Product liability insurance covers a business’s financial loss by paying for the business’ legal fees if its product harms a consumer. Policies typically pay for lawyer bills, court awards, and even the injured party’s medical bills if the business is found liable. Product liability insurance costs vary, but premiums generally run between 15 cents and…
Insurance Industry Bracing for Historic Change in 2021
Insurance is saddled with an unfair reputation of being stodgy and unchanging, but the truth is that the events of one year often impact how the industry works in the future. Business owners who identify the circumstances of 2020 that might influence their coverage can better prepare for 2021 and beyond. Insurers Predict $107 Billion…
Personal Trainer Insurance: Cost, Coverage & Providers
Personal trainer insurance refers to a group of policies designed to protect a personal trainer’s business assets. One policy almost all trainers need is general liability, which covers the costs of common lawsuits business owners face. However, trainers may need additional policies, depending on how they run their businesses, so their insurance can cost anywhere…
Quick Guide to Workers’ Comp Insurance for Self-employed
Self-employed workers’ compensation insurance covers medical expenses and lost wages if a business owner, solopreneur, or independent contractor suffers an on-the-job injury or illness. Some agents recommend workers’ comp insurance for self-employed people to protect the person’s business if they are unable to earn an income after a work accident. Policies typically cost a minimum…
Retail Insurance: Cost, Coverage & Where to Find It
Retail insurance refers to the various insurance policies retail businesses need to cover the liability they face in their day-to-day operations. Most small business retailers need, at a minimum, general liability and commercial property insurance. They can typically combine these in a business owner’s policy (BOP) for around $1,000 to $2,500 per year. Finding the…
Semitruck Insurance: Providers, Coverage & Costs
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 nonbusiness driving. Owner-operators can expect to pay between $8,000 and $12,500 per year for truck insurance. Whatever commercial…
Commercial Auto Insurance: Cost, Coverage & Providers
Commercial auto insurance covers accidents involving vehicles used or owned by your business. Third-party liability coverage for injuries and property damage is required in most states, but policies also can include first-party coverage such as medical payments and collision. For small business owners, annual commercial vehicle insurance costs around $600 to $2,400 per vehicle. Any…
7 Best Small Business Insurance Companies
The best small business insurance companies offer core policies like general liability, plus a broad range of additional coverages that many small businesses need. Additionally, the top companies can offer affordable premiums and have excellent financial ratings that show policyholders can trust them to pay claims. Our picks for the best insurance for small businesses…
6 Cheapest General Liability Insurance Companies for Small Business
Business owners want to protect their assets, but insurance can be expensive. Unfortunately, cheaper insurance often means more limited coverage. We evaluated 15 companies to figure out which ones offer the best general liability insurance at a low cost for small businesses without sacrificing coverage. The best companies for cheap general liability insurance are: :…
Restaurant Insurance Coverage, Costs & Providers
Restaurant insurance protects owners from a variety of business-related losses, such as lawsuits, property damage, data breaches, or employee injuries. Different policies cover different types of loss, but one coverage common to most restaurants is general liability. A small, limited-service restaurant can usually get general liability insurance for about $1,000 to $2,000 annually. Finding reasonably…
North Carolina Workers’ Compensation Insurance: Top Providers, Rules & More
North Carolina workers’ compensation laws make coverage mandatory for employers with three or more employees. This includes minors and undocumented workers. On average, business owners pay around 97 cents per $100 of payroll for their workers’ comp insurance, which makes North Carolina tied for 12th for the least expensive for workers’ comp. Even if workers’…
Gym Insurance: Cost, Coverage & Providers
As a gym owner, you have more risk than many other businesses because your operations include engaging people in strenuous exercise. Gym insurance covers the costs associated with injuries and lawsuits. Annual gym insurance costs depend on the specific policy you’re buying. For example, general liability insurance is usually between $500 to $2,000 per year…