The Average Cost of Small-Business Insurance

Save
Liability insurance can protect your small business from customer claims.
Liability insurance can protect your small business from customer claims. (Image: LuminaStock/iStock/Getty Images)

Small-business insurance protects your investment in your company in the case of lawsuits, accidents and claims of negligence. The average cost for general liability insurance varies depending on the type of business and risks involved. The average cost for professional liability insurance, or errors and ommissions insurance, for small consulting businesses is around a few thousand dollars a year.

Average Insurance Costs

The average cost of insurance for a small business depends on the size of the business and the nature of operations. The riskier and larger the operation, the more the business will pay. According to Trusted Choice Independent Insurance Agents, a sole proprietor can expect to pay around $500 annually for general liability insurance, while a small consulting business will most likely pay over $3,000 annually. Small businesses that have liability concerns, such as landscapers, can expect to pay around $15,000 annually. Errors and omission insurance averages between $1,000 and $3,000 per $1 million of coverage.

Related Searches

References

Promoted By Zergnet

Comments

You May Also Like

Related Searches

Check It Out

Are You Really Getting A Deal From Discount Stores?

M
Is DIY in your DNA? Become part of our maker community.
Submit Your Work!