Small business insurance costs typically range from $34 to $67 per month. These costs can vary significantly depending on coverage types and other factors.
Types of Insurance and Average Costs
- General Liability Insurance: $42 per month
- Business Owner’s Policy: $57 per month
- Commercial Vehicle Insurance: $176 per month
Insurance cost depends on factors such as business location, industry, and the specific policies a business requires. Bundling policies with a single insurer often leads to cost savings. Liability insurance, which protects against lawsuits, is an important consideration when starting a business.
Cost Factors and Considerations
The type of insurance coverage a business needs will affect the cost. Business owners should also factor in the risks of property damage, liability, theft, and employee-related incidents.
To accurately estimate insurance costs:
- Consider the necessary coverage for your business activities.
- Obtain multiple quotes to compare prices.
- Balance the cost against the benefits when selecting a plan.