Whether you’re a startup or taking your business to the next level, there are different types of business insurance you may need. The most common are general liability and commercial property insurance, which can be bundled together in a business owners policy (BOP). The costs of a BOP range from $500 to $3,500 per year….
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Product Liability Insurance Cost, Coverage & Providers
Product liability insurance (PLI) protects businesses from lawsuits if their product causes bodily injury or property damage. This insurance covers product-related defects for manufacturers, distributors and retailers. PLI coverage is important coverage because these lawsuits typically receive large jury awards. The cost of product liability insurance averages 26 cents per $100 in retail costs. For…
Home-Based Business Insurance: Costs, Coverage & Companies
Home-based business insurance protects business owners working out of their home for claims arising from third-party liability, property damage and more. The most common types of home office insurance are general liability and commercial property insurance. When getting both types, the average cost of home business insurance ranges from $750 to $1,500 per year. Getting…
D&O Insurance: Coverage, Costs & Exclusions
Directors and Officers Insurance, or D&O Insurance, covers defense costs and payment of claims if directors or officers of the company are sued for alleged wrongful acts. The cost of D&O insurance varies based on how much coverage you need, and ranges from $5,000 to $10,000 per $1 million of coverage per year. How Directors…
Inland Marine Insurance: Coverage, Rates, & Quotes
Inland marine insurance covers products, equipment, and valuable goods as they are transported over land or stored at an off-site location. Unlike commercial property insurance, inland marine covers property while it is away from your main premises. The cost of inland marine varies, but it ranges from $300 to $1,000 per year for most small…
Errors and Omissions Insurance Cost, Coverage & Providers
Errors and omissions insurance is professional liability insurance for businesses. E&O insurance covers claims arising from unintentional mistakes or negligence, typically for businesses that provide advice or professional services. The cost of E&O insurance averages $400 to $1,000 per year depending on several factors, such as industry type and coverage limits. Top Errors and Omissions…
IT Insurance: Cost, Coverage & Quotes for IT Business Insurance
IT insurance is a collection of insurance coverages needed by consultants and businesses focused on delivering technology, computer, or IT services to protect against third-party liability claims. The two main tech insurance coverage types are professional liability and general liability insurance. The average cost of IT insurance ranges between $650 and $1,300 per year. The…
Food Vendor Insurance: Cost, Coverage & Certificates
Food vendor insurance refers to the types of insurance mobile food vendors need to protect their businesses against financial loss from liability claims. The most common types of food vendor insurance are general liability and commercial property. The cost for food vendor insurance averages $400 to $800 per year and costs for single events average…
Business Interruption Insurance: Cost, Coverage & Providers
Business interruption insurance, aka business income insurance, covers the lost income of a business that has to cease operations due to damage from a covered event under a property insurance policy, such as fire or wind. Pricing for coverage varies, but the average cost of business interruption insurance ranges from $750 to $1,200 per year….
Public Liability Insurance: Cost, Coverage & Quotes
Public liability insurance (PLI) covers claims arising from injury or property damage suffered by a member of the public on your premises or other locations where you work. Most United States businesses can get the same coverage in their commercial general liability policy. The cost of public liability insurance averages $400 per year for small…
10 Best Small Business Insurance Companies 2018
The best small business insurance companies offer standard policies, such as commercial general liability, and also a broad range of other insurance types that small business owners may need. Before narrowing our list down to the top 10, we reviewed dozens of providers and evaluated them on key qualities like coverage types, service and pricing….
Builders Risk Insurance Definition, Coverage & Cost
Builders risk insurance provides financial protection for building projects while they are under construction or renovation. Coverage includes fire, theft, vandalism and extreme weather. The cost of builders risk insurance typically averages between one and four percent of the total construction costs and varies based on several factors, including type of project, location, and construction…
