as customer injury, customer property damage, and advertising injury. Protects your small business from the high costs of lawsuits and helps you qualify for leases and contracts.
Professional Liability Insurance
This business liability insurance covers legal costs if a customer travels and is injured at your business, or if you accidentally damage someone’s property. This policy also covers personal and advertising damages, such as defamation and copyright infringement.
Small business owners often need general liability insurance to meet lease, loan or contract requirements. For example, a landlord may ask you to see a certificate of insurance when signing a tenancy agreement.
General liability insurance is an important component of small business risk management and is affordable. The average premium is about $42 per month for customers.
This business insurance policy covers legal defense costs if someone sues for personal injury, property damage, or advertising-related injuries. Your policy can pay for everything from hiring an attorney to judgments and settlements.
Food Liability Insurance Program
If a customer is injured in an accident at your business, general liability insurance can help pay for medical expenses. It also covers legal costs if the customer sues for damages.
A general liability insurance policy can cover costs if your business accidentally damages or destroys another person’s property.
All property damage or customer injuries do not occur in the store. If a company manufactures, markets or sells products, it can be sued for harm that its products cause to people or property.
Most commercial general liability (CGL) policies include product liability coverage. This type of coverage helps pay for lawsuits and other financial losses related to defective products, labeling errors that harm customers, and other product risks.
How Much Does Small Business Insurance Cost? (2023)
If someone sues a business owner or employee for defamation, defamation, false arrest, or copyright infringement, general liability insurance can help pay for legal defense costs and any resulting settlements or judgments.
General liability insurance typically costs an average of $42 per month. This is based on the average cost of a general liability insurance policy. And 29% of small business customers pay less than $30 a month for their policies.
Most businesses require this insurance, especially if you rent or own office or commercial space. Even if this doesn’t apply to you, small businesses that work directly with customers and clients can benefit from general liability insurance.
This insurance policy can keep your business financially stable if a customer or competitor sues you. Because general liability insurance provides such important coverage, most small business owners purchase a policy immediately after starting their business.
Professional Liability Insurance For Your Business
Generally not, but states may require it in certain industries like construction and hemp. Depending on the type of business you run, you may also need to obtain a professional license in your state.
Although commercial general liability (CGL) insurance
