The cost of business insurance varies depending on the type of business, the size of the business, and the level of coverage required. However, in general, small business owners can expect to pay between $30 and $341 per month for business insurance.
Here is a breakdown of the cost of some common types of business insurance:
* General liability insurance:
This type of insurance protects your business from lawsuits arising from accidents or injuries that occur on your property or as a result of your products or services. The average cost of general liability insurance is $42 per month.
* Commercial property insurance:
This type of insurance protects your business's property from damage or loss due to fire, theft, or other perils. The average cost of commercial property insurance is $57 per month.
* Business interruption insurance:
This type of insurance covers your lost income if your business is unable to operate due to a covered event, such as a fire, flood, or power outage. The average cost of business interruption insurance is $124 per month.
* Workers' compensation insurance:
This type of insurance covers your employees' medical expenses and lost wages if they are injured or become ill on the job. The cost of workers' compensation insurance varies depending on the state in which you operate your business.
In addition to these common types of business insurance, there are a number of other specialized types of insurance that may be appropriate for your business, such as professional liability insurance, cyber liability insurance, and errors and omissions insurance.
The best way to determine how much business insurance you need and how much it will cost is to get quotes from multiple insurance companies. You can also use an online business insurance quote comparison tool to get a quick estimate of the cost of business insurance for your specific business.