Buy Public Liability Insurance Online – The cost of general liability insurance varies based on your business activities and policy limits, among other factors. Small businesses pay $42 per month for this policy.
Regardless of policy limits, consumers pay an average premium of $42 per month or $500 per year for general liability insurance.
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Our figures are based on the average cost of policies purchased by customers. The average provides a better estimate of what your business is likely to pay because it breaks down the high and low premiums.
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Welcome! If your business is open to the public, a customer property, a tenant or a commercial property owner, a public liability insurance policy is essential.
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 vary for small businesses based on their risks and the coverage they choose.
If you want car insurance that covers major damage, you will pay more for it. The same rule applies to business liability insurance. If you want a policy that covers more expensive accidents and claims, 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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Most consumers (91%) choose a policy with limits of $1 million / $2 million. Five percent of our customers choose policies with $2 million/$4 million limits, the next most popular option.
When purchasing a policy, it’s a good idea to make sure the deductible is something you can easily afford. If you can’t afford it during a crisis, your insurance won’t step in to cover your liability claim. The average deductible customers opt for is $500 for general liability insurance.
The right amount of coverage depends on your business needs. You want coverage that covers a potential lawsuit, without buying more than you need. If you’re not sure what limits are right for your business, talk to a licensed insurance agent.
The location of your business can play a big role in the premium you pay. For example, businesses located in areas with high crime rates or foot traffic may pay higher premiums than those located in areas with less of these factors.
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The premium may also vary slightly depending on your state. For example, small business owners in Virginia pay an average of $36 per month for public 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 require by law that small business owners have workers’ compensation coverage if they have employees and commercial auto insurance if the business owns vehicles.
Our analysis of general liability insurance costs reveals that for small businesses, your industry has the biggest impact on your premium. In general, insurance companies charge high premiums to high-risk industries, while low-risk industries benefit from lower rates.
For example, brick-and-mortar stores that are open to the public are more vulnerable than IT consultants who work from a home office. The following graphic shows how the type of business affects what you pay for a general liability insurance policy.
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Depending on the industry you work in, such as construction or marijuana, your state may require you to carry public liability insurance. Other businesses, such as real estate, insurance, or health care, may require professional liability insurance (also known as errors and omissions insurance) before you can get a license.
Construction, cleaning, and landscaping businesses have the highest general liability costs because they often do work that involves other people’s property. General liability policies can pay for damages that you or your employees cause to someone’s home.
A general liability insurance policy is intended to protect against the catastrophic costs of a lawsuit over bodily injury or property damage. In any business, a guest can trip and get hurt. If the visitor sues, the legal costs can add up to the point where it can destroy your business.
Even if no one from outside your company visits your office, someone can still hold your business liable for damages. For example, businesses that run advertising campaigns or post on social media can face lawsuits if they post content that isn’t theirs or make false claims about a competitor.
Commercial General Liability Insurance Cost
When someone sues your business—even if it’s a frivolous lawsuit—you’ll have to pay legal defense costs, such as the cost of hiring a lawyer. If you lose the case, you will have to pay a court order or settlement.
Commercial general liability insurance covers these costs and can save your business from bankruptcy. Because the premium is based on your level of risk, small businesses and contractors often only pay a small monthly fee for this coverage.
Compare your insurance policies. Businesses can sometimes find discounts when purchasing multiple insurance policies from the same provider. For example, if your business is considered low-risk, you may qualify for a business owner policy. BOP provides general liability insurance and commercial property insurance together at a lower rate.
Pay your entire premium up front. Your general liability policy can usually be paid in monthly or annual installments. It may be tempting to make a small monthly payment, but consider paying the full premium. Many insurers offer discounts on annual premiums.
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Manage your risks proactively. If your small business has a clean claims history, you can expect lower insurance rates. An 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 collect quotes from preferred providers, purchase policies and manage coverage online. By completing a simple online application today, you can compare free general liability insurance and other policies from the top carriers in the United States.
Once you find the right policies for your small business, you can start getting coverage and receive your small business insurance certificate within 24 hours.
Insurance rates vary depending on the policies purchased by the business. See the cost overview of small business insurance or search for the cost of a specific policy. General liability insurance covers common business risks such as consumer injury, consumer property damage, and advertising damage. It protects your small business from the high costs of litigation and helps you manage leases and contracts.
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This business liability insurance covers you for legal expenses if a customer is lost or injured in your business, or you accidentally damage someone’s property. This policy also covers personal injury and communications, such as defamation and copyright infringement.
Small business owners often need public liability insurance to meet lease, loan or contract requirements. For example, when you sign a commercial lease, the landlord may ask to see an insurance document.
Public liability coverage is an important part of risk management for small businesses, and it’s affordable. The average monthly cost for consumers is about $42.
This business insurance policy covers legal defense costs if someone sues for bodily injury, property damage, or communications damage. Your policy can pay for everything from hiring a lawyer to court orders and settlements.
Commercial General Liability Insurance
If a customer is injured in an accident at your business, public liability insurance can pay for medical expenses. It also covers legal costs if the customer sues for damages.
A general liability insurance policy can cover costs when your business accidentally damages or destroys someone else’s property.
All property damage or customer injury occurs within a store. If a business manufactures, distributes, or sells products, it can be sued for causing damage to people or property caused by its products.
Most commercial general liability (CGL) policies include product liability insurance. This type of coverage helps cover lawsuits and other financial losses related to defective products, labeling errors that harm consumers, and other related product risks.
Public Liability Insurance
If someone sues the business owner or employees for defamation, defamation, misrepresentation or copyright infringement, public liability insurance can help pay for legal defense costs and any resulting settlement or judgment.
General liability insurance typically costs $42 per month. This is about the average cost of a general liability insurance policy. 29% of small business customers pay less than $30 per month for their policies.
Most companies require this insurance, especially if you rent or own an office or commercial space. Even if it doesn’t apply to you, small businesses that work directly with customers and clients benefit from public liability insurance.
This insurance policy can keep your company financially stable if a customer or competitor sues you. Because general liability insurance provides such important coverage, most small business owners purchase a policy soon after starting their business.
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Usually not, but states may make it mandatory for some industries such as construction, cannabis. Depending on your type of business, you may need coverage to obtain a professional license in your state.
At the same time, commercial general liability (CGL) insurance