Global Courant
One of the biggest concerns many small businesses have is the cost of insurance. It’s something you absolutely need, but how much can you really afford? As with any type of insurance, there are a number of factors that come into play when evaluating small business insurance costs. About half of small businesses in the US pay about $400-$600 annually for general liability insurance. However, you can still pay less or more per year, depending on the number of employees and the type of industry you operate in.
High-risk sectors, such as construction, will be saddled with higher premiums, while low-risk sectors will receive lower rates. There are usually ways to save – especially if you choose a good commercial insurance company. Just use internet search tools to get quotes. Also, businesses with a physical, brick-and-mortar store or facility open to the public are more at risk than professionals who work from a home office.
Businesses with physical locations that are open to the public usually have to pay more money for insurance in case someone is ever injured on the premises. There are also things like theft, falling objects, vandalism, fire and weather damage to worry about.
What is the cost of small business insurance?
Even operating from home does not mean you are completely invulnerable to lawsuits. There is always the possibility of being accused of things like plagiarism, copyright infringement, defamation, and so on. If you have a vehicle that is used for business, even if it is your own vehicle, you will need insurance for that as well. Do you have employees that you send to run errands? What if they get injured on the job? Or accidentally damage a customer’s equipment? Keep all of these factors in mind when evaluating small business insurance costs.
Some business and professional insurance companies simplify things by offering customized insurance plans for each industry. You can choose a policy that is already tailored for a small business in your industry, with exactly the coverage you need.
There are proactive things you can do to lower the cost of small business insurance:
• Invest in security products.
• Develop a safety training program for employees
• Set up a list of social media posting rules and make sure your employees understand the rules.
• Reduce potential hazards on real estate
• Prepare a checklist for procedures relevant to your industry and company.
Where to start your search small business insurance costs? Be sure to start with Hiscox Business Insurance. Tailor-made plans are possible in every type of industry. It is easy to find the ideal solution and save money with this organization.
Small Business Cost Guide: What You Do
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