It’s impossible to start a business without assuming some risk. You can mitigate some of it by purchasing a business insurance policy. There are different types of coverage to protect yourself and your company. You want to have that type of protection, but you need to know, “How much is a business insurance policy?” That depends on different factors, including your needs. Learn more about the types of coverage, and determine how much you can expect to pay for a policy.
Types of Business Insurance
Before you make a purchase, you need to go over your options. There are six common types of business insurance.
General liability coverage for a business is the most common option. Even though it’s common, you still probably find yourself asking, “What does business insurance cover?” General liability will protect against financial losses due to:
- Bodily injury
- Property damage
- Medical expenses
- Libel
- Slander
- Defending lawsuits
- Settlement bonds or judgments
You can also purchase:
- Product liability insurance
- Professional liability insurance
- Commercial property insurance
- Home-based business insurance
- Business owner’s policy
Each type of business insurance offers different coverage. Speak to an agent to determine which type of policy you need for your company.
Do I Need Business Insurance for an LLC?
An LLC only offers limited protection, so your private assets could be at risk if you don’t have proper coverage. It will also protect you against frivolous lawsuits. Without the right coverage, you will have to cover the legal fees if you’re sued, even if you aren’t found liable.
What Is the Best Insurance for a Small Business?
Choosing the right policy for a small business can seem confusing. However, it’s easy when you go with a business owner’s policy. A business owner’s plan includes all the coverage you need into one policy. This can lower your rates while providing you with ample protection.
How Much is Business Insurance?
The cost is based on various factors, including your:
- Industry
- Type of business
- Loss history
- Business location
- Years in operation
- Types of insurance
Depending on your situation, you might spend as little as $300 a year on general liability insurance or pay $600 or more. If you get a business owner’s policy, you can expect to pay more for coverage. Of course, you’ll get more since this is a bundled policy.
How Much is Business Insurance? Get a Quote Today
Since every situation is different, you need to get a quote to find out how much you’ll pay. You can get rates for different types of coverage, including a business owner’s policy. Compare quotes from different companies to find the coverage you need within your budget. Start the process by reaching out to a licensed insurance agent today.
Protect your assets with a quality insurance policy from Freeway. Start your free business insurance quote online, over the phone, or at one of our offices near you.
