Workers’ compensation insurance is required in most states when businesses have employees. It covers medical bills, rehabilitation costs, and lost wages for employees who get hurt at work. Workers’ compensation insurance costs vary widely, and most small business owners should expect to pay anywhere from $500 to several thousand in annual workers’ compensation premium. Getting…
About the Author
Kimberlee Leonard
Kimberlee Leonard is a staff writer at Fit Small Business focusing on finance and business insurance. When she joined the team in 2018, she brought over 20 years of experience between being a financial consultant, insurance agency owner, and owner of a content marketing agency. Kimberlee’s expertise has been featured in articles from a wide range of print and digital publications like The Latest, and The Houston Chronicle.
In her free time, Kimberlee like to enjoy the Hawaiian tradewinds with her dog Arky, and soaking in the island of Oahu with her son. She is also the author of several children’s books.
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Workers’ Comp Exemptions for Contractors
Forty-nine states require employers to have workers’ compensation insurance to pay for medical bills and lost wages for employees hurt on the job. While this is mandatory, there are workers’ comp exemptions for some contractors and sole proprietors. In some cases, even when contractors are exempt, they may be better off getting workers’ comp insurance….
6 Cheapest General Liability Insurance for Small Business
Business owners want to maximize every dollar in the budget, and let’s face it, small business insurance can get expensive. Finding the cheapest general liability insurance for small business owners isn’t always feasible since low costs usually limit coverage. We’ve done the homework for small business owners to find the best cheap general liability insurance….
Data Breach Insurance: Cost & Top Providers 2019
Data breach insurance helps protect against the financial costs of having company data compromised either through cyberattack, internal failure, human error, or corporate espionage. Coverage typically pays legal fees, public relations costs, and the financial liabilities including the cost of identity protection solutions. Data breach insurance costs $500 to $3,000 annually. Small business owners need…
14 Tips for Lowering Workers’ Comp Premiums
Workers’ compensation is an expensive requirement that most business owners are desperate to control. Some industries’ average cost is more than 5% of every payroll dollar spent. While nothing keeps premiums down more than safety practices that reduce claims, there are other things you can do. Here are 14 tips for lowering workers’ comp premiums….
Painters Insurance: Definition, Cost & Providers
Painters insurance isn’t a type of coverage but, instead, includes general liability, business property, and commercial auto insurance. Some painters may also need surety bonds and workers’ compensation. The most common painters insurance policy is general liability, which covers customer property damage and injury lawsuits. It typically costs $4,000 to $8,000 annually. As an insurance…
Lawyers Professional Liability Insurance: Coverage & Providers
Lawyers professional liability insurance is errors and omissions (E&O) insurance for attorneys, law firms, and other professionals in the legal industry, including mediators and paralegals. Professional liability insurance protects attorneys from claims arising from mistakes or negligence that results in client damages. Policies start around $2,000 annually for attorney professional liability insurance. As a lawyer,…
6 Best Errors and Omissions Insurance Providers 2019
Errors and omissions insurance is specialized liability insurance covering allegations that professional services were not rendered correctly or to contract terms. Claims may include the costs to complete contracts, redo work, or other damages resulting in loss. After reviewing over 25 of the top liability insurance providers, we’ve narrowed it down to our six best….
7 Top Cyber Insurance Companies of 2019
Cyber insurance is a specialized liability policy designed to protect businesses from damages and losses that occur as a result of cyberattacks and electronic data breaches. Cyber insurance companies typically cover costs like data restoration, legal fees, consumer credit monitoring, ransom payments, and regulatory fines. We reviewed more than 25 of the top cyber insurance…
10 Most Common Workplace Injuries & How to Avoid Them
If you’re concerned about worker safety and minimizing workers’ compensation insurance costs, it’s important to avoid the most common workplace injuries. Not all injuries are work-related but happen at the business location or during actual work activities, putting small business owners at risk of claims and increased costs when employees get hurt. It is up…
How Much Does General Liability Insurance Cost
General liability insurance costs range from $400 to $1,300 depending on the industry you work in and how big your company is. It pays for third-party injuries or property damage claims that could become financially devastating to an uninsured company. Defending liability claims average $75,000, making one claim’s value worth the premium. What General Liability…
Errors & Omissions Insurance: Cost, Coverage & Providers
Errors and omissions insurance, also known as professional liability insurance, covers claims arising from unintentional mistakes or negligence, typically by businesses that provide advice or professional services. The cost of E and O insurance starts around $400 but can exceed $8,000 annually depending on several factors, such as industry type and coverage limits. Getting the…
