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

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Reviewed by Daniel Walker
Licensed Auto Insurance Agent

UPDATED: Mar 19, 2020

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Expect To Pay For Business Insurance

Business insurance is a necessity that all businesses should have if they plan on being successful. Although it may sound optional, it is really not because it will help protect your business from liability and potential lawsuits that could happen further down the road.

This especially important if you sell products and you want to make sure that your business will not shut down if you have some type of legal issues.

For FREE rate quotes on your business insurance needs use the ZIP code tool provided here!

Business insurance costs vary depending on a wide number of factors about your business. Any entrepreneur will want to consider numerous insurance companies and compare quotes for the best cost, coverage and protection of the business.

What Business Insurance Does

Business insurance works much like any other type of insurance coverage, except that it is designed to fit the needs of specific businesses. There are different types of business insurance, but they are all supposed to help protect business owners from potential lawsuits and liability related to accidents, injuries, fire, vandalism, theft and other unexpected occurrences.

A lot of entrepreneurs neglect to get business insurance when the business is young and lacking in assets. But it is really something they should buy from the very beginning.

Most businesses will end facing some type of legal issue or accident at some point during the life of the company.

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Types of Business Insurance

The cost of your business insurance policy will depend on what type of business insurance you would like to get. Some of the common types of include professional liability coverage, product liability, and general liability insurance. Professional liability insurance is designed for professionals that have

Expects To Pay Business Insurance

their own offices like doctors and attorneys that seek protection from issues like malpractice.

Commercial property insurance is there to protect the building itself against storms, vandalism, fire or natural disasters.

This type of insurance is good for any business to have, but it is essential for businesses that are dependent on their structure for productivity. This situation may involve a warehouse, storefront or factory.

Product liability is designed for manufacturing companies that create products because they need protection in the event that there are defects in a product. If those defect result in injuries or illness this coverage will protect the business from liability if a customer files a lawsuit against them.

To view a product liability suit from the other side of the courtroom take a look at how one law firm advises its clients to sue the producers of defective products.

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Factors That Affect the Cost

Business insurance costs depend on a number of factors about your specific business. The first thing that insurance companies look at is what type of business you own and its location. Some companies need to have more coverage than others because a music store does not require as much coverage as a chemical plant or a hospital.

The higher the perceived risk of your business, the higher insurance rate you will pay.

The provider will also take into consideration the size of the business, the number of employees, as well as how long the company has been in business. They will consider the number of business operations present and the types of equipment they have on site.

Expect To Pay For Business Insurance

Since business insurance costs vary so much depending on all of these factors, that it’s difficult to pinpoint an average. A lot of small businesses will usually pay $1,000-$3,000 each month on average if they are not involved any type of high risk activities. Of course there are huge variations on these number.

How to Reduce Your Costs

Reducing your premiums for this coverage is something that you can do on your own. The first thing is that you should get quotes from numerous companies before you decide to sign up for anything. If you compare and get the insurance companies to compete for business, it will encourage them to

What Can I Expect To Pay For Business Insurance

offer you lower rates. As a business owner, you must make sure that all of your payroll and sales records are in order because most insurance companies will likely use this information to use it as a base rating for the insurance.

Discuss your specific needs with your insurance agent and make sure you are clear about what types of coverage you will actually need. Never pay for coverage that is not appropriate or necessary from your business. If you are still facing very high insurance rates, it may be a good idea to look into changing locations because some locations have higher risks than others. It will also help your business has some type of professional affiliation or membership because they can sometimes help you get lower insurance rates.

Business insurance costs vary greatly depending factors such as the location, number of employees, as well as the type of industry. There are some ways to reduce costs by comparing insurance rates, joining professional organizations, or getting more specific coverage. Although business insurance may seem to be rather expensive at first, it is certainly worth the cost.

Insert your ZIP code here and compare rates on business insurance policies now!