A business owner’s policy (BOP) packages general liability and commercial property into a single policy that covers businesses’ most common risks. It’s often more convenient and more affordable to buy a BOP than to purchase these policies separately. On average, BOP insurance ranges from $500 to $4,900, depending on the chosen coverage and the business’s…
Hair salon insurance refers to the business policies salon, barbershop, and spa owners typically purchase. The most common hair salon policy is general liability, which covers claims that your business caused injury, property damage, or reputational harm. Salon insurance costs range from $300 to $5,800 per year, depending on how many policies you need. Cost…
Cargo insurance pays the value of shipments, up to coverage limits, when shipments are lost or damaged. Certain businesses that ship goods need cargo insurance, but those with infrequent shipments can get coverage for single shipments. Small business owners typically insure cargo through the shipper. Some major shipping companies, such as FedEx, UPS, or the…
Public liability insurance covers businesses for claims made by third parties, such as customers, for injury or property damage caused by the insured business. Public liability typically only covers injury and property damage claims that happen at the physical location of the business. How Public Liability Insurance Works Public liability insurance is designed to protect…
Workers’ compensation insurance costs depend on many factors, such as state regulations, payroll, and industry, so it’s difficult to pinpoint an exact premium without considering all of your business’ characteristics. Employer costs for employees’ compensation among civilian workers averaged $39.01 per hour worked as of March 2021, according to a . Those in less-risky industries…
Semi truck 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 like hauling cargo or nonbusiness driving. Owner-operators can expect to pay between $8,000 to $12,500 per year for truck insurance. Whatever commercial…
General liability insurance, also known as business liability insurance, covers businesses for financial losses due to third-party claims of bodily injury, reputational injury, or property damage to others. It’s an essential liability coverage for all businesses, given that all businesses are exposed to these types of risks. If you’re looking for general liability insurance for…
Every commercial general liability insurance policy has defined limits set forth in the policy and on the declarations page. Understanding these limits is important for making sure that you have enough coverage in any given area and are adequately insured against risk. Here’s a look at the six defined liability limits in a general liability…
