Business General Liability Insurance Quote – The cost of general liability insurance varies depending on your business and coverage limits, among other factors. Small businesses pay about $42 per month for this policy.
Customers pay an average of $42 per month, or about $500 annually, for general liability coverage, regardless of coverage limits.
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Our numbers are derived from the average cost of insurance purchased by customers. The median gives a better estimate of what your business can pay because it doesn’t include high and low premiums.
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Welcome! Public liability insurance is essential if you open your business to the public, maintain customer property, or rent or own commercial property.
While small business customers pay an average of $42 per month for general liability insurance, 29% pay less than $30 and 41% pay between $30 and $60 per month. Costs for small businesses vary depending on their risk and the coverage they choose.
If you want car insurance that pays for multiple damages, you will have to pay more for it. The same principle applies to professional liability insurance. If you want a policy that covers more expensive accidents and lawsuits, expect to pay more for basic coverage.
General liability insurance with limits of $1 million / $2 million is the most popular option for small businesses. This includes:
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Majority of consumers (91%) opt for policies with $1 million / $2 million limits. Five percent of our customers choose a policy with $2 million / $4 million limits, the second most popular choice.
When purchasing a policy, it’s a good idea to make sure the deductible is something you can easily afford. If you cannot pay for it in a crisis, your insurance will not begin to cover your claim. The average deductible consumers choose for general liability insurance is $500.
The exact amount of coverage depends on your business needs. You want coverage that covers potential lawsuits, without buying more than you need. Talk to a licensed insurance agent if you’re not sure what limits are right for your business.
Where your business is located can play a big role in the premium you pay. For example, businesses located in areas with high crime rates or increased foot traffic may have to pay higher premiums than those in areas where these factors are low.
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Premiums may also vary slightly by state. For example, small business owners in Virginia pay an average of $36 per month for general liability insurance, while businesses in Colorado have an average premium of $49 per month.
While general liability is recommended for many small businesses, most states will require by law that small business owners pay workers’ compensation if they have employees and if they have company Commercial auto insurance for owned vehicles.
Our analysis of the cost of general liability insurance shows that for small businesses, your industry has the biggest impact on your premium. Generally, insurance companies charge higher premiums for high-risk industries, while low-risk industries enjoy lower rates.
For example, retailers who are open to the public are more at risk than IT consultants who work from a home office. The graph below shows how the type of business affects how much you pay for general liability insurance.
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Depending on the industry you work in, such as construction or hemp, you may be required by your state to have general liability insurance. For other businesses, such as real estate, insurance, or health care, you may need professional liability insurance (also known as errors and omissions insurance) before you can get a license.
Construction, cleaning and landscaping companies have the highest general liability costs because they often do work that involves other people’s property. General liability policies can pay you or your employees for damage to someone’s property.
General liability insurance is essential to protect against the potentially devastating costs of a personal injury or property damage lawsuit. In any business, a guest can leave and cause damage. If the visitor files a lawsuit, the legal fees can escalate to the point where they can sink your business.
Even if no one outside your company comes into your office, someone can still hold your company liable for damages. For example, companies running advertising campaigns or posting on social media may face legal action if they post content that is not theirs, or make false claims about a competitor.
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When someone sues your business — even if it’s a frivolous lawsuit — you’ll have to pay defense costs, such as the cost of hiring a lawyer. If you lose the case, you may pay a large sum of money in a judgment or settlement.
Commercial general liability insurance covers all these expenses, which can protect your business from bankruptcy. Because the premium is based on your risk level, small businesses and contractors typically pay only a small monthly premium for this coverage.
Put your insurance together. Companies can sometimes get discounts when they buy multiple policies from the same provider. For example, if your business is considered low risk, you may qualify for a business owner’s policy. BOP combines general liability insurance and commercial property insurance at a low cost.
Pay your entire premium up front. Your general insurance premium can usually be paid in monthly or annual installments. It may be tempting to go with a lower monthly payment, but consider paying the full premium. Many insurers offer discounts on annual premiums.
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Proactively manage your risk. If your small business has a history of claims, you can expect lower insurance rates. One effective way to do this is to create a comprehensive risk management plan. For example, you can:
The #1 independent marketplace for online delivery of small business insurance. We help business owners compare prices from top providers, purchase policies and manage coverage online. By filling out a simple online application today, you can compare free quotes on general liability insurance and other insurance from top-rated US airlines.
Once you find the right policies for your small business, you can start coverage and get your small business insurance policy in less than 24 hours.
Insurance premiums vary depending on the type of insurance company you buy. See an overview of small business insurance costs or see the cost of a specific policy. General liability insurance helps protect your small business against claims that it causes bodily injury to others or property damage. Without general liability insurance, you’ll have to pay for these claims out of pocket. General liability insurance (GLI) can be called many different things, such as commercial liability insurance, commercial general liability insurance, or comprehensive general liability (CGL).
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Just remember that general liability insurance costs vary for everyone because each company is unique. Factors that determine this price include:
Did you know that four out of 10 small business owners may face a property or general injury claim in the next 10 years?
Claims range from unforeseen events, such as theft, to unexpected accidents, such as injuries sustained after a customer slips and falls.
It’s a question we hear often, “Does my small business need general liability insurance?” The answer is probably yes. With general liability insurance, your claims are protected against:
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If a customer is injured at your workplace, this policy can help cover their medical bills.
Employees sometimes damage customer property while delivering goods or services. Your GL policy can help pay for damages.
General liability insurance can help cover malicious prosecution, defamation, libel, wrongful termination and breach of privacy.
If your rental property is damaged by fire, lightning or explosion, your general liability policy can help pay for repairs.
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Liability insurance coverage helps protect you from costly general liability claims that can occur in normal business situations, such as:
You may also need this coverage if your customers request it. Many customers want to confirm that you have general liability insurance before they contract with your company. You can prove that you have general liability insurance with a certificate of liability.
General liability insurance does not cover any type of damage. Depending on your small business, you may need different types of coverage to further protect your business. General liability insurance covers commercial auto accidents, employee injury or illness, damage to your property, professional error or omission, willful misconduct or illegal acts, or claims for costs exceeding your liability limit. Does not cover It won’t cover claims related to data breaches or lost revenue if your business can’t open due to insured property damage.
State law generally does not require business owners to carry general liability insurance. But it’s still a good idea to have liability insurance. If a consumer sues your business and you don’t have coverage, it can put your business finances and your personal assets at risk.
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It is important to understand general state liability insurance laws. Work with your local insurance agency or our dedicated small business insurance team to help you choose the right commercial liability insurance.
Although state law does not require LLCs to carry liability insurance, it is.