How Much is Business Insurance

Business liability insurance, also known as commercial general liability insurance, provides businesses with a layer of protection from a number of situations. This includes any injury or damages that occur on a business’s property that anyone associated with the business may have caused.

Workers’ compensation insurance is another vital policy most businesses need. This type of insurance protects businesses from any lawsuits employees who are injured on the job may bring, here you can get information on how much is business insurance.

What’s public liability insurance?

Public liability insurance is not a legal requirement but will protect your business in the event a member of the public is injured or their property is damaged in your premises or as a result of your work in their home. Many companies or events may require you to have it before they will work with you.

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It’s available for all businesses including market stalls, shops and food trucks. Public liability is also worth considering if you’re self-employed or a freelancer.

However, it does not cover injuries or claims relating to yourself or your employees. You’ll need employers’ liability for that.

How much does Business Insurance cost?

On average, small business owners can expect to pay around $49 per month for Public Liability insurance. Also known as General Liability or Broadform Liability, Public Liability insurance is an essential form of cover for almost every type of business, from trades and services industries to white collar professionals and office based occupations. It is designed to protect you against your legal liability for accidental damage to other people’s property, or if someone was injured as a result of work carried out by your business but is not covered by the Accident Compensation Corporation (ACC).

Given the wide range of industries and occupations that require Public Liability insurance, the cost of a policy can vary considerably, determined by a number of key factors which include:

  • Your occupation
  • The type and nature of your business
  • Your business turnover and size
  • The amount of insurance cover your business requires

Other factors that could affect the cost of your Public Liability policy include the location of your business, the inclusions and exclusions of your policy, and the insurance provider you select.

To determine the best business liability and workers compensation insurance companies, we started with a list of two dozen providers. We then visited each company’s website and did some initial research.

Next, we focused on some of the bigger insurance companies and eliminated companies that are just insurance brokers, which work with businesses to find them the best coverage and rates for their needs. Hope you got a useful information on how much is business insurance.

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