A limited liability company (LLC) is a business entity that protects company owners from personal liability. While LLCs protect owners’ personal assets, LLC insurance covers the business’s liability in accidents, injuries, and mistakes. LLCs can save money with a business owner’s policy (BOP) that costs between $350 – $1,600 per year. How LLC Insurance Works…
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EPLI Insurance: Cost, Coverage & Providers
Employment practices liability insurance (EPLI) covers claims arising from employment-related issues such as wrongful termination, discrimination, and sexual harassment. EPLI insurance costs depend on several factors, including business size, employee turnover, and industry. Small businesses can get EPLI endorsements for as little as $300 annually, while standalone EPLI may cost $800 – $5,000 per year….
Pet Groomer Insurance: Cost, Coverage & Providers
Pet groomer insurance is a combination of insurance policies designed to protect brick and mortar or mobile pet groomers from third-party liability claims, business property losses, and potential injury, death, or loss of animals under their care. Pet groomer insurance policies including general liability, business property and workers’ compensation start around $4,000 annually. Understanding the…
Key Man Insurance: Cost, Coverage & Providers
Key man insurance is life and disability insurance that covers key employees (including business owners and founders) important to the business’ success. The business owns the policy, pays the premiums, and receives the payout if the key person dies or becomes disabled. A $100,000 policy for key man insurance starts at $100 per month. Key…
BOP Insurance: Cost, Coverage & Providers
A business owner’s policy (BOP) packages general liability and commercial property into a single policy that covers businesses’ most common risks. BOPs are often more convenient and more affordable than purchasing these policies separately. On average, BOP insurance costs about $1,200 per year but can range from $350–$3,000. The Hartford has been assisting small business…
Garage Liability Insurance: Cost, Coverage & Providers
Garage liability insurance refers to insurance needed for auto repair shops, auto dealerships, tow truck drivers, and service stations. The primary coverage type is general liability insurance, which covers third-party bodily injury and damage or theft of machinery. The annual cost of garage liability insurance typically starts between $300 to $1,000 annually. Garage liability insurance…
Landscaping Insurance: Definition, Cost, Features & Providers
Landscaping insurance provides protection against financial losses arising from third-party claims from bodily injury and property damage. Business property insurance and workers’ compensation are additional policies that cover equipment and other assets of landscaping businesses and their employees. The annual cost of landscaping general liability insurance starts around $400 for most small business owners. The…
Contractor Controlled Insurance Program (CCIP): Cost & Providers
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….
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…
