Chelsey Tucker graduated with a Bachelor of History degree from Metropolitan State University in 2019. She now writes about insurance with her specialty being life insurance and has been quoted on Help Smart Phone and MEL Magazine.

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Dan Walker graduated with a BS in Administrative Management in 2005 and has been working in his family’s insurance agency, FCI Agency, for 15 years. He is licensed as an agent to write property and casualty insurance, including home, auto, umbrella, and dwelling fire insurance. He’s also been featured on sites like Reviews.com.

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Reviewed by Daniel Walker
Licensed Auto Insurance Agent

UPDATED: Mar 19, 2020

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We hear it all the time: “How much does business insurance cost?” As much as we would love to be able to offer up a solid monetary figure in response to this inquiry, the fact of the matter is that there are just too many variables.

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Factors weighed in the calculation of each unique business insurance quote include size, business sector, years of operation, geography, and credit history, just to name a few. With all the elements that go into business insurance, it is easy to see how difficult it is to come up with any meaningful cost averages.

One large corporation may pay millions for its business insurance needs; a small one may pay several hundred. The best, and quickest, way to find out where your business falls on the insurance cost spectrum is to do an on-line quote comparison. Just type your zip code into the free box on this page to access quotes from a variety of well-respected business insurance providers.

What do I get for my money when it comes to business insurance?

Business insurance provides protection that can save your business, and all those that depend on it, from the repercussions of a host of accidents that befall companies big and small. Whether the danger presents itself as a fire, flood or a workers compensation lawsuit, business insurance is the form of protection that could be the difference between boon and bankruptcy.

Each business insurance policy is personalized to the unique demands of your business. The two components that make up the largest chunk of most business insurance costs are liability and property insurance.

  • Liability insurance relates to damages sustained as a result of accidents or mistakes involving products, contracts, and workplace safety. General liability insurance covers the bulk of business related liability, while product liability insurance covers damages incurred as a result of defective products.
  • Property insurance protects not only the physical property, but that property’s capabilities of producing income. “All Risk” property insurance covers many different risks, while “Peril Specific” property insurance is more specialized. “Peril specific” property insurance often comes into play when businesses are susceptible to perils specific to business sector or location.

One commonly covered form of business insurance goes by the name business interruption insurance. If your business is forced to close its doors because of any covered peril—whether it be an act of God or a man-made scenario caused by the likes of arson or theft—then business interruption insurance will pay out for the resulting loss of net profit and for any continuing business expenses.

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Is my home business already covered by my homeowners insurance policy?

Yes, you may have minimal coverage built in, or added, to your homeowners insurance policy. But if you leave it at that and do not purchase a separate business insurance policy, you are likely to find yourself underinsured when it comes time to make a claim. Average homeowners insurance policies cover no more than $3,000 for on-site claims.

If an accident related to the business occurs away from the home office, well, you can usually kiss any hopes of coverage goodbye. Most homeowners insurance policies do not cover liability, either.

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How do I determine the right amount of coverage?

By answering the questions posed in the online quote comparison tool available on this page, you will be led to the policy that is right for your business. But the most important cost saving tip to remember is that you should not limit your quote comparison search to the original enlistment.

Regularly comparing quotes based on an up-to-date assessment of your business needs will not only save you money by securing the best and most recent deals, but it will help ensure a policy that fully protects your business without superfluous coverage.

How can I find out exactly how much business insurance costs for my business?

By typing your zip code into the free box on this page, you will avail yourself of business insurance quotes from a variety of reputable insurance companies knowledgeable about businesses small and large. The quote comparison tools will help you narrow down your search to those insurance providers that are the best matches for your company’s unique needs. Compare business insurance quotes today!