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There is no simple answer for determining the cost of business insurance. It depends on a huge number of factors, including the type of industry, risk factors, the number of employees, the experience and credit of the business principles, and many others. As a result, it could cost hundreds of dollars a month for home business insurance to hundreds of thousands or even millions a month for commercial business insurance.
The principle areas to consider when choosing a business insurance policy are:
- Property insurance: should cover the building or buildings that you own. If renting, the landlord should provide coverage. Personal property such as furniture, equipment, and anything else inside the structure should be covered. A good policy will also cover loss of income resulting from property damage, earthquakes and floods.
- Liability Insurance: business insurance liability is a must have. It protects against personal and advertising injuries. It also protects leasers from damage occurring to their landlord's property (such as a fire). This kind of policy can also cover products and completed operations, medical expenses and/or medical payments and general liability (such as somebody falling and getting hurt).
- Worker's compensation: is mandatory for any business with employees and covers employee benefits for those injured on the job.
- Car insurance: may be needed if there are any company vehicles.
- Health insurance: is not mandatory but many businesses offer plans suited to the size of their business.
- Excess liability coverage: protects the insured against the maximum limit provided by their regular insurance provider. This is good to have in the case of a multi-million dollar lawsuit.
- Employment practices liability coverage: is more of a concern for larger businesses, and covers lawsuits related to wrongful termination or sexual harassment.
- Life insurance: is normally purchased to safeguard against the death of a business partner or other particularly important employee.
- Check your policy to be sure what is covered. Read the fine print to make sure you're protected. For example not all property insurance covers earthquakes and floods. Certain things may cost more.
- Depending on your business, it may be necessary to invest in malpractice insurance.
Shopping for business insurance:
- Speak with an attorney, an accountant as well as an insurance agent to determine the insurance needs of your business. Choose carefully, as these people should be considered ongoing members of your business team.
- Business.gov provides advice for business owners shopping for insurance.
- Never, ever consider not having insurance or skimping on coverage. The fact of the matter is you can't afford to not have insurance.
- Offering employee benefits, such as health insurance, will help attract good workers.