Garage liability insurance is a policy auto repair shops, dealerships, tow truck drivers, and service stations need. It covers third-party bodily injury and property damage caused by garage operations as well as vehicles in the business’s care, custody, or control. The annual cost of garage liability insurance typically starts between $300 to $1,000 annually. Providers…
About the Author
Virginia Hamill
Virginia Hamill is an editor with our finance team focusing on insurance. Prior to joining Fit Small Business, Virginia worked in the wholesale division of Insureon, an online insurance agency. She holds a Master’s Degree from DePaul University and has written for a number of digital finance and insurance companies, including Kin and TopstepTrader.
When not busy pounding the keyboard, Virginia likes to try enchilada recipes and snuggle her pug Bogey.
Professional Liability Insurance: Cost, Coverage & Providers
Professional liability insurance, also known as errors and omissions insurance, covers claims that a business made mistakes or was negligent when providing expert advice or professional services. The cost of professional liability starts around $400 but can exceed $8,000 annually depending on several factors, such as industry type and coverage limits. Getting the right errors…
Product Liability Insurance Cost, Coverage & Providers
Product liability insurance covers a business’s responsibility for the products they make or sell. If a product causes harm, product liability pays the injured party’s medical or repair bills as well as the business’s legal fees. How much product liability insurance costs depends on your risk. Low-risk businesses pay an average of 26 cents per…
Contractors Insurance: Types, Costs & More
Contractors insurance refers to a group of policies that cover risks contractors typically face. For example, most contractors need general liability to cover claims they caused other people injury or property damage. They can usually combine this coverage with property insurance in a business owner’s policy (BOP) for about $400 to $700 per year. Applying…
Semitruck Insurance: Cost, Coverage & Quotes
Semitruck insurance, also called owner-operator or commercial truck insurance, is a blanket term for a collection of policies for truck drivers. Many of these policies cover truckers’ legal liabilities in different situations, such as hauling cargo or non-business driving. Owner-operators can expect to pay between $8,000 and $12,500 per year for truck insurance. At a…
Janitorial Insurance: Cost, Coverage & Providers
Janitorial insurance is a group of policies cleaning businesses purchase to cover their risks. Every cleaning business from residential maid services to commercial janitorial companies need business insurance, but which policies they get depends on their business operations and level of risk. Janitorial insurance costs range from $375 to $3,500 per year. CoverWallet makes getting…
Special Event Insurance: Cost, Coverage & Providers
Special event insurance is a type of insurance that covers businesses’ liabilities when they host events outside of their normal operations, like trade shows and fundraisers. Basic one-day event insurance costs start at $50, but premiums go up based on the number of days and attendees, location, and planned activities. To get your event properly…
Crime Insurance: Cost, Coverage & Providers
Commercial crime insurance is a specialized coverage that pays for losses resulting from criminal acts, including employee dishonesty, and third-party fraud. It covers an important gap in commercial property insurance and is essential in certain industries that face a greater risk for crime, such as retail and financial advisors. Standalone crime insurance costs between $240…
HVAC Insurance: Types, Costs & Where to Find
HVAC insurance refers to a group of policies business owners in the heating, ventilation, and air conditioning industry are often required to buy. While most states only require bonds, HVAC companies may also need general liability, workers’ compensation, and commercial auto. HVAC insurance costs start at $350 but can exceed $10,000 for large companies. HVAC…
Questioning the Questions: An Interview With biBERK President Peter Shelley
In just three short years, Berkshire Hathaway’s small business unit biBERK has gone from an Insurtech experiment that offered a single coverage to a leading online platform with a robust lineup of insurance products. We sat down with President Peter Shelley to discuss biBERK’s success and to find out what we can expect in the…
Professional Liability Insurance for Counselors
Professional liability insurance for counselors is a business policy designed to cover malpractice claims brought against mental health therapists such as psychologists, occupational therapists, and social workers. Policies pay for your legal defense, including civil awards, if you’re accused of professional negligence. Counseling liability insurance usually costs $400 – $3,000 per year. One way counselors…
How Much Does Professional Liability Insurance Cost?
Professional liability is a type of business insurance for anyone who makes a living providing expert services or advice. These individuals face higher risk of negligence lawsuits, and professional liability covers their defense by paying for lawyers, investigators, and court awards or settlements. Most small business owners pay $500 – $3,500 annually for this coverage….
