A Contractor Controlled Insurance Program (CCIP) is a specific insurance policy purchased by general contractors to coordinate general liability for construction projects. Also called wrap-up insurance, CCIPs are controlled by contractors rather than project development owners. The cost for a CCIP starts at 1% of the construction costs with policy durations extending past construction completion….
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Commercial General Liability Insurance Cost, Coverage & Providers
Commercial general liability insurance (CGL) protects businesses from financial losses due to third-party claims for bodily injury or property damage, making it is one of the most important insurance policies any business will buy. Commercial general liability insurance costs vary, but the majority of small business owners pay between $400 and $600 per year. Getting…
Cyber Liability Insurance: Cost, Coverage & More
Cyber liability insurance protects businesses from losses or damages resulting from cyberattacks and data breaches. These expenses can include data loss and restoration, extortion, legal fees, and regulatory fines. Cyber liability insurance costs vary depending on your risk factors, but most small businesses’ annual premiums range from $1,000 to $7,500. If you’re looking for cyber…
Dental & Medical Practice Insurance: Cost, Coverage & More
Medical practice insurance refers to multiple business policies that cover the risks physicians and dentists commonly face. Many healthcare providers qualify for a business owner’s policy (BOP), which costs $600 – $3,500 annually. However, BOPs don’t usually cover medical malpractice, so physicians also need professional liability. That policy typically costs $10,000 per year. Cost shouldn’t…
Insurance Broker vs Agent: Services & Costs
Both an insurance broker and an insurance agent help consumers buy insurance policies from insurance carriers. The primary difference is who each party works for and represents in the insurance purchase process. An insurance broker works for a client while an insurance agent works for one or more insurance carriers. One of the reasons an…
Personal Trainer Insurance: Cost, Coverage & Providers
Personal trainer insurance usually refers to a group of commercial policies designed to protect a personal trainer’s assets. One common policy for trainers is commercial general liability, which covers third-party bodily injury, property damage, and reputational harm. However, most trainers need other types of insurance, so personal trainer insurance costs between $150 to $1,500 annually….
Owner Controlled Insurance Program: Cost, Coverage & Providers
An Owner Controlled Insurance Program (OCIP), also known as construction wrap-up insurance, covers the owner, general contractor, and all subcontractors involved with a construction project under a single policy. OCIP is typically used on construction projects with construction costs above $10 million, and costs start at 1% of total construction costs. Every construction project has…
Commercial Auto Insurance: Cost, Coverage & Providers
Commercial auto insurance pays for claims arising from accidents involving vehicles used by your business. Coverage includes third-party liability for property damage and bodily injury, but policies can also include first-party coverage such as medical payments and collision. For small business owners, annual commercial vehicle insurance costs $750 – $1,200 per vehicle. If you’re in…
Staffing Agency Insurance: Cost, Coverage & Providers
Staffing agency insurance is a set of business policies agency owners can purchase to protect their assets. Each policy covers different risks many employment agencies face by paying for the costs associated with them. At a minimum, most agencies need general liability to cover third-party injuries and property damage and cost $400 – $1,000 annually….
Hair Salon Insurance: Cost, Coverage & Providers
Salon insurance is a category of business policies for salons, barber shops, and spas. The most common form of hairdressing insurance is commercial general liability, which covers third-party bodily injury, property damage, and theft on your premises. Salon insurance costs for most small businesses typically run from $350 to $1,300 per year in premium. When…
Commercial Flood Insurance: Cost, Coverage & Providers
Commercial flood insurance protects a business’ building and contents in the event of a flood. This specialty insurance protects against water damage that isn’t covered by other insurance policies. Federal Emergency Management Agency (FEMA)-backed pricing varies depending on where a business is in a flood zone but starts at $650 and can exceed $10,000 annually….
Convenience Store Insurance: Cost, Coverage & More
Convenience store insurance is a collection of policies owners purchase to protect their assets. One of the most common policies for convenience stores is general liability insurance, which covers third-party claims of bodily harm and property damage. When this is combined with commercial property insurance, convenience store owners can expect to pay $600 to $2,000…
